Increasing number of automobiles along with rise in motor-vehicle manufacturing and assembly units in the country would drive the demand for tires in Nigeria – 6wresearch
Increasing sales of motor vehicles in the country along with implementation of the National Automotive Industry Development Plan (NAIDP) are expected to be the key drivers for the growth of Nigeria tire market over the coming years. However, due to poor economic growth in the country Nigeria tire market is expected to register subdued growth over the next three years.
According to 6Wresearch, Nigeria Tire Market size is projected to grow at a CAGR of 2.4% during 2019-2025. Increasing investment in the development of the automotive sector in the country would lead to growth of the tire market in Nigeria. Further, rising awareness among the people regarding safety and life duration of tires is also expected to benefit the Nigeria tire market during the forecast period.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Truck and bus tire segment holds majority of the revenue share in the Nigeria tire market owing to higher prices and prominent use of commercial and public transport by the Nigerian citizens.”
“By type, radial tires were the largest contributor to the Nigeria tire market as they provide a higher Initial Tread Mileage (ITM), higher fuel efficiency and are comparatively puncture-resistant to bias tires.” Ravi further added.
According to Hardik Malik, Research Analyst, Research and Consulting, 6Wresearch, "The demand for tires in the country was largely driven by the demand for replacement of tires as majority of the vehicles running in the country are imported. However, the demand for tires by OEMs is expected to rise over the coming years owing to the government’s efforts to promote local automotive production in the country.”
Some of the prominent companies in Nigeria tire market include Goodyear, Continental, Pirelli, Michelin and other Chinese companies such as Maxxis International and Infinity Tire Group.
"Nigeria Tire Market (2019-2025)" report provides an in-depth analysis with 24 figures, covered in more than 60 pages. The report estimate and forecast the overall Nigeria tire market by vehicle type, type, origin and end user. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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