The Angola Tire Market is expecting around 12% CAGR during 2021-26, cites MarkNtel Advisors in their recent research report. The burgeoning demand for heavy equipment & machinery in Angola owing to various ongoing & upcoming infrastructural development projects and increasing mining activities is the prime aspect driving the tire market in the country.
Besides, the escalating need of the country to reduce its dependency on oil is another crucial aspect contributing to the surging number of construction projects in the country, thereby positively impacting the tire market growth.
Moreover, massive government funding to strengthen the transportation & logistics sector and trade businesses, leading to the increasing sales of vehicles across the country, shall also boost the demand for tires over the forecast years, further states the research report, “Angola Tire Market Analysis, 2021.”
Mounting Sales of Heavy Commercial Vehicles for Mining & Construction Activities to Boost the Tire Market
Heavy Commercial Vehicles are anticipated to display the fastest growth in the Angola Tire Market during the forecast period. It attributes to the swiftly escalating demand for heavy machinery & construction equipment for numerous ongoing construction projects in line with the government's immense focus on infrastructural developments.
It, in turn, is soaring the demand for robust tires that offer firm grips, durability, stability, and other features to bring operational efficiency to the equipment. Besides, since Angola is among the prominent producers of diamonds in Africa after exploring a mere 40% of the territory, the number of mining, production, and exploration activities is rapidly surging across the country. As a result, the mounting demand for radial tires is augmenting the overall market growth, reveals MarkNtel Advisors in their research report, "Angola Tire Market Analysis, 2021."
The leading players in the Angola Tire Market are Bridgestone Corp., Continental Tires, Michelin, Goodyear, Hankook, Kumho Tires, Others.
Key Questions Answered in the Research Report: