The demand for tires in Namibia is expected to grow owing to the policies launched by the government that would help flourish the market. Under the Namibia 2017-2022 plan, the government is planning to start structural transformation through Value Added Industrialization including sectors such as tourism, mining, agriculture sector, transport, and logistics. These would be the prime growth factor propelling the sales of tires in the coming years.
According to MarkNtel Advisors’ research report “Namibia Tire Market Analysis, 2020”, the Namibia Tire market is expected to grow at a considerable CAGR during 2021-26. Namibia has a diversified and competitive tourism sector with an increased number of tourists and plans to expand them from 1.4 million in 2015 to 1.8 million by 2022. The increasing number of tourists would escalate the sales of automobiles used in the tourism industry thereby, propelling the growth of tires as well.
Construction Projects is Witnessing a Major Growth
The growing construction activities in the country is aiding in the growth of Namibia tires. In 2019, a Dubai-based DP World came under the memorandum of understanding (MoU) with Namibia’s Nara Namib Free Economic Industrial Zone to develop an industrial and logistics free economic zone facility in Walvis Bay, Namibia. This would support the nation’s growth as a regional hub in Southern Africa. DP World and the Nara Namib Free Economic Industrial Zone would reach a definitive agreement on the project by the end of 2020. The upcoming construction activities are leading the growth of tires in the country.
Dealers and Distributors Registered the Largest Market Share
Based on the sales channel, dealers and distributors acquired the majority market share in 2020. This is a due strong presence of exclusive and authorized stores of the leading tire OEMs, Chinese, Indian tire brands along with the setup of tire manufacturing plants which would increase the number of dealers/ exclusive outlets in the country. The trend is expected to place a positive impact on/p0 the tire market as revealed by the MarkNtel Advisors’ research report “Namibia Tire Market Analysis, 2020”.
“Namibia Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Namibia Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
According to MarkNtel Advisors’, the key players with a considerable market share in the Namibia Tire market include Bridgestone Corporation, Continental, Sumitomo Rubber Co., Goodyear, Michelin, Pirelli, CST Tires, BF Goodrich tyres, Dunlop Tires, Maxxis Tires, etc.
Key questions answered in the study: