The total population of Angola would be soon swelling to 32.90 million. To reduce dependence on the oil sector, the country’s government is focusing on snowballing investments into logistics, exports, and infrastructure sectors. The sales for automobiles are inducing thereby, encouraging the sales of tires as well. The growth in the sales of vehicles is associated with the rising population and growing preference for electric and energy-efficient vehicles.
According to MarkNtel Advisors’ research report “Angola Tire Market Analysis, 2020”, the Angola Tire market is expected to grow at a CAGR of around 12% during 2021-26. Angola is a price-sensitive market and individuals in the country prefer two-wheeler vehicles and commercial vehicles for commuting to places. The sales of passenger cars witnessed a plummeting demand in 2019 which was around 2,080 as compared to 5,600 in 2016.
Replacement Segment Remained Dominant
The Angola tire market does not have any presence of OEM therefore, the market is completed import driven and there is 100% replacement demand generated for the tires. The country does not have any tire manufacturing facilities.
Construction Activities Scaling Up the Growth
A momentous rise was witnessed in Angola owing to the construction projects underway in the country. Recently in 2020, Projects to build the Soyo refinery in Angola and Uganda’s Albertine Graben are moving forward, with construction work set to begin at the facilities. Also, Italy’s Kinetics Technology would build a fluid catalytic cracker at Angola’s sole oil refinery in Luanda. The unit would take around two and a half years to complete. Sonangol is working with Eni for the refurbishment of the Luanda plant. The unit is expected to come online in mid-2021.
The construction activities help in generating the demand for OTR vehicles thereby, tapping opportunities for the OTR tires in the market as stated by the MarkNtel Advisors’ research report “Angola Tire Market Analysis, 2020”.
“Angola 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 Angola 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 Market Strategies and identifying the blue ocean for its offerings.
According to MarkNtel Advisors’, the key players with a considerable market share in the Angola Tire market include Bridgestone Corp., Continental Tires, Dayton Tires, Firestone Tires, BF Goodrich Tires, Cooper Tires, Dunlop Tires, Goodyear, Hankook, Kumho Tires, etc.
Key questions answered in the study: