Press Release Description

Increasing Demand for SUV Tire to Augment Egypt Passenger Car Tire Market During 2024-29

The Egypt Passenger Car Tire Market is projected to grow at a CAGR of around 6.23% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The surge in the need for passenger cars for various reasons like personal & commercial transportation and the government regulations regarding tire replacement are some of the reasons responsible for amplifying the demand of tires in the country.

The net disposable income & purchasing power of the citizens in Egypt have remarkably improved. As a result, consumers have increasingly purchased passenger cars for personal transportation. The surging usage of passenger cars for commuting purposes results in tire wear & tear, as a result, the consumers must replace their tires, enhancing the Egypt Passenger Car Tire Market. In addition, the usage of rental cars in the country has also increased due to the rising tourism & office-going population. These rental cars travel large distances daily to ensure excellent customer pick-and-drop services. This deteriorates the tire condition, therefore, it becomes necessary for rental firms such as Uber and others to maintain their fleets by replacing the tires frequently.

In addition, the greenhouse emissions in the country have significantly increased, leading to several environmental & health issues. Therefore, to minimize the emissions, the government of Egypt is increasingly encouraging the adoption of electric cars in the country. In addition, the government is also encouraging foreign automakers to establish their manufacturing units in the country. The setup of these units would pose an opportunity for the tire manufacturers to supply tires to the Original Equipment Manufacturers (OEM), enhancing the demand for passenger car tires in Egypt during forthcoming years., further states the research report, “Egypt Passenger Car Tire Market Analysis, 2024”.

Segmentation Analysis

Demand for SUV Tires is Expected to Dominate the Market

Based on the vehicle type, the market is further bifurcated into, Sedan, SUV, and Hatchback. Among them, SUVs hold the major share owing to their excellent features like more space & high ground clearance. The SUVs provide high ground clearance; as a result, they are the preferred choice for individuals residing in Egypt owing to the poor road infrastructure of the country.

Egypt Passenger Car Tire Market

Further, the average household size in Egypt is more than 4 members, due to this, the consumer tends to purchase a car with ample space for more individuals. In addition, car manufacturers like KIA, Toyota, and others are launching automatic & highly advanced SUVs, which would attract more customers for SUVs in the car market of the country. Therefore, higher demand for SUVs and their tires is expected to drive Egypt Passenger Car Tire Market in the forthcoming years.

Extensive Usage of Cars Raises the Demand for Frequent Tire Replacement

Based on the demand type, the market is divided into OEM and Aftermarket. Of them, the aftermarket is witnessing remarkable growth owing to the increasing requirement for tire replacement due to the expanded usage of passenger cars including personal cars & rentals in Egypt. Consumers generally comprised of an office-going population & travellers. These consumers prefer to commute through rental cars, which cover large distances daily, accelerating tire wear & tear. Therefore, the rental firms ensure frequent tire replacements to maintain the vehicles' orderliness.

In addition, the government of Egypt is increasingly focusing on minimizing road accidents by ensuring that consumers maintain their vehicle's efficiency. The government of Egypt has mandated that passenger cars undergo tire replacement to avoid any tire defect that potentially leads to road accidents. Thus, the aftermarket's share is expected to remain high in the Egypt Passenger Car Tire market in the forthcoming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Pirelli Tyre S.p.A, Bridgestone Corporation, Michelin, Continental AG, Trenco Transport and Engineering Co., Goodyear Tire and Rubber Company, Falken Tyres, Lassa Tyres, Maxxis Tire, Yokohama Rubber Company Limited, and Others. are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across the country?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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