The Egypt Tire Market is projected to grow at a CAGR of 8% in the forecast period of 2021-26, cites MarkNtel Advisors in their recent research report. Various government initiatives for infrastructural developments across Egypt are showcasing a swift escalation in the number of construction projects, which, in turn, is surging demand for light, medium, & heavy commercial vehicles and driving the tire market in the country. As a result, the leading players in the industry are observing significant growth opportunities for increasing their production, import, and distribution capacities to meet the rising tire demands.
Besides, since the automotive sector is one of the key drivers of industrial development across Egypt, the government is actively participating by laying out favorable policies to attract foreign investments in the industry. With this in place, the increasing number of automotive & tire manufacturing units is likely to positively influence the overall market growth in the country through 2026, further states the research report, “Egypt Tire Market Analysis, 2021.”
Increasing Passenger Car Fleet to Stimulate the Market Growth through 2026
The rising per capita income, improving purchase power, & growing public inclination toward private ownership of vehicles are the prominent reasons behind the dominance of passenger cars in the Egypt Tire Market.
This rise in the vehicle fleet for passenger cars across the country is playing a crucial role in stimulating the demand for tires and generating growth opportunities for the leading players to increase their import, manufacturing, and distribution capabilities to meet the rising consumer requirements.
Furthermore, growing road connectivity and encouragement by the government toward adopting Electric Vehicles (EV) shall also escalate the sales of passenger cars and positively influence the sales of tires across Egypt through 2026, reveals MarkNtel Advisors in their research report, "Egypt Tire Market Analysis, 2021."
The leading players in the Egypt Tire Market include Bridgestone Corporation, Michelin, Continental AG, Pirelli Tire S.p.A., Trenco Transport & Engineering Co., Goodyear Tire & Rubber Company, Yokohama Rubber Company Limited, Maxxis Tire, Falken Tire, and Lassa Tyres.
Key Questions Answered in the Research Report: