Press Release Description
Ethiopian Tire Market Thrives Due to Rising Government Initiatives & Vehicle Ownership
The Ethiopia Tire Market size is valued at around USD 2.08 billion in 2023 and is estimated to grow at a CAGR of about 3.48% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market is experiencing robust growth, primarily propelled by the government's unwavering commitment to enhancing the country's economic landscape. Government initiatives aimed at addressing challenges posed by fluctuating oil prices and geopolitical tensions are creating fertile ground for automakers and prominent tire manufacturers to establish local production units. This, in turn, augments market expansion & attracts foreign investments, further bolstering Ethiopia's economic outlook.
The rising disposable income among the growing population is leading to an escalating demand for passenger cars & two-wheelers, consequently driving the Tire Market. As Ethiopia's economic conditions stabilize & passenger vehicle sales surge, there is a significant upswing in tire demand. Consumer awareness about the importance of timely vehicle repairs and replacements, particularly when it comes to tire maintenance, is contributing to the demand for replacement tires, thus positively influencing the overall market.
Furthermore, the ongoing urbanization & rapid advancements in the automotive sector are expected to fuel the need for new vehicles, subsequently boosting tire demand. Moreover, Ethiopia presents a promising landscape for leading players in the tire industry to expand their product portfolios & customer base, with abundant growth opportunities, further states the research report, “Ethiopia Tire Market Analysis, 2024.”
Ethiopia Tire Market Segmentation Analysis
Passenger Cars Steer the Ethiopia Tire Market
Based on the vehicle type, the market is further bifurcated into Two-wheeler, Passenger Car, Light Commercial Vehicle, High & Medium Commercial Vehicle, and OTR Vehicle. Among these, the Ethiopia Tire Market is destined to be dominated by the Passenger cars segment. This is mainly due to the improved economic conditions of the individuals and improved road connectivity, as well as the increasing preference of consumers to own their vehicles, which has led to a significant upsurge in the number of vehicles in the country, positively impacting the growth of the Tire Market across Ethiopia. In addition, the growing use of passenger cars for transportation and cab services in the country is another major factor contributing to the overall growth of the market for passenger vehicles.
Chinese Tires Drive Replacement Tire Market Growth in Ethiopia
Based on the demand type segment, the market is further fragmented into OEMs & Replacement. Among them, Replacement tire is anticipated to hold the potential share of the Ethiopia Tire Market. The surging demand for replacement tires in Ethiopia is primarily attributed to the widespread preference for Chinese tire brands. These tires are gaining significant traction in the market due to their easy availability, diverse product range, & cost-effective pricing.
Ethiopia's relatively low level of motorization, influenced by economic fluctuations, has led to a notable preference for used vehicles. Consequently, this inclination toward purchasing second-hand automobiles is driving the need for tire repairs and replacements, ultimately fostering robust market growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Goodyear Tire & Rubber Co., Pirelli &C. SpA, Continental AG, Michelin, Apollo Tyres Ltd., Sumitomo Rubber Industries Ltd., CEAT Tire Ltd., Maxxis International, Bridgestone Corp., MRF Ltd, and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across the country?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
Place an order
100% Safe & Secure
Strongest encryption on the website to make your purchase safe and secure