According to MarkNtel Advisors, the Ethiopia Tire Market is expecting around 4.1% CAGR during 2021-26. Since, over the years, Ethiopia has undergone significant economic fluctuations across different industrial verticals, including the automotive sector, the government is actively participating in the industry to stabilize the economy through investments & favorable policies.
It, in turn, is likely to attract substantial foreign investments & demonstrate a swift escalation in the establishment of several automotive & tire manufacturing facilities across the country and augment the growth of the tire industry through 2026. Besides, gradually increasing vehicle fleet across the country and surging customer interest in private vehicle ownerships are other crucial aspects projected to stimulate the demand for tires and drive the market over the forecast years.
Moreover, the easy availability of low-cost Chinese tires and their growing prominence throughout the country is also expected to play a crucial role in boosting the overall market growth in the coming years, further states the research report, “Ethiopia Tire Market Analysis, 2021.”
With Rise in Construction Projects, Growing Demand for Medium & Heavy Commercial Vehicles to Boost the Tire Market
The soaring production & sales of Medium & Heavy Commercial vehicles owing to various ongoing & upcoming construction projects in Ethiopia is positively influencing the Ethiopia Tire Market, principally due to the growing government focus on economic stabilization through significant infrastructural developments.
As a result, the need for OTR (Off-the-Road) tires is also rising rapidly and creating growth prospects for the leading players in the tire market to increase their production capacities and imports in order to meet the consumer requirements over the forecast years, reveals MarkNtel Advisors in their research report, "Ethiopia Tire Market Analysis, 2021."
The leading players in the Ethiopia Tire Market include Goodyear Tire & Rubber Co., Pirelli &C. SpA, Continental AG, Michelin, Apollo Tyres Ltd., Sumitomo Rubber Industries Ltd., CEAT Tire Ltd., Maxxis International, Bridgestone Corp., and MRF Ltd.
Key Questions Answered in the Research Report: