According to a recent research report published by MarkNtel Advisors, the Namibia Tire Market is expecting around 4% CAGR during 2021-26, owing to the improving economic conditions of people & their rapid inclination toward private vehicle ownership. It, in turn, is demonstrating a swift rise in the vehicle fleet throughout the country and an accelerating demand for tires.
Besides, as the government is actively participating in infrastructural development for the country, there are various ongoing & upcoming construction projects, leading to the growing production & sales of medium & heavy commercial vehicles and the robust Off-the-Road (OTR) tires.
Moreover, the well-established road connectivity in Namibia is another crucial aspect contributing to the mounting adoption of vehicles for easy traveling and, consequently, portraying a burgeoning demand for tires, thereby augmenting the overall market growth, further cites the research report, “Namibia Tire Market Analysis, 2021.”
Burgeoning Sales of Passenger Cars to Boost Tire Imports through 2026
With the significantly increasing disposable income and improving living standards, people are showing a greater interest in private vehicle ownership, which is why passenger cars are witnessing a rapid rise in sales across Namibia. Moreover, the well-established road infrastructure that offers easy traveling throughout the country is another prominent aspect leading to the burgeoning sales of passenger cars & their tires. As a result, the leading players in the market are increasing their import & distribution capacities to meet the rising consumer requirements, which project remunerative prospects for the market through 2026, reveals MarkNtel Advisors in their research report, "Namibia Tire Market Analysis, 2021."
The leading players in the Namibia Tire Market include Bridgestone Corporation, Continental, Sumitomo Rubber Co., Goodyear, Michelin, Pirelli, & CST Tires.
Key Questions Answered in the Research Report: