The Nigeria Tire Market is expecting around 3.45% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The rapid rise in vehicle sales due to gradually improving economic conditions & growing preference of people toward private ownership of vehicles are the prime aspects driving the tire industry in Nigeria.
Nigeria displays a massive influx of vehicle imports from countries the US, the Netherlands, & Germany, among others, and projects steady growth in the tire industry. Currently, it is witnessing a greater inclination of people toward adopting second-hand vehicles, i.e., further instigating the need for timely tire replacements and, in turn, generating growth opportunities for the leading players to offer an extensive range of tires across the country.
Furthermore, growing support from the government through favorable policies toward attracting several automakers & tire manufacturers for small-scale vehicle assembly in the country shall also play a crucial role in stimulating the overall market growth during 2022-27, further states the research report, “Nigeria Tire Market Analysis, 2022.”
Mounting Prevalence of Second-Hand Cars in Nigeria to Boost the Market through 2027
The growing inclination of the people toward private ownership of vehicles and the rising import of second-hand cars in Nigeria are stimulating the sales of passenger cars in the country and, in turn, driving the tire market.
With the gradual improvement in the economic conditions of people and their increasing purchasing power & changing living standards, the vehicle fleet is rapidly soaring in Nigeria, especially for passenger cars. It, in turn, is instigating the leading players to enhance their production capacities across the country.
Moreover, mounting awareness among people about the significance & benefits of timely inspection & maintenance of passenger cars & components like tires is another prominent aspect propelling the demand for tires and contributing to the overall growth through 2027, reveals MarkNtel Advisors in their research report, "Nigeria Tire Market Analysis, 2022."
The leading players in the Nigeria Tire Market include Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Triangle, and Hangzhou Zhongce.
Key Questions Answered in the Research Report: