The total population of Egypt would be soon swelling to 100 million. The growth in the sales of vehicles is associated with the rising population and growing preference for electric and energy-efficient vehicles. Another factor for the growth in the presence of automakers such as Hyundai, Toyota, etc., and imports of vehicles from other countries.
According to MarkNtel Advisors’ research report “Egypt Tire Market Analysis, 2020”, the Egypt Tire market is expected to grow at a considerable CAGR during 2021-26. Egypt is a price-sensitive market and individuals in the country prefer two-wheeler vehicles and commercial vehicles for commuting to places. The sales of passenger cars in 2019 were around 126431 as compared to 145873 in 2018.
Ride-Hailing Services is Witnessing a Major Growth
Emerging food delivery and ride-hailing services in the country is paving way for the automakers to tap different opportunities areas. The inclination of the consumers towards fast food delivery and cab services is aiding in the growth of the tires market. Mergers and acquisitions in a country such as recently in 2019, Uber bought Careem for USD 3.1 billion in March and the deal is expected to close in January.
Establishment of Tire Manufacturing Plants
In 2020, Chemical Industries Holding Company (CIHC) stated that the company plans to start the executive steps to inaugurate two tire factories in Egypt with investments amounting to about USD 900 million in June 2021. In 2020, Pyramids Tires, based in Port Said, northeast Egypt, started its production 2020 and manufactures motorcycle, forklift, and agricultural tires as part of the first phase of the plant’s development. The second phase, which is scheduled to be completed by the end of 2022 as published by the MarkNtel Advisors’ research report “Egypt Tire Market Analysis, 2020”.
“Egypt Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Egypt Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go Market Strategies and identifying the blue ocean for its offerings.
According to MarkNtel Advisors’, the key players with a considerable market share in the Egypt Tire market include Bridgestone Corporation, Michelin, Continental AG, Pirelli Tire S.p.A., Trenco Transport and Engineering Co., The Goodyear Tire & Rubber Company, Yokohama Rubber Company Limited, Maxxis Tire, The Falken Tire, Lassa Tyres, etc.
Key questions answered in the study: