Over a few years, Egypt's tire industry has been witnessing a steady growth rate, owing to the growing adoption of vehicles across Egypt and rising consumer awareness about the importance & benefits of timely inspection & replacement of tires for utmost safety & enhanced driving experience. As a result, numerous foreign investments are portraying a swift escalation in the establishment of various automakers & growing import business of tires in the country.
The Egypt Tire Market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the increasing disposable income of people and their growing inclination toward private vehicle ownership. Thus, the mounting vehicle fleet is positively influencing the growth of the tire industry in Egypt.
In addition, the increasing government focus on infrastructural development, i.e., leading to various ongoing construction projects, is propelling the requirement for many Light, Medium, & Heavy commercial vehicles. It, in turn, is infusing the massive production & sales of robust OTR tires and driving the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Bridgestone Corporation, Michelin, Continental AG, Pirelli Tire S.p.A., Trenco Transport & Engineering Co., Goodyear Tire & Rubber Company, Yokohama Rubber Company Limited, Maxxis Tire, Falken Tire, Lassa Tyres|
|Unit Denominations||USD Million/Billion|
Besides, with the automotive sector being the prominent pillar of Egypt's industrial developments, the government is laying out favorable policies in order to attract foreign investments toward establishing as many automotive & tire manufacturing units in the country. Such aspects are likely to bolster the overall market growth through 2027.
Moreover, with only a few prominent tire manufacturers across Egypt, the country is dependent mainly on tire imports to meet the burgeoning consumer requirements. Hence, it is another aspect generating growth prospects for the leading players to tap the opportunities offered in the trade business and drive the Egypt Tire Market in the years to come.
Key Trend in the Egypt Tire Market
With the alarming emission levels and growing encouragement by the government of Egypt to curb them, the growing adoption of Electric Vehicles (EVs) is emerging as a key trend in the country. WIth this swift escalation in EV sales, the leading players in the market are witnessing growth opportunities for developing EV-compatible tires and meet the burgeoning consumer requirements.