Nigeria Tire

Nigeria Tire Market Research Report: Forecast (2022-2027)

By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler), By Demand Category (OEM and Repl Read more

  • Tire
  • Mar 2022
  • 117
  • TR10222

Market Definition

Tires, amongst the most prominent components of vehicles, require close inspection & timely maintenance to ensure a safe & enjoyable ride. They play a crucial role in providing a stable interaction of the car and the road by maintaining proper grip & traction and providing a safe driving experience. Hence, the leading tire manufacturers are actively working toward the production & distribution of robust tires across Nigeria, which, in turn, would boost the tire industry of the country over the coming years.

Market Insights

The Nigeria Tire Market is projected to grow at a CAGR of around 3.45% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the expanding vehicle fleet in Nigeria due to a paradigm shift of people toward private ownership of vehicles for transportation, i.e., making a direct influence on the demand for tires in the country. 

Report Coverage Details
Study Period Historical Data: 2017-20
Base Year: 2021
Forecast Period: 2022-27
CAGR(2022-27) 3.45%
Region Covered North, East, West, Mid- West
Key Companies Profiled Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin Kumho, Pirelli, Triangle, Hangzhou Zhongce
Unit Denominations USD Million/Billion

 

In addition, escalating preference for second-hand cars among the middle class & lower-income population is also playing a crucial role in the market expansion due to a surging need for timely maintenance, repairs, & replacement of tires. Besides, the swiftly expanding trade businesses, i.e., portraying surging import of tires & vehicles from countries like the US, Germany, the Netherlands, etc., are also positively influencing the growth of the tire market across Nigeria. 

Moreover, the launch of the National Automotive Industry Development Plan (NAIDP), which has attracted several prominent automakers & tire manufacturers and encouraged them to establish small-scale assembly plants in the country, is another crucial aspect propelling the market growth.

Furthermore, the active participation of the government through various plans & associations like the National Automotive Design & Development Council (NADDC) in setting goals to turn out around 30% of Electric Vehicles by 2025 is another remunerative prospect for the Nigeria Tire Market to expand over the forecast years.

Impact of Covid-19 on the Nigeria Tire Market

The advent of Covid-19 in 2020 had a decelerating impact on most industries across Nigeria, where the Tire Market was no exception and witnessed severe effects of the crisis. While the government had to impose stringent movement restrictions, lockdowns, & travel bans to curb the spread of this dreadful virus, the market underwent several unprecedented challenges associated with the development, production, & distribution of tires across the country.

Additionally, shortage of raw materials & labor, a halt in import & export businesses of tires & automobiles, reduced consumer demand, and the shutdown of several manufacturing units, among others, were the prominent issues faced by the industry. Besides, since the duration of these restrictions was uncertain, the public portrayed a paradigm shift of their expenditure toward essential goods only.

Consequently, it showcased reduced sales of vehicles & tires and, in turn, introduced significant financial losses for the leading players in the tire market in Nigeria. However, with gradual improvements in the pandemic situation, the government uplifted the restrictions & allowed the recommencement of business operations. As a result, the leading companies in the market are witnessing lucrative growth opportunities to increase their production capabilities & meet the burgeoning end-user requirements in the country.

  1. Introduction
    1. Product and Services Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Experts Verbatim-What our experts say?
  4. Nigeria Tire Market Voice of Customer
    1. Brand Awareness
    2. End User Expectations
    3. Key Factors Impacting Vendor Selection
    4. Key Issues Encountered
    5. Vendor’s Receptiveness to Address Key Customer Issues
    6. Future Requirements
  5. Nigeria Tire Market Analysis, 2017- 2027F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Type of Vehicles
        1. Passenger Car
        2. Light Commercial Vehicle
        3. Buses and Trucks
        4. Medium and Heavy Commercial Vehicles
        5. Off the Road (OTR)
        6. Two Wheelers
        7. Three Wheeler
      2. By Demand Category
        1. OEM
        2. Replacement
      3. By Type of Tire
        1. Radial
        2. Bias
      4. By Sales Channel
        1. Dealer/Distributor
        2. Online
        3. Others
      5. By Season
        1. All-season
        2. Summer
      6. By Price Category
        1. Low (Up to USD90)
        2. Medium (USD91-USD140
        3. High (Above USD140)
      7. By Rim Diameter
        1. Upto 12”
        2. 1” to 15”
        3. 1.” to 18”
        4. 1” to 20”
        5. 1” to 22.5”
        6. 6” to 26”
        7. 1” to 35”
        8. 1” to 47”
        9. Above 47”
      8. By Region
        1. Midwest
        2. North
        3. East
        4. West
      9. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
  6. Nigeria Passenger Car Tire Market Analysis, 2017- 2027F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Type of Vehicle
        1. Sedan
        2. SUV
        3. Hatchbacks
        4. Others
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  7. Nigeria Light Commercial Vehicle Tire Market, 2017-2027F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Type of Vehicle
        1. Light Trucks
        2. Light Buses
        3. Pick-up Trucks and Vans
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  8. Nigeria Medium Heavy Commercial Vehicle Tire Market, 2017-2027F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Type of Vehicle
        1. Trucks
        2. Buses
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  9. Nigeria Two-Wheeler Tire Market, 2017-2027F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Type of Vehicle
        1. Scooters
        2. Mopeds
        3. Motorcycles
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  10. Nigeria OTR Vehicle Tire Market, 2017-2027F
    1. Market Size & Analysis
    2. Market Revenue
    3. Market Share & Analysis
      1. By Type of Vehicle
        1. Earthmoving Equipment
        2. Construction and Agricultural Vehicles
        3. Material Handling Vehicles
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  11. Nigeria Three-Wheeler Vehicle Tire Market, 2017-2027F
    1. Market Size & Analysis
      1. Market Revenue
    2. Market Share & Analysis
      1. By Type of Vehicle
        1. Passenger Carrier
        2. Load Carrier
      2. By Demand Category
      3. By Type of Tire
      4. By Sales Channel
      5. By Season
      6. By Price Category
      7. By Rim Diameter
      8. By Region
  12. Nigeria Tire Market Policies, Regulations, Product and Services Standards
  13. Nigeria Tire Market Trends & Insights
  14. Nigeria Tire Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  15. Nigeria Tire Market Hotspot & Opportunities
  16. Nigeria Tire Market Key Strategic Imperatives for Success & Growth
  17. Nigeria Competition Outlook
    1. Competition Matrix
      1. Product and Services Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target End Users
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product and Services Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Continental
      2. Bridgestone
      3. Yokohama
      4. Hankook
      5. Goodyear
      6. Michelin
      7. Kumho
      8. Pirelli
      9. Triangle
      10. Hangzhou Zhongce
  18. Disclaimer
Nigeria Tire Market Segmentation
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