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Despite being an emergent market, Africa currently has the fastest growing tire market in the world. The growth of the market can be attributed to increasing vehicle fleet size, rising number of passenger car vehicles in the major countries, and expanding network of dealers and distributors of tires in the region. Moreover, growth in GDP, increasing discretionary income and rising population are key factors further supporting the demand for tires in the African market. Passenger cars remain the largest vehicle category leading to a considerable demand generation for tires. Radial tires dominated the demand over bias tires and channel partners including dealers, distributors, exclusive outlets are the preferred mode of supplying tires in the regional market, as of 2019.
Aftermarket or replacement tire sales hold more than three-fourth of the regional tire market due to the absence of high dependence of regional automobile market on imports. Increase in tire demand in the region has led to stiff competition among manufacturers to capitalize on the growth potential in the market. European brands dominated the African market accounting for lion’s share in several countries in the region. However, Chinese and other Asian manufacturers have started to penetrate the market and are gaining traction on the back of price competitiveness. Chinese players have been outperforming the American and European suppliers.
A substantial share of unaccustomed products has penetrated the local market in countries like Kenya. Tires imported in the country attract duties of ~35%. Increase in demand for used vehicles in the African countries has also propelled the demand for replacement tires in the region.
According to MarkNtel Advisors’ research report “Africa Tire Market Analysis, 2020”, the African region holds vast opportunities for the international tire manufacturers to cater to the fastest growing tire markets, globally. Incentives offered by the government on locally assembled vehicles, growing demand for tires of Chinese origin, and inauguration of various manufacturing plants by major international OEMs in the region are expected to project growth in demand for tires in the region, during the forecast period.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Africa Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of Unit sold (Million).
Q. What would be the growth rate or CAGR of Africa Tire Market during 2020-25?
A. The market size of Africa Tire Market during 2020-25 is forecast to be around XX%.
Q. Who are the key competitors or players operating in Africa Tire Market?
A. Michelin, Continental, Bridgestone, Goodyear, Cooper, Triangle, Pirelli, Sumitomo, Hankook Tyres and few others are the leading players in the Africa Tire Market.
Q. Does the report scope cover tire rim size and country wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size and country wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Africa Tire Market?
A. Passenger car segment captured a considerable market share in the Africa Tire Market.
Q. Which Vehicle Tire type segment would emerge as an opportunity area for players in Africa Tire Market?
A. Radial tires dominate the demand over bias tires and channel partners including dealers, distributors, exclusive outlets are the preferred mode of supplying tires in the regional market,
