Market Research Report

Angola Tire Market Research Report: Forecast (2024-2030)

Angola Tire Market Report - By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road (OTR) Vehicles, Two Wheelers, Three Wheeler...s), By Demand Type (OEM, Aftermarket), By Type of Tire (Radial, Bias), By Tire Size (Tire Size-1, Tire Size-2, Tire Size-3, Tire Size-4, Tire Size-5), By Price Category (Budget, Economy, Premium), By Sales Channel (Multi-brand Stores, Exclusive Outlets, Online), and Others Read more

  • Tire
  • Sep 2024
  • 154
  • PDF, Excel, PPT

Market Definition

Tires are fitted on the rim of wheels and are made from rubber to provide resistance and protection from wear and tear. These are deployed widely for passenger vehicles, light-duty vehicles, and heavy-duty vehicles.

Market Insights & Analysis: Angola Tire Market (2024-30):

The Angola Tire Market is estimated to grow at a CAGR of around 11.6% during the forecast period. The increase in the adoption of various motor vehicles by consumers in the country has mainly fostered the growth in the market for Angola tires. Moreover, the steadily increasing employment rate in Angola is leading to the increasing purchasing power of consumers in the country, which in turn is leading to improved affordability. Eventually, surging the sales of personal vehicles. With all these factors, the adoption of personal vehicles is increasing. For Instance,

  • In 2022, passenger car sales in Angola amounted to nearly 2,300 units, increasing by around 1.5% from the previous year.

This surging adoption of vehicles has been increasing to on-road vehicles, thereby increasing demand for good quality and reliable tires. In addition to this, normal wear and tear of tires due to various adverse road conditions in some parts, coupled with replacement demand for tires every few years, has surged demand for aftermarket tires in vehicles, thereby propelling market growth in the country.

The entry of Chinese electric vehicle suppliers is transforming the automotive industry’s dynamics. Despite poor electric vehicle charging infrastructure, consumer traction towards EVs is soaring.  In 2024, the sale of approximately 4,000 electric cars in Angola increased the adoption of electric vehicles by almost 100% compared to the previous year. The rising adoption of electric vehicles has been leading to an increase in the demand for electric vehicle-specific tires in the country. EV adoption has led to the growing demand for more efficient, high-performance, and durable tires, which accelerates market growth in the country.

Report Coverage Details
  Historical Years   2019-22
  Base Years
  2023
  Forecast Years
  2024-30
  CAGR (2024-30)   11.6%
  Top Key Players Bridgestone Americas Tire Corporation, LLC, Continental Tire the Americas, LLC, Michelin Commercial Tires, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Kumho Tire Co, Inc., JK Tyre & Industries, Pirelli Tyre S.p.A, Yokohama Rubber Co., Ltd., and Toyo Tire Corporation among others
  Key Report Highlights
  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

 

*Boost strategic growth with in-depth market analysis - Get a free sample preview today!

In addition, the growing online shopping and food delivery service providers in the country have been strengthening the two-wheelers' demand. Tupuca and other food delivery companies offering doorstep deliveries to consumers from restaurants have been expanding their fleet size to accommodate growing daily orders. With an increase in this two-wheeler demand, the demand for tires has also been increasing, thereby surging the growth of the Angola Tire Market.

Angola Tire Market Driver:

Proliferating Mining Activities in the Country Propelling Tire Demand- The country's mining sector has been undergoing a burgeoning boom due to government programs and ample reserves of minerals in the country. The Angolan government is converting its natural resources into profitability by inviting the opportunity of investment and partnership to mining diamonds, iron ore, and several rare minerals in which the country holds large reserves from across the globe. This has consequently been accelerating the mining activities in the country. For instance, in 2023, Ivanhoe Mines started a greenfield mining exploration project in Angola over an area of around 22,195 km².

The surging activities in mining have proliferated the demand for mining equipment and transportation trucks. These machines are mainly operated in damaged and rough terrains. This is enhancing the demand for heavy and rugged Off-road tires to withstand heavy weights and harsh conditions. Furthermore, common wear and tear of off-road tires due to constant mobility on rugged terrains, the demand for the replacement of tires also surges in the country. Thus, with the increasing mining industry, the demand for tires is increasing in the country, driving the growth of the Angola Tire Market.


Angola Tire Market Research Report: Forecast (2024-2030)

Angola Tire Market Opportunity:

Rising Government Initiatives to Boost Infrastructure Development in Angola Generating Tire Demand– In line with the Angolan government's strategy to diversify and boost economic growth, infrastructure development has been emerging as a significant step. The government has been focusing on developing a well-built public infrastructure, to improve transportation, energy, and telecommunication networks within its country. The government is also developing road and rail networks, which have integrated the country's remote regions into major cities and ports, and advanced access to markets. The rehabilitation and expansion of highways and railways are in line to reduce transport costs, improve logistics, and increase the movement of goods and people within the country. For this, the government has been forming partnerships with other countries to get investments for these projects, which have been surging the infrastructure activities in the country. For Instance, in 2023, the U.S. Government signed a seven-side MOU with the government of Angola for key rail infrastructure investments in the country.

The growing construction activities and infrastructure developments have propelled the popularity of construction machinery in the Angolan market. This, in turn, has increased demand for tire replacement on such equipment and heavy vehicles, generating the current and OTR tire demand. Thus, with these increasing investments and continuous government focus on infrastructure development, the requirement for the OTR tire for construction equipment is expected to surge, creating opportunities in the Angola Tire Market.

Angola Tire Market Challenge:

Surging Adoption of Retreaded Tires in the Country to Impede Market Growth– Retreaded tires have been largely in demand and adoption in the country due to their cost-effective and environmentally friendly characteristics. With new tires remaining very high priced, most consumers and business units, especially those in commercial and transport-related sectors, are quickly adopting the trend of using retreated tires as a cost-saving alternative. In response to Angola's overall economic condition, owing to constantly fluctuating oil prices and economic volatility, the emphasis is growing on cost minimization. As retreaded tires offer high-cost benefits of around 40-70% as compared to new tires, their demand is surging in the country tremendously. This has surged the adoption of retreaded tires to fleet operators and individual vehicle owners in Angola which has been hampering the adoption of new tires. Moreover, the increasing availability of services related to retreading and the increasing growth of the local retreading industry in the country is further propelling the demand for retreaded tires in the country. The businesses are increasingly investing in setting up the facilities for retreading tires which has surged the accessibility and convenience of getting retreaded tires of different sizes and vehicles in the country, thereby surging their adoption. With the rising inclination towards retreaded tires, the demand for new tires has been suffering greatly. This, in turn, has been negatively affecting the growth of the Angola Tire Market.

Angola Tire Market (2024-30): Segmentation Analysis

The Angola Tire Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2030 at the country levels. Based on the analysis, the market has been further classified as:

Based on Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium & Heavy Commercial Vehicles
  • Off the Road (OTR) Vehicles
  • Two Wheelers
  • Three Wheelers

Out of them all, the passenger car segment holds a considerable market share in the Angola Tire Market. As Angola continues to urbanize and the middle-class population grows in the country, the demand for individual mobility solutions like passenger cars is becoming the prime choice for most consumers. Moreover, with the rise in disposable income among Angolan households, there is also a consequent growth in demand for passenger cars, thereby increasing vehicle ownership rates. Moreover, with the cities in Angola growing and the concentration of population in urban areas increasing, there is a growing demand for personal cars to get through the crowded urban environment. Moreover, the government of the country has been investing in infrastructure development, including constructing and maintaining roads, which makes passenger car travel much easier driving its demand. Better road conditions allow more people to be willing to invest in passenger cars, stimulating the tire market. Thus, due to the increasing adoption of passenger cars in the country, the demand for passenger car tires is surging rapidly, thereby propelling the growth of the Angola Tire Market.

Based on Demand Type:

  • OEM
  • Aftermarket

Based on demand type, the aftermarket segment holds a substantial share of the market owing to the old vehicle fleet in the country. A large number of vehicles in the country are aged, thereby creating demand for tire replacements due to wear and tear. In the commercial vehicle segment, particularly trucks and buses that are operated under intense use with long hauls and sometimes rough road conditions, require frequent tire changes which surges the adoption of replaced tires. In addition, there are several independent tire dealers and service stations that are entering the country. These dealers provide a variety of tire brands and services to meet consumer demands. Most of them are a critical contributor to the distribution of aftermarket tires, thus making it easier for customers to access tire replacements and associated services such as balancing, alignment, and mounting. These local dealers provide personalized service and local expertise, which are major factors that help attract consumers to this aftermarket segment.

Further, huge product offerings by all the tire brands in different price segments in the aftermarket create choices for consumers to buy the products within their pocket spend, further increasing the demand in the aftermarket segment in the Angola Tire Market.

Gain a Competitive Edge with Our Angola Tire Market Report

  • Angola Tire Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Angola Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format  Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.

Frequently Asked Questions

   A. The Angola Tire Market is expected to grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2030

   A. Proliferating Oil and Mining Activities in the Country is expected to boost the Angola Tire Market.

   A. Bridgestone Americas Tire Corporation, LLC, Continental Tire the Americas, LLC, Michelin Commercial Tires, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Kumho Tire Co, Inc., JK Tyre & Industries, Pirelli Tyre S.p.A, Yokohama Rubber Co., Ltd., and Toyo Tire Corporation among others, are the top players in the market.

   A. Passenger Car segment held the largest share of the Angola Tire Market

   A. Rising Government Initiatives to Boost Infrastructure Development in Prompting Angola Tire Market Growth

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Angola Tire Market Trends & Developments
  5. Angola Tire Market Dynamics
    1. Drivers
    2. Challenges
  6. Angola Tire Market Regulations, Policies and Standards
  7. Angola Tire Hotspot and Opportunities
  8. Angola Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Unit Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Vehicle Type
        1. Passenger Cars- Market Size & Forecast 2019-2030F, Thousand Units
        2. Light Commercial Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
        3. Medium & Heavy Commercial Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
        4. Off the Road (OTR) Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
        5. Two Wheelers- Market Size & Forecast 2019-2030F, Thousand Units
        6. Three Wheelers- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type
        1. OEM- Market Size & Forecast 2019-2030F, Thousand Units
        2. Aftermarket- Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire
        1. Radial- Market Size & Forecast 2019-2030F, Thousand Units
        2. Bias- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Tire Size
        1. Tire Size-1- Market Size & Forecast 2019-2030F, Thousand Units
        2. Tire Size-2- Market Size & Forecast 2019-2030F, Thousand Units
        3. Tire Size-3- Market Size & Forecast 2019-2030F, Thousand Units
        4. Tire Size-4- Market Size & Forecast 2019-2030F, Thousand Units
        5. Tire Size-5- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Price Category
        1. Budget- Market Size & Forecast 2019-2030F, Thousand Units
        2. Economy- Market Size & Forecast 2019-2030F, Thousand Units
        3. Premium- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Sales Channel
        1. Multi-brand Stores- Market Size & Forecast 2019-2030F, Thousand Units
        2. Exclusive Outlets- Market Size & Forecast 2019-2030F, Thousand Units
        3. Online- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Competition
        1. Competition Characteristics
        2. Market Share Analysis
  9. Angola Passenger Car Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Sedan- Market Size & Forecast 2019-2030F, Thousand Units
        2. SUV- Market Size & Forecast 2019-2030F, Thousand Units
        3. Hatchback- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  10. Angola Light Commercial Vehicle Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Light Trucks- Market Size & Forecast 2019-2030F, Thousand Units
        2. Light Buses- Market Size & Forecast 2019-2030F, Thousand Units
        3. Pick-up Trucks and Vans- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  11. Angola Medium-Heavy Commercial Vehicle Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Trucks- Market Size & Forecast 2019-2030F, Thousand Units
        2. Buses- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  12. Angola Off-the-Road (OTR) Vehicle Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Earthmoving Equipment- Market Size & Forecast 2019-2030F, Thousand Units
        2. Construction Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
        3. Agricultural Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
        4. Material Handling Vehicles- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  13. Angola Two-Wheeler Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Scooters- Market Size & Forecast 2019-2030F, Thousand Units
        2. Mopeds- Market Size & Forecast 2019-2030F, Thousand Units
        3. Motorcycles- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  14. Angola Three-Wheeler Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Size & Analysis
      1. By Type- Market Size & Forecast 2019-2030F, Thousand Units
        1. Passenger Carrier- Market Size & Forecast 2019-2030F, Thousand Units
        2. Load Carrier- Market Size & Forecast 2019-2030F, Thousand Units
      2. By Demand Type - Market Size & Forecast 2019-2030F, Thousand Units
      3. By Type of Tire- Market Size & Forecast 2019-2030F, Thousand Units
      4. By Season- Market Size & Forecast 2019-2030F, Thousand Units
      5. By Tire Size- Market Size & Forecast 2019-2030F, Thousand Units
      6. By Price Category- Market Size & Forecast 2019-2030F, Thousand Units
      7. By Sales Channel- Market Size & Forecast 2019-2030F, Thousand Units
  15. Angola Tire Market Key Strategic Imperatives for Growth & Success
  16. Competitive Outlook
    1. Company Profiles 
      1. Bridgestone Americas Tire Corporation, LLC
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Continental Tire the Americas, LLC.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Michelin Commercial Tires
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. The Goodyear Tire & Rubber Company
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Hankook Tire & Technology Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others.
      6. Kumho Tire Co, Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. JK Tyre & Industries
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Pirelli Tyre S.p.A
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Yokohama Rubber Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Toyo Tire Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
  17. Disclaimer


Angola Tire Market Segmentation