Nigeria Tire

Nigeria Tire Market Research Report: Forecast (2022-27)

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%
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.

Market Segmentation

Based on the Type of Vehicle:

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

Amongst all vehicle types, Passenger Cars are projected to dominate the Nigeria Tire Market with the largest share during the forecast period. It attributes principally to the improving economic conditions of people, changing living standards, and increasing buying power, i.e., displaying a growing inclination of people toward private vehicle ownership for their transportation needs.

Besides, since a majority of the population in Nigeria falls under the category of middle Class & lower-income category, the demand for second-hand passenger cars is also surging rapidly across the country. As a result, it is playing a crucial role in augmenting the sales of replacement tires and contributing to the overall market growth.

Based on the Demand Category:

  • OEM
  • Replacement

Here, the Replacement demand acquired the largest share in the Nigeria Tire Market in previous years, and the same trend is projected even during 2022-27. It owes principally to the growing awareness among vehicles owners about the benefits & need for timely inspection & maintenance of their vehicles & tires for safety, durability, & efficiency, i.e., surging the demand for replacement tires and stimulating the overall market expansion.

Besides, since the replacement category offers an extensive range of tires of different brands, budgets, and both imported & locally manufactured options, it is gaining immense popularity among a massive customer base, thereby projecting remunerative prospects for the market through 2027. 

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Nigeria Tire Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Nigeria Tire Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Nigeria Tire Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Nigeria Tire Market study?

Frequently Asked Questions

A. The Nigeria Tire Market is projected to grow at a CAGR of around 3.45% during 2022-27.

A. Swiftly increasing vehicle fleet due to growing private vehicle ownerships is the key aspect projected to drive the Nigeria Tire Market through 2027.

A. The growing demand for second-hand vehicles & their accelerating imports is an emerging trend in the Nigeria Tire Market.

A. Passenger Cars are anticipated to emerge as an area of remunerative opportunities for the leading players in the Nigeria Tire Market over the forecast years.

  1. Introduction
    1. Product and Services Definition
    2. Research Process
    3. Assumptions
  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