Sudan, a country with high oil production & a large influx of foreign direct investments, is highly opportunistic for the automotive & tire industry. Since it is undergoing various infrastructural developments, the demand for commercial vehicles is escalating swiftly, i.e., positively impacting the tire industry. As a result, Sudan is expecting the active participation of prominent automakers & tire manufacturers in expanding their scalability across the country in the coming years.
The Sudan Tire Market is projected to grow at a considerable CAGR during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the rapidly increasing vehicle fleet, owing to the improving economic conditions of people & their growing inclination toward private vehicle ownership, coupled with mounting awareness about the importance of timely replacement of tires & keeping a check on their conditions.
Additionally, the rising government focus on infrastructural developments to boost the country's economy is leading to several constructions associated with highways, residential complexes, etc., thereby propelling the demand for heavy commercial vehicles & their tires.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||MRF Limited, Bridgestone Middle East and Africa, Apollo Tyres, Michelin AIM FZE, CEAT Limited, Continental Aktiengesellschaft, Yokohama, JK Tyre & Industries Ltd., Hangzhou Zhongce Rubber Co., LTD., Triangle Tyre Co. Ltd., Others|
|Unit Denominations||USD Million/Billion|
Moreover, the various initiatives by the government of Sudan toward strengthening its agriculture sector are infusing the need for agriculture equipment in the country, which, in turn, is positively influencing the demand for Off-the-Road (OTR) tires and augmenting the growth of the tire market.
Impact of Covid-19 on the Sudan Tire Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries in Sudan, where the Tire Market was no exception. With the imposition of stringent movement restrictions & frequent lockdowns by the government to curb the spread of this dreadful disease, the market witnessed several unprecedented challenges.
The government imposed banned cross-border trading, owing to which tire imports in the country were severely affected. Moreover, since the transportation & logistic services were also hampered, the market further witnessed disruptions in the supply chain. As a result, the unavailability of raw materials like rubber & crude oil affected the overall tire production.
Moreover, fluctuations in the prices of these raw materials amidst the crisis significantly surged the overall production costs of tires. In addition, as most people avoided investing in non-essential goods, the demand for tires notably declined across Sudan. However, the agriculture sector remained a source of procuring tires and resulted in the sustainability of the tire industry. Yet, the prominent players in the market continued observing considerable demand & supply gaps.
Based on the Vehicle Type:
Amongst them all, Passenger cars dominated the Sudan Tire market with the largest share in the previous few years, and the same trend is expected during 2022-27. It owes principally to the rapid inclination of people toward private ownership of vehicles, owing to their gradually improving economic conditions & changing living standards. As a result, the sales of passenger cars are significantly surging across Sudan and, in turn, directly impacting the tire market.
Besides, various developments associated with connectivity & road conditions are playing a crucial role in stimulating the sales of passenger cars and displaying an increasing vehicle fleet in the country. It, in turn, is generating growth opportunities for prominent tire manufacturers to introduce new product offerings & increase their production capacities to suffice the burgeoning consumer requirements for tires.
Moreover, the surge in the purchases of second-hand passenger cars is also augmenting the tire market growth owing to the mounting awareness about the importance of timely replacement & maintenance of tires & vehicles.
Based on the Demand Type:
Here, the Replacement demand acquired the largest share of the Sudan Tire Market in previous years, principally due to the unavailability of manufacturing facilities in the country, i.e., displaying the complete reliance of customers on purchasing replacement tires.
Besides, since the tire industry in Sudan relies entirely on imports, it is also promoting the replacement demand and fueling the overall growth of the tire industry. Furthermore, the easy availability & affordability of a large variety of tires is another crucial aspect projected to boost the replacement demand across Sudan through 2027.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Sudan Tire Market is projected to grow at a considerable CAGR during the forecast period of 2022-27.
A. Passenger Cars are anticipated to emerge as an area of remunerative opportunities area for the leading players in the Sudan Tire Market through 2027.
A. Increasing construction activities in line with the mounting government focus on infrastructural developments & strengthening the agriculture industry are augmenting the demand for heavy commercial vehicles in Sudan. It is the key growth opportunity for tire manufacturers to develop & distribute robust tires and drive the Sudan Tire Market during 2022-27.
A. In the coming years, the Sudan Tire Market is expecting modest growth owing to its steady recovery from financial losses on account of the active participation of leading players in increasing their production capacities to meet the burgeoning consumer demand for tires across the country.