Africa Tire Market Anticipates 5.5% CAGR Growth by 2028| Michelin, Bridgestone, Continental, Goodyear

The Africa Tire Market is projected to grow at a CAGR of 5.5% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The market growth is likely to be driven primarily by the growing prevalence of Chinese & budget tires across Africa due to massive cross-border trade across different regional countries. Besides, since most regional countries lack tire production facilities, governments are actively laying out favorable policies to attract foreign investments in order to establish tire manufacturing facilities and boost the local production capacity. 

In addition, the increasing government focus on infrastructural developments across Africa, i.e., leading various ongoing construction activities, is propelling the need for commercial vehicles and, in turn, infusing the demand for massive production & sales of robust OTR tires across the region, further states the research report, “Africa Tire Market Analysis, 2023.”

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Africa Tire Market Segmentation Analysis

1. By Vehicle Type (Two-Wheelers, Three-Wheelers, Passenger Cars, Light Commercial Vehicles (LCV), Medium & Heavy Commercial Vehicles (M&HCV), Off the Road (OTR) Vehicles)
2. By Demand Category (OEMs, Aftermarket)
3. By Tire Type (Radial, Bias)
4. By Sales Channel (Direct Sales, Online, Channel Partners)
5. By Season (All-Season, Summer)
6. By Rim Size (Up to 12”, 12.1” to 15”, 15.1” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
7. By Country (Nigeria, Algeria, Egypt, Morocco, South Africa, Ethiopia, Angola, Libya, Kenya, Zimbabwe, Sudan, Eritrea, Somalia, Djibouti, Morocco, Tanzania, Ghana, Tunisia)

Increasing Passenger Car Ownership to Boost the Market Through 2028

Passenger cars are anticipated to dominate the Africa Tire Market with the largest share during the forecast period. It owes principally to the improving economic conditions of people & their growing inclination toward private vehicle ownership for local commute, i.e., leading to an accelerating fleet size of passenger cars and, as a result, tire sales.

Besides, as the majority population in the region still belong to the lower-income category, the sales of second-hand vehicles are escalating at a rapid pace. Since such vehicles require timely replacement of tires, the tire industry is set to observe remunerative prospects through 2028.

With Increasing Trade Agreements, South Africa to Contribute Significantly to the Market Growth

To make itself an innovative tire production hub across Africa, South Africa is witnessing a swift escalation in trade agreements. Besides, plans like APDP (Automotive Production & Development Program) for the expansion & sustainability of the tire industry are acting as a prominent driver for the tire industry in the country.

Moreover, the rapidly expanding transportation & logistics sectors, i.e., surging the need for commercial vehicles, shall also positively influence the demand for robust tires for enhanced operational efficiency & safer driving. Hence, the aspects cited above indicate that the coming years are projected to create a pool of profitable prospects for the South Africa Tire Market.

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Competitive Landscape

The leading players in the Africa Tire Market are Michelin, Bridgestone, Continental, Goodyear, Triangle, Pirelli, Sumitomo, Others.

Key Questions Answered in the Research Report

1. What are the current & future trends in the Africa Tire Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across Africa, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Africa Tire Market?
5. What are the customer orientation, purchase behavior, & expectations from the leading companies operating in the Africa Tire Market?

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