Nigeria Tire Market Forecast to Surpass $615 Million Sales by 2021
Rising automobile sales, expanding
vehicle fleet and easing government policies to drive tire market in Nigeria through
2021
According to TechSci Research
report, “NigeriaTire Market Forecast and Opportunities,
2021”, the
tire market in Nigeria is forecast to surpass $615 million by 2021. Growing vehicle sales, expanding automobile fleet and increasing
infrastructure development are some of the major factors anticipated to boost
the demand for tires in the country over the next five years. In Nigeria, automobile sales increased from 0.30 million units in
2011 to 0.35 million units in 2015, exhibiting a CAGR of 4.35%, in volume terms, during 2011-2015.
Browse 21 market data Tables and 22 Figures spread
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Pages and an in-depth TOC on "Nigeria
Tire Market"
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Due to the absence of OEM vehicle
production in the country, Nigeria’s tire industry is entirely dependent on the
replacement tire market. In 2015, the passenger car tire segment
dominated the Nigeria tire market, followed by two-wheelers, commercial
vehicles, three-wheeler and OTR vehicles. Owing to easy finance options and growing
purchasing power of consumers, the adoption rate of passenger cars in the
country is increasing at a robust pace. As a result, the passenger car tire
segment is anticipated to maintain its dominance in the country’s tire market
over the next five years as well.
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“The dominating presence of various multinational companies such as
Bridgestone, Goodyear, Michelin, etc. intensified the tire market of the
country in 2015. However, as there isn’t any tire manufacturing facility
present in the country, the domestic demand for the product is solely dependent
on the imports in Nigeria. Moreover, the widespread presence of
well-established network of dealers and distributors is enhancing the market
share of the above mentioned renowned tire companies in Nigeria.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Nigeria
Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Nigeria tire
market and provides statistics and information on market structure, imports and
trends of Nigeria tire
market. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities available in Nigeria tire market.
About TechSci Research
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