Kenya Tire Market is Poised to Grow at a CAGR of 5.53% Through 2025
Increasing vehicle fleet size and favorable government
policies are some key factors expected to drive the growth of Kenya tire market
in coming years.
According to TechSci Research report, “Kenya Tire Market By
Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler),
By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region,
Forecast & Opportunities, 2015- 2025”, Kenya tire market is forecast
to witness a substantial growth with 5.53% CAGR during the forecast period. Key
factors driving the growth of Kenya tire market are rise in per capita
disposable income, increasing middle-class population and growing demand for automobiles
in the country. The country is considered as one of the largest and most
progressive economies in East and Central Africa region. Rising vehicle sales
coupled with favourable government policies are expected to boost the tire
market in Kenya over the next five years. Moreover, the tire industry of the
country is majorly dependent on imports and is highly price sensitive. Hence,
tire manufacturers are coming up with low-cost tires in order to meet the
requirements of end users.
Furthermore, rising vehicle motorization rate of the country offers a
huge potential for new vehicle sales over the next five years, thereby
promising a positive outlook for the country’s tire industry as well. The
increasing penetration of Chinese tires and entry of global tire manufactures
are also fuelling the growth of Kenya tire market. Apart from that,
introduction of advanced tires and technological advancement in automobile
industry is anticipated to further boost
the growth of tire market in Kenya over the next five years. However, Kenya
tire market is facing the issue of taxation. The tire manufacturers are also conserved
about illegal dumping of international tire brands.
Browse 77 market data Figures and Tables
spread through 159 Pages and an in-depth TOC on "Kenya Tire Market"
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Kenya tire market is segmented based on vehicle type, demand category,
radial vs bias and region. Based on vehicle type, the market can be categorized
into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among
them, the passenger car tire segment dominated the market until 2019 and the
trend is expected to continue during the forecast period as well. The reasons
can be attributed to increasing passenger car fleet size of the country. Based
on demand category, Kenya tire market is mostly a replacement driven tire
market due to absence of any automobile manufacturing facility in the country.
Leading market players in Kenya tire market are Michelin Kenya Sdn. Bhd.,
Giti Tire Pte. Ltd., MRF Limited, Pirelli & C. S.p.A., Goodyear Tire &
Rubber Industries, Sumitomo Rubber Industries Ltd., Maxxis Tires Kenya, Kumho
Tyre, Apollo Tyres Ltd. and Bridgestone Middle East & Africa FZE. Sameer
Tire Company was the only domestic tire manufacturer operating in the country
but it discontinued its operations in 2016. Key growth strategies being adopted
by tire companies operating in Kenya are product innovation, collaborations,
mergers & acquisitions, partnerships and joint ventures.
“Nairobi, Mombasa and Kisumu provinces account for majority of the
overall tire demand in the country, and this trend is expected to continue over
the forecast period as well. Moreover, tire manufacturers are also benefiting
from increasing penetration of cheaper maintenance Chinese brand two-wheelers
in the country. The availability of cheaper Chinese tires is making American
and European tire brands face stiff competition.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Kenya
Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler
and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs
Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Kenya tire
market, and provides information and statistics on market structure, size and
trends. The report is designed to provide the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. The report also identifies and analyzes emerging trends along with
essential drivers and key challenges faced by Kenya tire market.
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