Somalia Tire Market is Expected to Witness a Substantial Growth Through 2026
Expanding automobile fleet and increasing demand for
replacement tires are some key factors expected to drive the growth of Somalia
tire market in next five years.
According to TechSci Research report, “Somalia
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, 2016-
2026”, Somalia tire market is expected to witness a CAGR of
around 3% during the forecast period. Growth of the country’s tire industry is
prominently backed by growing sales of vehicles and expanding automobile fleet
in the country. Increasing population of the country is also boosting demand
for automobiles and related tire products. Moreover, rising
government focus on development of infrastructure and industrial sectors is
further anticipated to boost demand for automobiles and related tire products
in the country in coming years. Somalia is an import driven economy; and
consequently, the tire market in the country is entirely replacement driven due
to absence of automobile manufacturing.
Additionally, economic growth coupled with growing construction
activities are some other key factors propelling the growth of Somalia tire
market. The expected increase in inflow of used cars in the country, during the
forecast period, is expected to further infuse growth in tire market. Apart
from that, increasing availability of low cost tires such as Chinese tires are
also acting as a major booster for the growth of Somalia tire market. With
improving road infrastructure of the country and rise in per capita income, the
automotive industry is likely to grow which is consequently anticipated to
support the growth of Somalia tire market.
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Somalia 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. With a
lion’s share of over 57.74 percent in 2019, the passenger car tire segment
dominated the country’s tire market, followed by growing light commercial
vehicle tire segment. Moreover, the passenger car tire segment is projected to
maintain its dominance during the forecast period and hold a market share of
over 59% by 2026. Based on demand category, Somalia tire market is spilt into
replacement vs OEM. Among the two, the replacement segment dominated the market
until 2029 and is further expected to maintain its position during the forecast
period.
Leading market players in Somalia tire market are Apollo Tyres Ltd., CEAT
Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle
East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou
Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd. and Prinx
Chengshan (Shandong) Tire Company. Somalia tire market is dominated by Chinese
tire companies, which garnered more than 60% share in the country’s tire market
in 2016. Key market players are undergoing growth strategies such as mergers
& acquisitions, partnerships, collaborations, joint ventures and new
product launches.
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“The constantly improving fiscal and regulatory policies in Somalia,
coupled with the changing perception of the people towards Chinese tire brands,
resulted in augmented demand for tires in Somalia in 2016. Due to the market
being extremely price sensitive, imports of low priced Chinese tires are
increasing, in comparison with other leading European and American tire brands,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Somalia
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, 2016- 2026” has analyzed the potential of Somalia 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 Somalia tire market.
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