Expanding fleet size, shortage of public transport and increasing consumer preference of two wheelers to boost Nigeria tire market
According to TechSci Research report, “Nigeria Tire Market By Vehicle Type, By Tire Type, By Demand Category Type, By Rim Size Type, By Selling Platform Type, Competition, Forecast & Opportunities, 2025”, Nigeria tire market is projected to reach $ 540 million by 2025 on account of expanding vehicle fleet coupled with ongoing and upcoming government initiatives that are going to positively influence the country’s automotive industry. The automobile sector in Nigeria has been witnessing setbacks over the last couple of years. Major reason for slowdown of the automotive sector was due to several macroeconomic issues, such as currency fluctuations and declining global oil prices, that has affected the country’s economy, consequently impacting the automobile industry. However, the Consequently, the Government of Nigeria has introduced several reforms and favorable policies to safeguard the country’s automotive sector.
Browse 32 market data Figures spread through 70 Pages and an in-depth TOC on "Nigeria Tire Market"
The passenger car tire segment dominated Nigeria tire market, followed two-wheeler, commercial vehicle and OTR vehicle segmemts. The dominance of passenger car segment is backed by growth in the country’s economy over the recent years, along with gradual increase in import volume. Nigeria Tire market is segmented into vehicle type, tire type, demand category type, rim size type, selling platform type and region.
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Michelin, Bridgestone, Dunlop, Goodyear, bf good rich, Continental acquires the 20% of the Nigerian Tire Market and others 80% is acquired by Chinese players like Infinity, Double King, Firestone, etc. are the leading players operating in Nigeria Tire market. Companies operating in the market are using organic strategies such as product launch, mergers and collaborations to boost their share. In 2019,
Increase in government spending in the automotive sector and rising vehicle imports from developed countries is expected to be a major driver for Nigeria tire market during forecast period. Furthermore, with rising environment concerns, preference for recycled tires is increasing, and this trend is expected to gain more traction in the coming years, which would further steer growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Nigeria Tire Market By Vehicle Type, By Tire Type, By Demand Category Type, By Rim Size Type, By Selling Platform Type, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Nigeria Tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Nigeria Tire market.
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