BURNABY, Canada, December 2, 2015 /PRNewswire/ --
Rising domestic demand for automobiles, stable policy environment and expanding automobile fleet to drive Ethiopia tyre market
According to TechSci Research report, "Ethiopia Tyre Market Forecast & Opportunities, 2020", the passenger car segment is expected to continue its dominance in the country's tyre market through 2020. Backed by rising automobile sales, expansion of automobile fleet and favorable government policies, tyre market in Ethiopia is expected to witness significant growth over the next five years. Ethiopia's tyre market is a replacement driven market as all the vehicles are imported into the country due to absence of any automobile manufacturing facility in Ethiopia. Horizon tyre is the only domestic tyre manufacturing company in the country, while other global tyre players such as Bridgestone, Goodyear, Michelin, Hankook, Yokohama, etc. operate through import route.
On account of unstable political environment, automobile as well as tyre companies have been facing challenges in conducting their operations in the country over the last few years. However, with the country gradually regaining political stability, coupled with better fiscal and regulatory policies, Ethiopia is expected to evolve into a more open and stable economy over the course of next 5-10 years, which would eventually have a positive impact on the country's automotive industry in the coming years. Moreover, Ethiopia's vehicle motorization rate (including passenger cars and commercial vehicles) stood at 2 vehicles per 1,000 people. Consequently, the country is expected to continue witnessing growth in the sales of vehicles, thereby driving tyre demand during the forecast period.
"During 2015-20, OTR tyre segment is expected to emerge as the fastest growing tyre segment, followed by light commercial vehicle tyre, two-wheeler tyre, passenger car tyre and medium & heavy commercial vehicle tyre segment. Nevertheless, passenger car tyre and light commercial vehicle tyre segments accounted for the lion's share of more than 75% of the total tyre market in Ethiopia in 2014, with medium & heavy commercial vehicle tyres, two-wheeler tyres and OTR tyres following the league." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Ethiopia Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Ethiopia tyre market and provides statistics and information on market structure, imports and trends of Ethiopia tyre market. The report is intended 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 Ethiopia tyre market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
Sales & Marketing Consultant
Contact Phone- +1 646 360 1656
SOURCE TechSci Research