NEW YORK, Dec. 1, 2016 /PRNewswire/ -- Nigeria is one the largest countries in the African continent with a population of approximately 178 million in 2015. As per International Monetary Fund, the Gross Domestic Product (GDP) of Nigeria stood at USD490.21 billion in 2015. Though the country has a low motorization rate of 20 vehicles per 1,000 inhabitants, Nigeria is one of the largest automotive markets in Africa. However, one of the major challenges that the country is facing is the continuing devaluation of its domestic currency, Nigerian Naira. Another challenge pertaining to Nigerian market is the lack of automobile production in the country, which has been restraining the growth of the country's tire market. As of 2015, the tire market in Nigeria was completely replacement driven. Moreover, the lack of tire manufacturing in the country has made Nigeria a completely import driven tire market.
According to the TechSci Research report, "Nigeria Tire Market Forecast & Opportunities, 2021'', the tire market in Nigeria is forecast to surpass $615 million by 2021. In 2015, tire market in Nigeria was dominated by the passenger car tire segment, and this trend is expected to continue over the next five years. Mid-West region grabbed the largest share in the country's tire market in 2015. Over the last decade, the region has evolved as the country's economic powerhouse due to largescale infrastructure development activities, coupled with rising population and business activities. Few of the major international tire brands operating in Nigeria include Michelin, Goodyear, Bridgestone, Kumho, Hankook, Pirelli and Yokohama. Apart from these flagship brands, several Chinese companies are also engaged in selling tires in Nigeria. On account of their significantly lower prices, Chinese tire brands have been witnessing increasing penetration in the country over the last few years. "Nigeria Tire Market Forecast & Opportunities, 2021" report elaborates the following aspects of tire market in Nigeria:
- Nigeria Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger cars, Commercial vehicles, Two-Wheelers, Three wheelers and OTR tires
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tire market in Nigeria
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tire companies, distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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