NEW YORK, September 27, 2016 /PRNewswire/ --
Rising automobile sales, expanding vehicle fleet and easing government policies to drive tire market in Nigeria through 2021
According to TechSci Research report, "Nigeria Tire Market Forecast and Opportunities, 2021", the tire market in Nigeria is forecast to surpass $615 million by 2021. Growing vehicle sales, expanding automobile fleet and increasing infrastructure development are some of the major factors anticipated to boost the demand for tires in the country over the next five years. In Nigeria, automobile sales increased from 0.30 million units in 2011 to 0.35 million units in 2015, exhibiting a CAGR of 4.35%, in volume terms, during 2011-2015.
Browse 21 market data Tables and 22 Figures spread through 102 Pages and an in-depth TOC on "Nigeria Tire Market"
Due to the absence of OEM vehicle production in the country, Nigeria's tire industry is entirely dependent on the replacement tire market. In 2015, the passenger car tire segment dominated the Nigeria tire market, followed by two-wheelers, commercial vehicles, three-wheeler and OTR vehicles. Owing to easy finance options and growing purchasing power of consumers, the adoption rate of passenger cars in the country is increasing at a robust pace. As a result, the passenger car tire segment is anticipated to maintain its dominance in the country's tire market over the next five years as well.
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"The dominating presence of various multinational companies such as Bridgestone, Goodyear, Michelin, etc. intensified the tire market of the country in 2015. However, as there isn't any tire manufacturing facility present in the country, the domestic demand for the product is solely dependent on the imports in Nigeria. Moreover, the widespread presence of well-established network of dealers and distributors is enhancing the market share of the above mentioned renowned tire companies in Nigeria.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Nigeria Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Nigeria tire market and provides statistics and information on market structure, imports and trends of Nigeria tire market. The report intends 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 Nigeria tire market.
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