NEW YORK, February 8, 2017 /PRNewswire/ --
Continuously expanding automobile fleet and growing sales of automobiles in the country to drive Eritrea tire market through 2022
According to TechSci Research report, "Eritrea Tire Market Forecast and Opportunities, 2022", tire market in Eritrea is forecast to cross US$ 11 million by 2022, on account of growing automobile sales and expanding automobile fleet across the country. Vehicle fleet in the country increased from 81,412 units in 2012 to 96,547 units in 2016, and exhibited a CAGR of 4.35% during 2012-2016. Growing GDP (official exchange rate) of the country, which stood at USD5.35 billion in 2015, as per CIA, is also anticipated to boost demand for automobiles and tires in the country during the forecast period. Eritrea is an import driven economy and the country is completely dependent on tire imports. Tire market of the country is entirely replacement driven due to absence of automobile manufacturing facilities in Eritrea.
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"Eritrea Tire Market"
As per the CIA, in 2016, the country's GDP growth stood at 3.7%. In 2016, major demand for tires emanated from Central region of Eritrea, on the back of several infrastructural development projects initiated by the government, and increasing demand for commercial vehicles as well as tires. Chinese tires being comparatively cheaper than other leading flagship European and American tire brands, are expected to dominate Eritrea tire market. Other prominent tire manufacturing companies which have a moderate presence in the country include MRF, Apollo, Continental, Michelin, Bridgestone, etc.
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"Over the next five years, passenger car tire would continue to dominate the tire market in Eritrea, followed by medium & heavy commercial vehicle tire, light commercial vehicle tire and OTR tire segments. Moreover, passenger car tire and two-wheeler & three-wheeler tire cumulatively accounted for more than half of the share in the country's tire market, and this trend is expected to continue through 2022. Introduction of number of infrastructure projects such as Asmara Housing Project, Gahtelay Dam Construction, etc., in the country are further expected to drive demand for commercial vehicles in the country. Thus, growing demand for commercial vehicles is forecast to drive demand for commercial vehicle tires in the country during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Eritrea Tire Market Forecast and Opportunities, 2022'’ has evaluated the future growth potential of Eritrea tire market and provides statistics and 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 evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Eritrea tire market.
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