BURNABY, Canada, December 2, 2015 /PRNewswire/ --
Favourable government policies and growing agricultural sector to drive Zimbabwe tyre market over the next five years
According to recently published TechSci Research report, "Zimbabwe Tyre Market Forecast & Opportunities, 2020'’, the passenger car tyre segment accounted for two-thirds of the market share in 2014. Zimbabwe is predominantly an import driven tyre market as Apollo Tyres is the only tyre company that operates its tyre manufacturing plant in the country. Other leading tyre players such as Bridgestone, Yokohama, Continental and Dunlop operate through the import route in Zimbabwe. In 2013, the vehicle motorization rate in Zimbabwe stood at around 60 vehicles (includes passenger cars & commercial vehicles) per 1,000 people. Consequently, there is a huge potential for the country's automotive market, including the tyre industry, to grow in the coming years.
In 2013, Zimbabwe launched its National Transport Policy aimed at increasing focus on establishing efficient, safe and sustainable road transport system in the country. The government plans to strengthen the country's infrastructure, which is expected to drive demand for commercial vehicles in the coming years, thereby boosting commercial vehicle tyre market in Zimbabwe. Moreover, government initiatives towards providing easy financing for tractors is expected to increase the demand for OTR tyres during the forecast period.
"Favourable government policies, reviving economy and growth in the construction and agriculture industry are the major factors expect to boost automotive industry in Zimbabwe in the coming years. Among different tyre segments, it is expected that passenger car tyre segment will continue to dominate the tyre market in the country, followed by commercial vehicle tyres, OTR tyres and two-wheeler tyres." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Zimbabwe Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Zimbabwe tyre market and provides statistics and information on market structure, imports and trends of Zimbabwe tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in Zimbabwe tyre market.
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SOURCE TechSci Research