(MENAFN- America News Hour) “A research report on Nigeria Tire Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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Nigeria tire market is expected to grow from around $ 443 million in 2022 to over USD540 million by 2031. The major factors responsible for the rising sales of tires include growing vehicle fleet size, lack of public transport and growing preference of two-wheeler as mode of transportation. The automobile sector of the country has been witnessing various setbacks over the last couple of years. Major reason for slowdown of the automotive sector was due to several macroeconomic challenges, such as currency fluctuations and declining global oil prices, that affected the Nigerian economy, consequently impacting the country's automobile industry.
However, the Government of Nigeria has introduced several reforms and favorable policies to safeguard the automotive sector of the country. The Nigeria tire market is segmented based on vehicle type, tire type, demand category type, rim size type, regional share and company. The vehicle type segment is divided into passenger car, commercial vehicle, two-wheeler, off the road vehicles.
Chinese brands play a major role in Nigeria tire market due to to their easy availability at cheaper prices in comparison to other global brand tires, such as Bridgestone, Goodyear, Michelin, etc. The tire brands are working on new products development, and capacity expansion in order to meet the growing demand.
Objective of the Study:
o To analyze and forecast the market size of Nigeria Tire market.
o To classify and forecast Nigeria Tire market based on Vehicle type, Tire type, Demand category type, Rim size type, Selling Platform type, company and regional distribution.
o To identify drivers and challenges for Nigeria Tire market.
o To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Nigeria Tire market.
o To conduct pricing analysis of Nigeria Tire market.
o To identify and analyze the profile of leading players operating in Nigeria Tire market.
Some of the leading players in Nigeria Tire market are Michelin, Goodyear, Bridgestone, Dunlop, Continental, Bf Good Rich, and various Chinese players like Infinity, Firestone, etc. SDKI performed both primary as well as exhaustive secondary research for this study. In order to perform the study, SDKI conducted primary as well as exhaustive secondary research. Initially, SDKI prepared an exhaustive list of tire dealers and distributors operating in different regions of Nigeria. Subsequently, SDKI conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, SDKI was able to include distributors / dealers which could not be identified due to the limitations of secondary research. SDKI analyzed product offerings, distribution channels and regional presence of all major tire distributors across the country.
SDKI calculated Nigeria Tire market size by using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. SDKI sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by SDKI.
Key Target Audience:
o Tire manufacturers, suppliers, distributors and other stakeholders
o Government bodies such as regulating authorities and policy makers
o Organizations, forums and alliances related to tire market
o Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
o Market, by Vehicle Type:
o Passenger Car
o Commercial vehicle
o Two-Wheeler
o Off the Road Vehicles
o Market, by Tire Type:
o Radial
o Bias
o Market, By Demand Category:
o OEM
o Replacement
o Market, By Rim Size:
o Up to 15 Inch
o 16 To 20 Inch
o Above 20 Inch
o Market, by Selling Platform:
o Online
o Offline
o Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Nigeria Tire market.
Available Customizations:
With the given market data, SDKI offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
o Detailed analysis and profiling of additional market players (up to five).
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Table of Content 1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Nigeria Tire Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share & Forecast
5.2.1. By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, & Off-The-Road)
5.2.2. By Tire Type Radial Vs Bias
5.2.3. By Demand Category (OEM and Replacement)
5.2.4. By Rim Size
5.2.5. By Online Vs Offline
5.2.6. By Company
5.2.7. By Region
5.3. Market Attractiveness Index
6. Nigeria Passenger Car Tire Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Hatchback, Sedan, SUV)
6.2.2. By Tire Type Radial Vs Bias
6.2.3. By Demand Category (OEM and Replacement)
6.2.4. By Rim Size
6.2.5. By Online Vs Offline
7. Nigeria Commercial Vehicle Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type (Light Commercial Vehicle, Medium & Heavy Commercial Vehicle)
7.2.2. By Tire Type Radial Vs Bias
7.2.3. By Demand Category (OEM and Replacement)
7.2.4. By Rim Size
7.2.5. By Online Vs Offline
7.3. Pricing Analysis
8. Nigeria Two-Wheeler Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.1.2. By Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type (Motorcycles, Scooters & Mopeds)
8.2.2. By Tire Type Radial Vs Bias
8.2.3. By Demand Category (OEM and Replacement)
8.2.4. By Rim Size
8.2.5. By Online Vs Offline
8.3. Pricing Analysis
9. Nigeria OTR Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.1.2. By Volume
9.2. Market Share & Forecast
9.2.1. By Vehicle Type (Mining Vehicles, Agriculture Vehicles, Others)
9.2.2. By Tire Type Radial Vs Bias
9.2.3. By Demand Category (OEM and Replacement)
9.2.4. By Rim Size
9.2.5. By Online Vs Offline
9.3. Pricing Analysis
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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.