New York, NY, March 17, 2017 --(PR.com
)-- According to TechSci Research report, “Africa Tire Market Forecast & Opportunities, 2022,” tire sales in Africa are forecasted to surpass $8 billion revenues by 2022. Major factors fueling growth in the tire market in Africa are rising passenger car sales, growing demand for commercial vehicles and rising purchasing power of individuals in the region. In 2012, fleet size of passenger car and commercial vehicles stood at 39 million units, which further increased to 45.42 million units by 2016. Thus, expanding passenger car and commercial vehicle fleet size are further propelling demand for tires in Africa. Moreover, automobile production in Africa reached 0.50 million units in 2016. Growing automobile production and sales, coupled with rising penetration of Chinese tires in the region are anticipated to boost growth in Africa tire market during 2017 - 2022.
Browse 23 market data Tables and 129 Figures spread through 250 Pages and an in-depth TOC on "Africa Tire Market"
The passenger car tire segment dominated the tire market in Africa over the past few years, followed by light commercial vehicles, medium & heavy commercial vehicles, two-wheelers, OTR vehicles and three-wheelers. Rising per capita income is driving demand for passenger cars in the region, thereby fueling demand for tires. On the other hand, increasing infrastructure projects in Africa is positively influencing the sale of commercial vehicles tires in Africa. Multinational companies operating in Africa tire market include Bridgestone, Michelin, Dunlop, Goodyear, Yokohama, Triangle, Hankook, etc. In spite of the presence of these companies, there are limited tire manufacturing facilities present in Africa and thus, most of the domestic demand for tires is majorly catered through imports.
“Owing to increasing infrastructure projects in the country, Africa is anticipated to become a major destination for foreign investments from across the world, in the coming years. Thus, government spending on construction and infrastructure sectors in the region are expected to increase over the course of next five years. Increasing focus towards development of infrastructure sector, rising penetration of Chinese tires and expanding automobile fleet size is expected to fuel growth in Africa tire market during 2017 - 2022,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Africa Tire Market Forecast & Opportunities, 2012 - 2022” has analyzed the potential of Africa tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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