Morocco Tire Market Size Set to Grow at Steady CAGR of 6.35%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Morocco tire market size at USD 372.74 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Morocco tire market size to grow at a CAGR of 6.35% reaching a value of USD 539.31 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Morocco tire market size at USD 372.74 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Morocco tire market size to grow at a CAGR of 6.35% reaching a value of USD 539.31 million by 2029. Morocco tire market is influenced by several driving factors. Firstly, the country's expanding automotive industry and increasing vehicle ownership rates propel tire demand. Also, Morocco's strategic location as a gateway to Africa boosts the transportation sector, necessitating regular tire replacements. The growing awareness of road safety and the need for high-performance tires further stimulate market growth. Further, government initiatives promoting local tire manufacturing and sustainable practices contribute to the market's expansion. On top of that, the influence of changing weather conditions and terrain variations across the country also drive the demand for specialized tires, making it a dynamic and evolving market.
Tire – Overview
A tire is a vital component of a vehicle, serving as its only point of contact with the road. Typically made of rubber, it encases a reinforced structure of cords, usually composed of steel or nylon, providing strength and flexibility. Tires come in various types, such as all-season, winter, and performance, each tailored to specific driving conditions. Their tread patterns provide traction and grip, while air pressure supports the vehicle's weight and maintains stability. Proper tire maintenance is essential for safety and performance, including regular inspections, rotations, and inflation checks. Tires play a crucial role in ensuring vehicle stability, handling, and safety on the road.
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Impact of COVID-19 on Morocco Tire Market
The COVID-19 pandemic significantly impacted Morocco tire market. In the early stages, lockdowns and travel restrictions led to reduced vehicle usage, resulting in a decreased demand for tires. Supply chain disruptions and manufacturing challenges also affected tire production and availability. However, as restrictions eased, there was a gradual recovery in the market due to increased mobility and pent-up demand. The pandemic also accelerated the shift towards online tire sales and contactless services. Overall, the Morocco tire market experienced a temporary setback but demonstrated resilience and adaptability in the face of the pandemic's challenges.
Prolonging Wars and Escalating Geopolitical Tensions in Oil Rich Regions
The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.
Meanwhile in the Eastern Europe, the Russia-Ukraine war has been prolonging for more than a year. Also, the war in West Asia and escalating geopolitical tensions across West Asia and Middle East and Africa will affect industries across verticals and regions. Oil & gas is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, oil prices increased by more than 4.5% or more than USD 4 a barrel in Asia trade on October 09, 2023. Brent crude surged USD 4.18, or about 5%, to USD 88.76 a barrel, meanwhile the US West Texas Intermediate crude was up more than 5% or USD 4.23 at USD 87.02 a barrel. This spike in oil and energy costs will have a domino effect on multiple industries. As fossil fuel is one of the main raw materials for the production of tires, companies and end users in the Morocco tire market face the brunt of rising fuel prices. Volatile and higher fuel prices could increase the cost of tires, resulting in the declined demand for tires affecting their sales and market growth.
Morocco Tire Market - By Sales Channel
By sales channel, Morocco tire market is divided into Dealer/Distributor, and Online segments. the Dealer/Distributor segment, surpassing the Online segment in terms of market share and prominence. This traditional distribution channel continues to dominate due to factors such as established networks, customer trust, and the tactile nature of tire purchases, which often require expert guidance and installation services. While the Online segment has been growing steadily, the Dealer/Distributor segment remains the primary choice for consumers seeking tires, ensuring its dominant position in the Moroccan market for the foreseeable future.
Competitive Landscape
Morocco tire market is fiercely competitive. Major companies in the market include Michelin Tyres, Morocco Tyre, Dunlop, Bridgestone, Yokohama, Fakiya Lys, Rocamora, Imperial Pneu, and Toupneu. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Morocco tire market.
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