Nigeria Tire Market Size Set to Expand at Steady CAGR of 3.4% During 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Nigeria tire market size to grow at a CAGR of 3.42% by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Nigeria tire market size to grow at a CAGR of 3.42% by 2029. The paradigm shift of people towards private ownership of vehicles, which has a direct impact on the demand for tires in the country, is one of the major reasons propelling the growth of the Nigeria tire market. The growing preference for used cars among middle-class and lower-income people is also contributing significantly to the market's growth because of the rising need for fast maintenance, repairs, and tire replacement. Also, the expansion of the tire market across Nigeria is being positively impacted by the quickly expanding trade activities, i.e., the depiction of skyrocketing imports of tires & autos from countries, such as the United States, Germany, and the Netherlands. However, limited manufacturing capacity and technological limitations may limit the market growth during the forecast period.
Nigeria Tire Market – Overview
Tires, as one of the most visible components of a vehicle, require regular inspection and maintenance to ensure a safe and enjoyable ride. They play an important role in maintaining proper grip and traction and providing a safe driving experience by providing a stable interaction between the car and the road. Due to this, the leading tire manufacturers are actively working towards the production and distribution of strong tires throughout Nigeria, which is expected to boost the country's tire industry during the forecast period.
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Impact of COVID-19 on Nigeria Tire Market
The Covid-19 adversely affected most industries in Nigeria, including the tire market, which suffered severely from the crisis. Due to the government imposed strict movement restrictions, lockdowns, and travel bans to prevent the spread of this dreadful virus, the tire market faced several unprecedented challenges related to the development, production, and distribution of tires across the country. Also, the industry faced a shortage of raw materials and labor, a halt in the import and export of tires and automobiles, decreased consumer demand, and the closure of several manufacturing units, among other issues. Because the duration of these restrictions was unknown, the public demonstrated a paradigm shift in their expenditure towards only essential goods.
Nigeria Tire Market - By Application
On basis of the application, Nigeria tire market is divided into On-road tires, Off-road Tires, Agricultural Tires, and Others (including Industrial Tires and Aviation Tires). The off-road tires segment is the highest contributor to the growth of Nigeria tire market. It is expanding as mechanization spreads into industries, such as construction, mining, and agriculture. Off-road tires are suitable for harsh weather conditions and uneven roads because they have thick threads that provide traction on a variety of terrain, including loose gravel, mud, and dirt. Their wider and deeper grooves increase rolling turbulence and stability while also penetrating sand and mud surfaces.
Competitive Landscape
Nigeria tire market is fiercely competitive. Major companies in the Nigeria tire market include Michelin Nigeria Limited, Dunlop Nigeria Plc, Bridgestone Nigeria Limited, Firestone Nigeria Limited, Infinity Tires Limited, Nexen Tire Nigeria Limited, Goodluck Tires Limited, Sumitomo Rubber Industries Limited, West African Tire Services Limited, and Kingsway Tires Limited. 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 the Nigeria tire market.
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