The tyre market in Africa is projected to surpass $8 billion by 2022, according to latest report by Research and Markets. Replacement tyres accounted for the majority share in Africa tyre market over the past few years, and the same trend is anticipated to continue in the coming years as well.
During 2012- 2016, the Africa tyre market was dominated by the passenger car tyre segment, which accounted for a market share of over 50 % in 2016. The LCV segment has emerged as the second largest tyre segment over the last five years, followed by the M&HCV, two wheelers and OTR tyre segments.
South Africa, Algeria, Egypt, Nigeria and Libya are the top five tyre markets in Africa, and these five countries grabbed a cumulative market share of over 70 % in the Africa tyre market in 2016.
The tyre market in Africa grew at a moderate pace over the past few years, owing to rising passenger car and commercial vehicles sales, coupled with expanding replacement tyre market.
Increasing purchasing power and per capita GDP across the major African economies were identified to be the other predominant factors boosting tyre sales in the region during 2012-2016. The Africa tyre market is majorly import driven, and consequently, an expanding distributor and dealer network is emerging as a critical factor for boosting tyre sales.
Increasing tyre radialization, growing demand for Chinese tyres and proliferation of the used car market are anticipated to drive demand for tyres in Africa during 2012-2022.