NEW YORK, Feb 06, 2017 (PR Newswire Europe via COMTEX) — NEW YORK, February 6, 2017 /PRNewswire/ —
Increasing construction activities, expanding vehicle fleet size and growing replacement tire market to fuel demand for tires in Ethiopia through 2022
According to TechSci Research report, “Ethiopia Tire Market [https://www.techsciresearch.com/report/ethiopia-tire-market-forecast-and-opportunities/888.html ] Forecast and Opportunities, 2012 – 2022″, tire market in the country is forecast to cross USD180 million by 2022. Despite unfavourable government policies and political instability in Ethiopia, demand for tires grew at a moderate pace over the past few years. Continuously expanding vehicle fleet size, recovering automobile sales and growing Chinese tire penetration in the country are the major factors boosting demand for tires in the country. Gross domestic product (GDP) of Ethiopia increased from USD31.95 billion in 2011 to USD61.54 billion in 2015, and the economic scenario in the country is further expected to improve in the coming years. Moreover, Government of Ethiopia is increasingly focusing on increasing foreign investments, in order to expand the industrial sector in the country. Therefore, aforementioned factors are anticipated to further propel demand for tires in the country during 2017-2022.
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Tire market in Ethiopia was dominated by Addis Ababa, Harari & Oromia region in 2016, and this region is further expected to continue dominate tire market in the country through 2022. There are several Chinese players operating in Ethiopia tire market, along with various major tires brands such as Bridgestone, Michelin, Continental, etc. Moreover, Chinese tire manufacturers cumulatively accounted for highest market share in Ethiopia tire market in 2016 and their market share is further anticipated to increase in the coming years as well. Low average selling price of Chinese tires is further fueling penetration of Chinese tire brands in Ethiopia tire market.
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“Sale of automobile vehicles are recovering that is one of the major factor driving demand for tires in Ethiopia. Increasing construction activities, rising use of public transport systems and growing industrialization are further boosting demand for commercial and OTR vehicles in the country. Moreover, increasing purchasing power is driving demand for passenger cars and two-wheelers in the country. Thus, aforementioned factors are expected to positively impact Ethiopia tire market during 2017-2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Ethiopia Tire Market Forecast and Opportunities, 2012 – 2022” has evaluated future growth potential of the tire market in Ethiopia, by providing statistics and information on the market size and structure. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Ethiopia tire market.
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