Libya Tire Market is Expected to Witness 3.83% CAGR Through 2025
Expanding vehicle fleet and favorable fiscal & regulatory policies are some key factors expected to drive the growth of Libya tire market in coming years.
According to TechSci Research report, “Libya Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Libya tire market is poised to witness a substantial growth with a CAGR of around 3.83% during the forecast period. Rising per capita income of consumers, improving economy and increasing demand for passenger vehicles are some key factors propelling the growth of Libya tire market. Moreover, despite political volatility, demand for tires in Libya is projected to grow at a steady pace during the next five years on account of rising domestic demand, expanding fleet, and favourable fiscal and regulatory policies. The increasing penetration of Chinese tires and their affordability are also boosting the growth of Libya tire market.
Additionally, growing vehicle motorization rate is another major factor leading to high demand for tires in the country. Apart from that, anticipated increase in vehicle sales and passenger car fleet size in the country are forecast to drive demand for tires in Libya in the next five years. Increasing number of tire manufacturers from other Asian countries such as India, Japan, Malaysia and Indonesia are also entering Libya tire market which is expected to propel the growth of tire market in coming years. Moreover, tire manufacturers are focusing on product innovation and are coming up with low cost tires in order to increase their market share in Libya tire market. With growth in automobile industry, the country’s tire market is gaining high traction and is further anticipated to grow during the forecast period.
Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on “Libya Tire Market”
Libya tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. The tire market in Libya is mainly dominated by passenger car tire segment, followed by light commercial vehicle. Passenger car tire segment is further expected to dominate the market during the forecast period and hold 55.73% market share by 2025. Based on demand category, Libya tire market can be divided into replacement vs OEM. Among the two, replacement segment held dominant position until 2019 and is further expected to maintain its dominance during the forecast period due to the absence of vehicle manufacturing facilities in the country.
Leading market players in Libya tire market are Bridgestone Tyre, Goodyear Tyre, Michelin Tyre, Yokohama Tyre, Continental Tyre, Hankook Tyre, Pirelli Tyre, Kumho Tyre, Tajoura Tyre and Sumitomo Tyre. Among them, Tajoura Tire is the only tire manufacturer in the country. Key growth strategies being undertaken by tire manufacturers operating in Libya are new product launches, mergers & acquisitions, collaborations, joint ventures and partnerships.
“Improving road infrastructure and increasing focus of government on developmental activities are supporting the tire market growth in Libya. Also, the low price and huge product portfolio for bias are aiding to the growth of the country’s tire market. In coming years, with increasing vehicle fleet size and sale of commercial vehicles, the tire manufacturers are likely to find lucrative growth opportunities in Libya” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Libya Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Libya tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Libya tire market.
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