Somalia Tire Market is Expected to Witness a Substantial Growth Through 2026
Expanding automobile fleet and increasing demand for replacement tires are some key factors expected to drive the growth of Somalia tire market in next five years.
According to TechSci Research report, “Somalia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2016- 2026”, Somalia tire market is expected to witness a CAGR of around 3% during the forecast period. Growth of the country’s tire industry is prominently backed by growing sales of vehicles and expanding automobile fleet in the country. Increasing population of the country is also boosting demand for automobiles and related tire products. Moreover, rising government focus on development of infrastructure and industrial sectors is further anticipated to boost demand for automobiles and related tire products in the country in coming years. Somalia is an import driven economy; and consequently, the tire market in the country is entirely replacement driven due to absence of automobile manufacturing.
Additionally, economic growth coupled with growing construction activities are some other key factors propelling the growth of Somalia tire market. The expected increase in inflow of used cars in the country, during the forecast period, is expected to further infuse growth in tire market. Apart from that, increasing availability of low cost tires such as Chinese tires are also acting as a major booster for the growth of Somalia tire market. With improving road infrastructure of the country and rise in per capita income, the automotive industry is likely to grow which is consequently anticipated to support the growth of Somalia tire market.
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Somalia 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. With a lion’s share of over 57.74 percent in 2019, the passenger car tire segment dominated the country’s tire market, followed by growing light commercial vehicle tire segment. Moreover, the passenger car tire segment is projected to maintain its dominance during the forecast period and hold a market share of over 59% by 2026. Based on demand category, Somalia tire market is spilt into replacement vs OEM. Among the two, the replacement segment dominated the market until 2029 and is further expected to maintain its position during the forecast period.
Leading market players in Somalia tire market are Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd. and Prinx Chengshan (Shandong) Tire Company. Somalia tire market is dominated by Chinese tire companies, which garnered more than 60% share in the country’s tire market in 2016. Key market players are undergoing growth strategies such as mergers & acquisitions, partnerships, collaborations, joint ventures and new product launches.
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“The constantly improving fiscal and regulatory policies in Somalia, coupled with the changing perception of the people towards Chinese tire brands, resulted in augmented demand for tires in Somalia in 2016. Due to the market being extremely price sensitive, imports of low priced Chinese tires are increasing, in comparison with other leading European and American tire brands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Somalia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2016- 2026” has analyzed the potential of Somalia 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 Somalia tire market.
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