Two-wheeler tyres are made of rubber, carbon black, chemicals, and metals to provide grip on the road and smooth operation of the vehicle. The extended and seamless lifespan of a two-wheeled vehicle depends on timely maintenance, which raises the need for premium tires.
According to SPER market research, ‘Nigeria Two-Wheeler Tire Market Size- By Vehicle Type, By Demand Type, By Tire Type, By Price Category, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Nigeria Two-Wheeler Tire Market is predicted to reach USD XX Billion by 2033 with a CAGR of 8.5%.
Concerns about air pollution, energy security, and rising carbon emissions are driving up the adoption of electric two-wheelers, which is driving up the two-wheeler tyre market in Nigeria. With Nigeria suffering serious air quality issues and high PM2.5 concentrations, people are increasingly turning to electric two-wheelers for better transportation. Government programmes promoting sustainable mobility, such as tax breaks and subsidies for electric vehicles, exacerbate this trend. As a result, electric two-wheeler manufacturers such as Hero and Revolt are increasing their presence in Nigeria, driving up demand for two-wheeler tyres from OEMs.
Furthermore, Nigeria has seen a rise in fuel prices as a result of economic reforms, increasing interest in electric two-wheelers because they offer a more consistent pricing systemThe switch to electric cars is probably going to increase the need for new tires because of increased usage, which will increase demand even more.
The Nigerian two-wheeler tyre sector has a serious challenge in the form of an expanding illegal tyre trade, which employs deceptive techniques such as misdeclaration and rerouting to avoid duties. Entities and individuals are driving this unlawful trade in order to avoid legal and financial obligations linked with tyre importation. The spread of counterfeit products resulting from this illegal commerce weakens market integrity and introduces unfair competition. As a result, the increasing frequency of illegal trade operations endangers the future growth and expansion of Nigeria’s two-wheeler tyre business. Furthermore, the market is hampered by unpredictable raw material prices and higher input costs, particularly due to the paucity of natural rubber and fluctuations in oil prices, which greatly effect the tyre manufacturing expenses.
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Impact of COVID-19 on Nigeria Two-Wheeler Tire Market
COVID-19 had a huge impact on Nigeria’s two-wheeler tyre market, disrupting both supply and demand. Lockdown measures, travel restrictions, and economic downturns led to lower consumer spending and manufacturing delays. Raw material scarcity and variable costs made things much more difficult. However, with government stimulus measures and a gradual reopening of the economy, the market is expected to gradually revive, assisted by expanding internet distribution channels and an emphasis on economic regeneration.
Nigeria Two-Wheeler Tire Market Key Players:
Additionally, some of the market key players are Apollo Tire, Bridgestone Corporation, CEAT, Continental AG, Pirelli Tyre S.p.A., Yokohama TWS (Mitas), Others.
Nigeria Two-Wheeler Tire Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Nigeria Two-Wheeler Tire Market is segmented as; Motorcycle, Scooter and Moped.
By Demand Type: Based on the Demand Type, Nigeria Two-Wheeler Tire Market is segmented as; OEMs, Replacement.
By Tire Type: Based on the Tire Type, Nigeria Two-Wheeler Tire Market is segmented as; Bias, Radial.
By Price Category: Based on the Price Category, Nigeria Two-Wheeler Tire Market is segmented as; Budget, Economy, Premium.
By Sales Channel: Based on the Sales Channel, Nigeria Two-Wheeler Tire Market is segmented as; Exclusive Outlets, Multi Brand Stores, Online, Others.
By Region: This research also includes data for East Region, Midwest Region, North Region, West Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Nigeria Motorcycle Tires Market Future Outlook
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