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Rising Automotive Vehicles Sales and Under Progress Tire Projects Will Fuel the Tire Market Finds Grootte Research - The South Africa tire market has emerged as one of the most striking market in the African sub Continent. Increasing demand of automotive vehicles, lucrative economy and high purchasing power of the individuals are fuelling the tire industry
Rising Automotive Vehicles Sales and Under Progress Tire Projects Will Fuel the Tire Market Finds Grootte Research

 

NewswireToday - /newswire/ - Melbourne, Victoria, Australia, 2013/04/08 - The South Africa tire market has emerged as one of the most striking market in the African sub Continent. Increasing demand of automotive vehicles, lucrative economy and high purchasing power of the individuals are fuelling the tire industry.

   
 
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South Africa tire manufacturing unit manufactured more than 50% of the total tire demand in 2012. South African tire market is expected to reach at 27.40 Million Units and growing at estimated CAGR of 8.1%. Goodyear leads the South Africa market where all the local tyre manufacturers has almost equal share. The replacement tire holds a major share in the local market and growing at the CAGR of 5.8% from last five years. This segment is dominated by the sales of passenger and followed by the commercial vehicles.

As per the recently published report South Africa Tire Market, Outlook: 2018 the tire market of South Africa is projected to reach at US $ 2.12 Billion by 2018 by growing at 8.2% CAGR during the years 2013-2018. Even though there is already a cut throat competition in the tire market as there are large number of players which are catering the demand. This would increase the share of organized players in the tire market of South Africa by a small margin but the small and organized players are expected to remain dominant in future too.

The tire market of South Africa has witnessed the good growth in the past few years as the rising number of vehicle plying on road has increased considerably. At present, the tire market of South Africa consists of over four major tire manufacturers “Apollo, Goodyear, Bridgestone and Continental” which are engaged in the tire production in South Africa while there are over thousands of companies which are currently importing the tire in South Africa. These four tire manufacturers has been able to capture over 60% of the total market share.

 
 
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Rising Automotive Vehicles Sales and Under Progress Tire Projects Will Fuel the Tire Market Finds Grootte Research

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