Egypt Tire Market Growth and Share, Rising Trends, Revenue, Challenges, Future Strategies and Competitive Analysis 2033: SPER Market Research
The tyre on an automobile is a rim-like, spherical object that contains air. Steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black are only a few of the natural and synthetic components used in its production. The tyre is offered in two variations—tubed and tubeless—and is made up of a number of components, including a bead, bead filler, belts, body ply, inner liner, sidewall and tread. The tyre is essential for controlling forces.
According to SPER market research, ‘Egypt Tire Market Size- By Vehicle Type, By Demand Category, By Tire Type, By Rim Size- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Egypt Tire Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The market is primarily being driven by the factors: increased infrastructure investment across the country and rising consumer spending power. Additionally, it is anticipated that the steadily growing auto fleet and rising disposable income would favourably affect the Egypt tyre market during the course of the projection year. A ban on the import of used automobiles and increasing demand for replacement tyres are also predicted to enhance Egypt’s requirement for tyres. Due to factors including strong demand from end users, such as the oil and gas industry, logistics industry, mining industry, public transportation industry, e-commerce industry, etc., the demand for commercial vehicle tyres has increased in the nation. Due to the nation’s rapid industrialisation and urbanisation and high growth rate, commercial tyre sales have increased. As the country’s schools resumed operations following the pandemic, the need for school buses surged as well, which in turn increased demand for tyres.
However, to create automotive tyres, large amounts of synthetic and natural rubber, sulphur, carbon black, and other materials are required. The cost of these raw materials is subject to fluctuation because of a number of factors, including the availability of natural rubbers and legislative prohibitions on the excessive cutting down of rubber trees. The inability of tyre manufacturers to produce and deliver tyres at predetermined costs is caused by the volatile pricing of raw materials like oil and rubber, which could limit the growth of the Egypt Tyre Market during its formative years.
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Furthermore, Egypt’s tyre market was unable to grow due of the Covid-19 outbreak. In an effort to stem the virus’s spread, the government implemented a nationwide quarantine, which had an adverse effect on both tyre production and raw material availability. Additionally, the pandemic made it more common for people to work from home and spend more time at home, which decreased the demand for solitary activities. The nation’s economic situation also had an impact on consumer purchasing power. The total expansion of the market is hampered by these factors, which sharply reduce Egypt’s demand for automobile tyres.
Additionally, some of the market key players are Apollo Tyres Ltd., Bridgestone Corporation, Michelin, MRF Ltd., Pirelli Tyre S.p.A., Sumitomo Rubber Industries, Ltd., Yokohama Tire Corporation, Others.
Egypt Tire Market Key Segments Covered
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, Egypt Tire Market is segmented as; Light Commercial Vehicles (Light Buses, Light Trucks, Pickup Trucks & Vans), Medium & Heavy Commercial Vehicles (Bus, Truck), Off the Road (Earthmoving Equipment, Industrial & Mining Equipment, Material Handling Equipment), Passenger Cars (Hatchback & Bakkies, Sedan, SUV), Two Wheelers (Moped, Motorcycles, Scooters).
By Demand Category: Based on the Demand Category, Egypt Tire Market is segmented as; OEM, Replacement.
By Tire Type: Based on the Tire Type, Egypt Tire Market is segmented as; Bias, Radial (Tube, Tubeless).
By Rim Size: Based on the Rim Size, Egypt Tire Market is segmented as; Up to 12, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”.
By Region: This research also includes data for Alexandria, Cairo, Giza and rest of Egypt.
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