Egypt Tire Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of XX%.
A tyre is an air-filled component that has the shape of a circle and is used on vehicles. Materials like steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black are used in its creation along with a variety of other natural and manmade materials. The tyre is available in tubed and tubeless versions and is made up of a number of different pieces, including a bead, bead filler, belts, body ply, inner liner, sidewall and tread. In order to control the forces, the tyre is essential.
Egypt Tire Market Driving Factors and Challenges
It is anticipated that over the forecast period, the Egypt Tyre Market will expand. People's rising disposable income and increased propensity for private automobile ownership are the main factors fuelling the market's expansion. As a result, the expanding vehicle fleet is helping Egypt's tyre sector expand. The need for many Light, Medium, and Heavy Commercial Vehicles is also being driven by the government's growing emphasis on infrastructure development, which is resulting to numerous ongoing construction projects. In turn, it is fuelling the market and large manufacturing and sales of durable OTR tyres. Additionally, with the automotive industry serving as a key pillar of Egypt's industrial growth, the government is developing welcoming policies to draw in foreign capital and encourage the establishment of as many automotive and tyre manufacturing facilities as possible.
These factors are probably going to support market expansion as a whole. Moreover, Egypt relies heavily on tyre imports to meet the expanding customer demands because there are so few well-known tyre manufacturers there. As a result, it is yet another factor creating growth potential for the top companies to seize the chances presented in the trade industry and propel the Egypt Tyre Market in the years to come.
However there are several challenges that limit the expansion of tyre market in Egypt. 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.
Impact of COVID-19 on Egypt Tire Market
The COVID-19 pandemic hindered the growth of the Egyptian tyre industry. Tyre manufacturing and the supply of raw materials were delayed by the government's state wide quarantine, which was implemented to restrict the virus's spread. There was less demand for individual action because the outbreak encouraged many people to work from home and stay at home. The status of the national economy has an impact on consumer purchasing power as well. These factors drastically lower the demand for automobile tyres in Egypt, which restrains the market's expansion as a whole.
Egypt Tire Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apollo Tyres Ltd., Bridgestone Corporation, Continental Aktiengesellschaft, JK Tyre & Industries, Michelin, MRF Ltd., Pirelli Tyre S.p.A., Sumitomo Rubber Industries, Ltd., Yokohama Tire Corporation, Others.
Egypt Tire Market Segmentation:
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.
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.