Two-wheeler tyres are specialised tyres made for vehicles with two wheels, such as motorcycles, scooters, bicycles, and mopeds. These tyres are vital to the rider's safety and performance because they provide traction, stability, and control.
Nigeria Two-Wheeler Tire Market Driving Factors and Challenges
The Nigerian two-wheeler tyre market is being spurred by the growing adoption of electric two-wheelers, which is driven by concerns about air pollution, energy security, and rising carbon emissions. With Nigeria's air quality concerns 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, bolster this trend. As a result, electric two-wheeler manufacturers such as Hero and Revolt are growing their operations in Nigeria, increasing demand for two-wheeler tyres from OEMs. Furthermore, Nigeria has seen a rise in fuel prices as a result of economic reforms, which has increased interest in electric two-wheelers because they offer a more consistent pricing structure. This move to electric vehicles is likely to result in additional tyre replacements due to higher usage rates, boosting market demand even further.
The Nigerian two-wheeler tyre sector has a serious challenge in the form of a burgeoning illicit tyre trade, which employs deceptive techniques such as misdeclaration and rerouting to avoid duties. Entities and individuals driving this illegal trade strive to avoid the legal and financial obligations involved with tyre importation. The proliferation of counterfeit products caused by this illegal commerce weakens market integrity and promotes unfair competition. As a result, the growing frequency of illegal trade operations threatens 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, notably due to the paucity of natural rubber and fluctuations in oil prices, which greatly affect tyre manufacturing expenses.
Impact of COVID-19 on Nigeria Two-Wheeler Tire Market
COVID-19 had a substantial impact on Nigeria's two-wheeler tyre market, causing interruptions in both supply and demand. Lockdowns, travel restrictions, and economic downturns led to lower consumer spending and manufacturing delays. The paucity of basic resources and fluctuating costs exacerbated problems. However, with government stimulus efforts and a progressive 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:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apollo Tire, Bridgestone Corporation, CEAT, Continental AG, The Goodyear Tire & Rubber Company (Dunlop), JK Tire, Michelin, Pirelli Tyre S.p.A., Yokohama TWS (Mitas), Others.
Nigeria Two-Wheeler Tire Market Segmentation:
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.