Botswana Tire Market
Botswana Tire Market Size Growing Steadily to Reach USD 422.6 Million by 2029
Published | 23 February 2023
Botswana tire market is flourishing owing to the increasing sales through online channel, deeper penetration of Chinese tires, increasing production of vehicles, and the adoption of technology advancements.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Botswana tire market size at USD 319.32 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Botswana tire market size to grow at a steady CAGR of 4.21% reaching a value of USD 422.62 million by 2029. The primary factors driving the growth of Botswana tire market include increasing sales of passenger, luxury, and electric vehicles (EVs) as a result of rapid urbanization and rising consumer purchasing power. Due to a greater emphasis on driver and passenger safety, as well as an increase in fatal traffic accidents, there is a growing demand for premium-grade Tires with a longer operational life, greater stability and reliability, and exceptional puncture resistance. Major players are introducing airless, light, and 3D-printed versions. Much effort is being put into recovering and recycling old Tires to reduce their environmental impact and save a significant amount of the energy required to manufacture new Tires. More transportation and logistical duties are required to deliver cargo on time.
Botswana Tire Market – Overview
A tire is a pressurized air-filled, ring-shaped, circular auto part that surrounds a wheel rim. It is made from a variety of materials, including wire, silica, carbon black, steel, rubber (natural or synthetic), and others. By reducing vibrations and improving shock absorption while shifting the car's weight from the axle to the ground, it stabilizes the vehicle. The effectiveness, mileage, passenger safety, and wear and tear of the car are all improved. Currently, depending on the type of vehicle, it is frequently available in a variety of sizes and models.
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Botswana Tire Market – By Demand
Based on demand, the Botswana tire market is divided into OEM and Replacement segments. The OEM segment currently holds a higher share of the market and is expected to continue to maintain its dominance during the forecast period. OEMs are significantly investing in R&D to develop tires that are light, ecologically friendly, and compliant with regulations. OEM tires are always of the best quality and are useful for many different things. Its design objectives of being quiet, sturdy, and practical on the road allow it to function flawlessly outside of the showroom. As a result, it is expected that the OEM market segment will dominate the industry in the coming years.
Competitive Landscape
Botswana tire market is fiercely competitive. Major competitors in the market include Bridgestone Corp., Continental Tires, Dayton Tires, Firestone Tires, BF Goodrich Tires, Cooper Tires, Dunlop Tires, Goodyear, Hankook, and Kumho Tires. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Botswana tire market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Botswana Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Botswana Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: February 2023
Growing popularity of China-made tires in the country, increasing production and sales of various types of vehicles, and rapid adoption of technology advancements could boost the growth of Botswana tire market during the forecast period between 2023 and 2029.
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