Egypt Tire Market Size Set Expanding at Steady CAGR of 8.12% During 2023–2029

Published | 13 April 2023

Egypt tire market is flourishing due to growth in vehicle sales driven by rising income levels, expanding infrastructure, and the availability of low-interest auto loans contributing to an increase in automobile fleet and sales.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Egypt tire market size at USD 0.94 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Egypt tire market size to grow at a significant CAGR of 8.12% reaching a value of USD 1.62 million by 2029. Rising consumer purchasing power and expanding infrastructure construction across the country are major factors driving market growth. The continuously expanding auto fleet and rising disposable income are expected to benefit the Egypt tire market during the forecast period. Also, due to increased replacement tire demand and a ban on the import of used vehicles, the demand for tires is expected to rise across Egypt.

Egypt Tire Market – Overview

A vehicle's tire is a circular, rim-like component that is filled with air. It is manufactured using a combination of natural and synthetic materials such as steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black. The tire is available in two forms, tubed and tubeless, and consists of various parts such as a bead, bead filler, belts, body ply, inner liner, sidewall, and tread. The tire plays a crucial role in managing the forces.

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Impact of COVID-19 on Egypt Tire Market

The COVID-19 pandemic restricted the growth of the Egyptian tire industry. The countrywide quarantine put in place by the government to stop the virus's spread hindered the production of tires and the accessibility of raw materials. Also, the outbreak caused a lot of individuals to stay at home and work from there, which decreased the requirement for solitary activities. The status of the country's economy also impacted on consumer purchasing power. These elements worked together to drastically lower tire demand in Egypt, which restrained the market's expansion.

Egypt Tire Market - By End Use

On basis of the end use, Egypt tire market is split into OEMs and Replacement segments. The replacement segment is a larger contributor to the Egypt tire market growth. It emphasizes the country's heavy reliance on imported tires due to a lack of tire and car production capabilities, emphasizing the absence of OEMs (Original Equipment Manufacturers). Yet benefits like the ease of finding a large selection of tires for all vehicle types at different price points are likely to speed up the growth of the replacement industry. Also, it is predicted that during the projection period, increasing consumer awareness of the value of appropriate tire replacement and maintenance would fuel demand for replacement tires.

Competitive Landscape

Egypt tire market is fiercely competitive. Major companies in the market include Apollo Tyres Ltd., Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries, Ltd., Pirelli Tyre S.p.A., Yokohama Tire Corporation, MRF Ltd., and JK Tyre & Industries. 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 Egypt tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Egypt Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Egypt 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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