Kenya Tire Market
Kenya Tire Market Size Set to Grow at Steady CAGR of 6% During 2023–2029
Published | 16 March 2023
Kenya tire market size is flourishing due to increasing auto sales, growing demand for tire replacement, and adoption of advancements in tire technology.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Kenya tire market size to grow at a significant CAGR of 5.98% by 2029. One of the main drivers boosting Kenya's tire demand is the increased sales of passenger, luxury, and electric vehicles (EVs) as a result of rapid urbanization and rising consumer buying power. The need for premium quality tires with a longer operational life, enhanced stability and reliability, and high puncture resistance is being fueled by the rising emphasis on driver and passenger safety as well as the rise in deadly traffic accidents.
Kenya Tire Market – Overview
Tire is used in passenger cars, two-wheelers, three-wheelers, off-the-road (OTR), and light, medium, and heavy commercial vehicles, as it is widely available and has a low rolling resistance. It is produced using a variety of synthetic and natural materials, including steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black. It has a bead, bead filler, belts, body ply, inner liner, sidewall, and tread and is widely accessible in tubed and tubeless tires. It helps to deal with forces that are acting on the vehicle while it is moving, supports the load of the vehicle, and provides shock-absorbent cushions. It helps to improve a vehicle's performance, mileage, and passenger safety. It offers grip, enhances vehicle handling on steep roads, and makes stopping easier.
Impact of COVID-19 on Kenya Tire Market
Covid-19 pandemic affected Kenya tire market hindered the expansion of most industries. To stop the spread of the pandemic, the government enacted harsh mobility restrictions, lockdowns, and cross-border trade restrictions, which presented the market with various unheard-of difficulties. Because imports are the main source of tires in Kenya, trade restrictions have a big influence on the availability of tires across the countries.
Kenya Tire Market – By Tire Type
On basis of tire type, Kenya tire market is divided into Radial and Bias segments. The radial segment, which also includes the tubeless tire market segment, made up a sizable portion of the Kenyan tire industry in terms of revenue. Due to their low rolling resistance and slow rate of deflation, tubeless tires are typically found on bicycles. The need for tubeless tires is expected to increase across Kenya as tube tires require more fuel than tubeless tires do.
Kenya tire market is fiercely competitive. Major companies in the market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Pirelli, Continental, Dunlop, Yokohama, BF Goodrich, Cooper Tire, and Firestone. 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 Kenya tire market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Kenya Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Kenya 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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- Kenya Tire Market - By Vehicle Type (Passenger Car, Two-Wheeler, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, Off-The-Road Vehicle (OTR), Three-Wheeler); By Tire Type (Radial, Bias); By Demand Category (OEZ, Replacement), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: March 2023
Growing demand for tires in the replacement market, infrastructure expansion, and foreign direct investments for infrastructure projects could boost the growth of Kenya Tire Market during the forecast period between 2023 and 2029.
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