Tunisia Tire Market

Tunisia Tire Market Size Set to Grow Steadily at CAGR of 4.35% Touching USD 132.42 Million by 2029

Published | 10 November 2023

Tunisia tire market is flourishing because of the growing industrial sector, increasing vehicle ownership, and government’s investments in infrastructure.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Tunisia Tire Market size at USD 102.59 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Tunisia Tire Market size to grow at a significant CAGR of 4.35% reaching a value of USD 132.42 million by 2029. Major growth drivers for the Tunisia tire market include increasing construction activities, growing economic conditions that foster public infrastructure and residential sector development, and rising expectations of expansions in the tourism and manufacturing sectors. The surge in construction activity is expected to boost demand for tires, particularly in heavy machinery and construction equipment applications. The growing economic conditions are likely to drive higher investments and, subsequently, an increased need for tires across various industries. The ongoing growth in public infrastructure and residential sectors will further elevate the demand for tires, while the anticipated expansions in the tourism and manufacturing sectors are poised to lead to a surge in transportation services and vehicle demand, including trucks and buses, ultimately spurring tire sales. Also, the growth in these sectors, particularly in Off-the-Road (OTR) applications, is expected to contribute to the rising demand for Tunisia tire market during the forecast period. However, counterfeit tires and economic instability are anticipated to restrain the overall market growth during the forecast period.

Tunisia Tire Market – Overview

Tunisia tire market refers to the specific and localized market within Tunisia, a North African country, that involves the manufacturing, distribution, sales, and usage of various types of tires, including but not limited to, automobile tires, truck tires, off-road tires, and specialty tires. This market encompasses all aspects of the tire industry, from the production and importation of tires to their sale and installation for use in vehicles, machinery, and other applications across Tunisia. It involves both domestic and international tire manufacturers, distributors, retailers, and consumers, and is influenced by factors such as economic conditions, industrial developments, and demand trends within Tunisia.

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Impact of COVID-19 on Tunisia Tire Market

COVID-19 pandemic adversely affected the Tunisia tire market. Lockdowns, reduced economic activity, and supply chain disruptions led to a decline in vehicle usage and, subsequently, a decreased demand for tires. The automotive industry experienced production slowdowns and decreased sales, affecting tire manufacturers. Also, consumers postponed non-essential expenses, including tire replacements. Supply chain disruptions impacted the availability of tires, leading to fluctuations in prices. While the market faced challenges, there were also opportunities as the focus on sanitation and safety increased demand for tires in the delivery and logistics sectors. Overall, the Tunisia Tire Market faced both setbacks and opportunities due to the pandemic's effects on the economy and consumer behavior.

Impact of Prolonging Israel-Hamas War on Tunisia Tire Market

The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.

Meanwhile in the Eastern Europe, the Russia-Ukraine war has been prolonging for more than a year. Also, the war in West Asia and escalating geopolitical tensions in West Asia and Middle East will affect industries across verticals and regions. Oil & gas is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, oil prices increased by more than 4.5% or more than USD 4 a barrel in Asia trade on October 09, 2023. Brent crude surged USD 4.18, or about 5%, to USD 88.76 a barrel, meanwhile the US West Texas Intermediate crude was up more than 5% or USD 4.23 at USD 87.02 a barrel. This spike in oil and energy costs will have a domino effect on multiple industries. As fossil fuel is one of the main raw materials for the production of tires, companies and end users in the Tunisia tire market face the brunt of rising fuel prices. Volatile and higher fuel prices could increase the cost of tires, resulting in the declined demand for tires affecting their sales and market growth.

Tunisia Tire Market – By Type of Tires

Based on type of tires, the Tunisia tire market is bifurcated into Radial and Bias segments. The radial tire type is expected to hold a higher share in the Tunisia tire market during the forecast period. Radial tires are known for their superior performance characteristics, including better fuel efficiency, improved handling, and longer lifespan. As consumer awareness and preference for these advantages continue to grow, the demand for radial tires is expected to rise. Additionally, the expansion of the passenger car market and the increasing adoption of radial tires in commercial vehicles contribute to their higher market share. This trend reflects a shift towards more advanced and efficient tire technology in Tunisia, making the radial segment the market leader during the forecast period.

Competitive Landscape

Major players operating in the Tunisia tire market include Michelin, Bridgestone, Goodyear, Continental, Pirelli, Sumitomo Rubber Industries, Hankook Tire, Kumho Tire, Nokian Tyres, Toyo Tire & Rubber, General Tire, and STIP. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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