MarkNtel Advisors recently published a detailed industry analysis of the Nigeria Two-Wheeler Tire Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Nigeria Two-Wheeler Tire Market (2024-2030)
The Nigeria Two-Wheeler Tire Market size is estimated to grow at a CAGR of around 8.64% during the forecast period, i.e., 2024–30.
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What is driving the Nigeria Two-Wheeler Tire Market?
Growing Adoption of Electric Two-Wheelers Driving the Market – Nigeria is battling growing air pollution, energy security concerns, and a gradual increase in carbon emissions. Nigeria has the highest population-weighted annual average PM2.5 concentrations, as per the State of Global Air 2021. To mitigate air pollution & carbon emissions, consumers in the country are increasingly inclined towards electric two-wheelers, as they contribute to a cleaner and greener transportation system. Further, government policies and initiatives aimed at promoting sustainable and eco-friendly transportation owing to reduced oil imports and reduced carbon emissions play a crucial role in the adoption of electric two-wheelers. Incentives such as tax benefits, subsidies, and favorable regulations for electric vehicles encourage consumers to choose electric two-wheelers. As a result, electric two-wheeler manufacturers such as Hero, Revolt, etc. in the country are ramping up their production & expanding their market to Nigeria. For instance,
- In 2024, Spiro, Africa’s largest electric vehicle (EV) player, is excited to announce its expansion into Nigeria, introducing innovative electric bikes and advanced battery-swapping technology in Ogun Province.
Hence, increasing production and sales of electric two-wheelers are driving the two-wheeler tire demand from OEM.
Additionally, Nigeria has witnessed a surge in fuel prices attributed to economic reforms that include the elimination of fuel subsidies and opening the market to imported gasoline. This has prompted substantial concern among both citizens and businesses. According to the National Bureau of Statistics, the petrol price increased year-on-year by about 226.75% to around USD0.80/liter in September 2023, from USD0.24/liter recorded in the corresponding period of 2022. The escalating fuel prices directly impact the daily lives of Nigerians, prompting a notable shift towards the adoption of electric two-wheelers. These vehicles, powered by electricity, provide a more stable pricing structure compared to traditional fuels. Consequently, this transition escalates the demand for two-wheeler tires, and it is anticipated to augment the market demand in the forecast period as well. The increased usage of electric two-wheelers is anticipated to result in more frequent tire replacements, driven by the wear and tear associated with their heightened usage.
What segments define the Nigeria Two-Wheeler Tire Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
By Vehicle Type
(Scooter and Moped, Motorcycle),
By Demand Type
(OEMs, Replacement),
By Tire Type
(Radial, Bias),
By Price Category
(Budget, Economy, Premium),
By Sales Channel
(Online, Multi Brand Stores, Exclusive Outlets, Others),
By Tire Size
(80/100-17, 100/90-17, 2.75 x 17, 2.75-18, 3.00 x 17 50, 3.00 – 18, 90/90 – 17, Others)
By Region
Midwest, North, East, West
Explore the Complete Nigeria Two-Wheeler Tire Market Analysis Report – https://www.marknteladvisors.com/research-library/nigeria-two-wheeler-tire-market.html
Who are the leading key players shaping the Nigeria Two-Wheeler Tire Market landscape?
Bridgestone Corporation, The Goodyear Tire & Rubber Company (Dunlop), Michelin, Continental AG, Yokohama TWS (Mitas), Pirelli Tyre S.p.A., Apollo Tire, JK Tire, CEAT, Others
Questions Addressed in this Study
1.What factors are driving the Nigeria Two-Wheeler Tire Market growth?
2.How is the Nigeria Two-Wheeler Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Nigeria Two-Wheeler Tire Market?
4.What is the current size of the Nigeria Two-Wheeler Tire Market, and how is it projected to change in the future?
6.What is the future outlook for the Nigeria Two-Wheeler Tire Market in terms of technological advancements and market expansion?
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