Egypt Truck & Bus Radial Tire Market to Accelerate at a CAGR of Around 3.5% During 2024-30
The Egypt Truck & Bus Radial Tire Market size is anticipated to grow at a CAGR of around 3.5% during 2024-30, cites MarkNtel Advisors in their recent research report. Government authorities are implementing several urbanization programs and infrastructure development projects in the country. Egypt Truck & Bus Radial Tire Industry is being driven by these manufacturing and construction projects because in the transportation of raw materials, and equipment, trucks are widely used in the country. Also, with the rising tourism and urbanization more and more buses are being used for the movement of individuals, and their transportation.
The trucks and buses have varied applications in the transportation of building and construction raw materials, general cargo, dairy & agriculture transportation, public transport chemical transportation, etc., which helps in their continuous demand, along with the use of radial tires in them to enhance their performance and to provide best logistics and transportation services. Further, by seeing the negative effects of the unhealthy environment the market players are trying to innovate sustainable solutions to use in the production process of tires, which is opening a wider range of opportunities to grow & expand.
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However, the line with this eco-friendliness aim the use of retreaded tires is being promoted, as they help in the reduction of carbon emissions, by consuming less fuel, and also saving the waste and other hazardous items generated by the old tires. They are not unsafe, they are even cheaper than the new tires, so consumers are inclined towards adopting retreaded tires for cost and fuel efficiency. This is emerging as a challenge for key players in the Egypt Truck & Bus Radial Tire Market, and slowing down the growth rate of new tire manufacturers.
Moreover, the government of the country is promoting the use of electric vehicles and taking initiatives & investing in adopting electric buses and trucks in the fleet to cut carbon emissions, and improve fuel efficiency, which is surely going to expand the market demand for electric buses and trucks. For these heavy vehicles, high-performance and durable tires are required, and the requirement is fulfilled by radial tires. The increasing initiatives for the use of EVs in public transport and heavy-duty vehicles are anticipated to augment the size & volume of the truck & bus radial tire industry, further states the research report, Egypt Truck & Bus Radial Tire Market Analysis, 2024.”
Segmentation Analysis
Replacement Segment Holds the Largest Market Share
Based on the demand type, the market is further bifurcated into replacement and OEM. Among both of these major types of demand, the largest share is held by the replacement segment owing to the more wear and tear in the tires of vehicles due to their high usage. More exposure to tires in rough terrains, and bad condition of roads creates the demand to replace the tires, not to replace the vehicles, that’s why the OEM demand type segment holds a comparatively lower share in the Egypt Truck & Bus Radial Tire Market than the replacement demand type.
The regular wear and tear are caused by the uneven condition of roads from well-maintained in cities & urban settlements to the poor and less developed condition of roads in rural areas, augments the demand to replace the old tires with new ones. The rough terrain in some areas, along with the hot summers of this country, also contribute to the bad effects on the performance of tires, affecting their longevity, and ultimately creating the demand for replacement segment.
Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Bridgestone Corporation, Michelin, Continental AG, The Goodyear Tire & Rubber Company, The Yokohama Rubber Company Ltd., Dunlop Tire, Prometeon Tyre Group S.r.l., Trenco Transport and Engineering Co., Triangle Tire Co., and others are looking forward to strengthening their market positions.
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Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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