The Angola Tire Market size is estimated to grow at a CAGR of around 11.6% during the forecast perio
The Angola Tire Market size is estimated to grow at a CAGR of around 11.6% during the forecast period i.e., 2024-30., cites MarkNtel Advisors in the recent research report. The growing usage of various types of motor vehicles among end-users in the country has propelled the growth of the Angola Tire Market. As the consumers in Angola are increasingly purchasing new motor vehicles for daily travel with the inclusion of passenger cars along with two-wheelers, the demand for tires is growing rapidly. In addition, the steadily improving employment rate in Angola has enhanced the purchasing power of the individuals of the nation, which is directly leading more people to buy personal vehicles. This growth in vehicle adoption has increased the on-road number of vehicles, which automatically increases demand for reliable and quality tires. Furthermore, common wear and tear conditions, especially worsened by unduly afflicted road conditions in some regions, combined with tire replacement needs every few years, have contributed to aftermarket tire demand, thus further enhancing market growth.
Also, the penetration of electric vehicles is gradually rising in Angola since the government is focusing to promote sustainability and reduce footprints. Demand for electric vehicles has gained momentum in the country since consumer awareness regarding CO2 emitted from their cars has been increasing. Correspondingly, the need for more fuel-efficient and high-performance tires for electric vehicles has also escalated augmenting market growth.
Moreover, the ever-increasing growth of online shopping and online food delivery services in Angola is eventually increasing the demand for two-wheelers. Food delivery companies offering the customer's choice of restaurants to the doorstep, such as Tupuca, go on to increase the number of two-wheelers in their fleets. The gradual entry of Chinese EV suppliers in the country offering vehicles at affordable prices is likely to boost the local auto industry, further fueling the growth of the Angola Tire Market states the research report, “Angola Tire Market Analysis, 2024.”
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Angola Tire Market Segmentation Analysis
Passenger Car Segment to Hold Significant Market Share in the Angola Tire Market
Based on vehicle type, the market is further segregated into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road (OTR) Vehicles, Two-wheelers, and Three-wheelers. Out of them all, the passenger car segment accounted for the largest share of the global Tire market. The consumers in Angola are moving to cities leading to the high population in cities which has been creating demand for personal transport. Also, the new and advanced models of cars with a wide variety in pricing have been leading to their larger adoption in the country augmenting the demand and adoption of cars in Angola. In addition, Angola has been developing the road infrastructure in cities like Luanda, Cabinda, etc., to limit problems of potholes and damaged roads increasing car adoption. Also, various Chinese car brands like Changan Automobile, Gac Motor, etc., are high in demand in Angola which is increasing the adoption of cars from these brands in Angola. Therefore, consumers in the country are adopting passenger cars for smooth mobility and convenience, which have been propelling their demand in the country. With more passenger cars sold in the country, the demand for tires with high quality is also increasing, thereby propelling market growth.
Aftermarket to Hold Major Market Share in the Angola Tire Market
Based on demand type, the market is segmented into OEM and Aftermarket. Aftermarket commanded an outstanding share of the total market owing to the old vehicle fleet in Angola. Most of the vehicles in Angola have an average age of around 10 years, which is surging the replacement demand for tires due to wear and tear. The need for replacement is majorly in the case of commercial vehicles, including trucks and buses, because these are subjected to intense usage, long-distance travel, and quite often very poor road conditions. These conditions thus generate frequent demand for tire changes, thereby boosting the adoption of replacement tires.
Besides, the growing population of independent tire dealers and service stations within Angola contributes significantly to the aftermarket segment's growth. These dealers offer different varieties of tire brands with services to satisfy consumer needs and hence assist in the distribution of aftermarket tires. The presence of these dealers makes it easier for customers to approach them for the replacement of tires and other related services like balancing alignment, and mounting which surges the demand for aftermarket tires. The wide product offerings in the aftermarket by different varieties of tire brands, and of various pricing, give buyers choices that can fit into their budgets, therefore driving demand in the Angola Tire Market.
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Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bridgestone Americas Tire Corporation, LLC, Continental Tire the Americas, LLC, Michelin Commercial Tires, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Kumho Tire Co, Inc., JK Tyre & Industries, Pirelli Tyre S.p.A, Yokohama Rubber Co., Ltd., and Toyo Tire Corporation, among others, are looking forward to strengthening their market position.
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 has the competition been shaping across various regions?
- How have the 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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