Increasing vehicle fleet size and favorable government policies are some key factors expected to drive the growth of Kenya tire market in coming years.
Increasing vehicle fleet size and favorable government policies are some key factors expected to drive the growth of Kenya tire market in coming years.
According to TechSci Research report, “Kenya Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Kenya tire market is forecast to witness a substantial growth with 5.53% CAGR during the forecast period. Key factors driving the growth of Kenya tire market are rise in per capita disposable income, increasing middle-class population and growing demand for automobiles in the country. The country is considered as one of the largest and most progressive economies in East and Central Africa region. Rising vehicle sales coupled with favourable government policies are expected to boost the tire market in Kenya over the next five years. Moreover, the tire industry of the country is majorly dependent on imports and is highly price sensitive. Hence, tire manufacturers are coming up with low-cost tires in order to meet the requirements of end users.
Furthermore, rising vehicle motorization rate of the country offers a huge potential for new vehicle sales over the next five years, thereby promising a positive outlook for the country’s tire industry as well. The increasing penetration of Chinese tires and entry of global tire manufactures are also fuelling the growth of Kenya tire market. Apart from that, introduction of advanced tires and technological advancement in automobile industry is anticipated to further boost the growth of tire market in Kenya over the next five years. However, Kenya tire market is facing the issue of taxation. The tire manufacturers are also conserved about illegal dumping of international tire brands.
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Kenya tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the passenger car tire segment dominated the market until 2019 and the trend is expected to continue during the forecast period as well. The reasons can be attributed to increasing passenger car fleet size of the country. Based on demand category, Kenya tire market is mostly a replacement driven tire market due to absence of any automobile manufacturing facility in the country.
Leading market players in Kenya tire market are Michelin Kenya Sdn. Bhd., Giti Tire Pte. Ltd., MRF Limited, Pirelli & C. S.p.A., Goodyear Tire & Rubber Industries, Sumitomo Rubber Industries Ltd., Maxxis Tires Kenya, Kumho Tyre, Apollo Tyres Ltd. and Bridgestone Middle East & Africa FZE. Sameer Tire Company was the only domestic tire manufacturer operating in the country but it discontinued its operations in 2016. Key growth strategies being adopted by tire companies operating in Kenya are product innovation, collaborations, mergers & acquisitions, partnerships and joint ventures.
“Nairobi, Mombasa and Kisumu provinces account for majority of the overall tire demand in the country, and this trend is expected to continue over the forecast period as well. Moreover, tire manufacturers are also benefiting from increasing penetration of cheaper maintenance Chinese brand two-wheelers in the country. The availability of cheaper Chinese tires is making American and European tire brands face stiff competition.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Kenya Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Kenya tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Kenya tire market.
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