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.
Nigeria Two-Wheeler Tire Market Driver:
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.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Nigeria Two-Wheeler Tire Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- By Vehicle Type
- Scooter and Moped- Market Size & Forecast 2019-2030, Thousand Units
- Motorcycle- Market Size & Forecast 2019-2030, Thousand Units
- By Demand Type
- OEMs- Market Size & Forecast 2019-2030, Thousand Units
- Replacement- Market Size & Forecast 2019-2030, Thousand Units
- By Tire Type
- Radial- Market Size & Forecast 2019-2030, Thousand Units
- Bias- Market Size & Forecast 2019-2030, Thousand Units
- By Price Category
- Budget (Up to USD11 Per Unit)- Market Size & Forecast 2019-2030, Thousand Units
- Economy (USD12 to 30 Per unit)- Market Size & Forecast 2019-2030, Thousand Units
- Premium (Above USD30 Per Unit)-Market Size & Forecast 2019-2030, Thousand Units
- By Sales Channel
- Online- Market Size & Forecast 2019-2030, Thousand Units
- Multi Brand Stores – Market Size & Forecast 2019-2030, Thousand Units
- Exclusive Outlets – Market Size & Forecast 2019-2030, Thousand Units
- Others – Market Size & Forecast 2019-2030, Thousand Units
- By Tire Size
- 80/100-17- Market Size & Forecast 2019-2030, Thousand Units
- 100/90-17- Market Size & Forecast 2019-2030, Thousand Units
- 2.75 x 17 – Market Size & Forecast 2019-2030, Thousand Units
- 2.75-18- Market Size & Forecast 2019-2030, Thousand Units
- 3.00 x 17 50- Market Size & Forecast 2019-2030, Thousand Units
- 3.00 – 18- Market Size & Forecast 2019-2030, Thousand Units
- 90/90 – 17- Market Size & Forecast 2019-2030, Thousand Units
- Others (110/80-17, 90/90-18, 100/80-17,110/70-17,150/60-17, 120/80 – 17 etc.) – Market Size & Forecast 2019-2030, Thousand Units
- By Region
- Midwest
- North
- East
- West
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – 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
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