Nigeria Two-Wheeler Tire Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
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. The Market growth is primarily driven by escalating traffic congestion and the heightened adoption of two-wheelers by urban residents & businesses, among other factors. The escalating issue of traffic congestion in Nigerian cities like Lagos and Kano has become a significant concern in recent years. According to the Danne Institute for Research 2023, residents of Lagos spent an average of 2.21 hours commuting daily, with approximately 45% enduring more than two hours of travel time. Consequently, individuals in these urban areas are opting for alternative modes of transportation, such as two-wheelers, to circumvent the challenges posed by traffic jams. As more people turn to motorcycles and scooters to navigate traffic congestion effectively, the number of these vehicles on the road increases. This upsurge in the usage of two-wheelers creates a heightened demand for tires, both for new vehicles and as replacements for existing ones undergoing wear and tear.
Markntel Advisor’s Nigeria Two-Wheeler Tire Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, Nigeria Two-Wheeler Tire Market drivers, barriers, Nigeria Two-Wheeler Tire Market Trends, and Key Players in Nigeria Two-Wheeler Tire Market.
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Nigeria Two-Wheeler Tire Market Dynamics: 2024-2030
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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Nigeria Two-Wheeler Tire Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Vehicle Type
- Scooter and Moped- Market Size & Forecast 2019-2030, Thousand Units
- Motorcycle- Market Size & Forecast 2019-2030, Thousand Units
According to report, The motorcycle segment held a prominent market share due to increasing consumer preference for motorcycles for delivery purposes.
- 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
According to report, Radial tires are expected to capture a major share of the market during the forecast period.
- 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
- 75 x 17 – Market Size & Forecast 2019-2030, Thousand Units
- 75-18- Market Size & Forecast 2019-2030, Thousand Units
- 00 x 17 50- Market Size & Forecast 2019-2030, Thousand Units
- 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
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Top Companies Operating in the Nigeria Two-Wheeler Tire Market:
- Bridgestone Corporation
- Goodyear Tire and Rubber Company(Dunlop)
- Michelin
- Continental AG
- Yokohama TWS (Mitas)
- Pirelli Tyre S.p.A.
- Apollo Tire
- JK Tyer
- CEAT
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