Somalia Tire Market to Expand at Significant CAGR of 9.4% during 2023–2029

Published | 17 January 2023

Somalia tire market size is flourishing owing to increasing space technology, the use of AI, machine learning, and other technologies; and a preference for electric vehicles, deployment of green tires in passenger vehicles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Somalia tire market size to grow at an impressive CAGR of 9.4% during the forecast period between 2023 and 2029. The rising sales of passenger cars, particularly in Somalia's developing regions, are one of the main factors boosting tire demand. The increase in the number of vehicles being used in developing nations, which is being fueled by rising income levels, is driving up demand for tires. The need for weather-resistant tires and tires that can withstand the strains and pressures of driving are the main factors driving the demand for tires. The tire industry also benefits from increased exports of wheels as a result of increased demand. The auto industry is among those in the country that will expand the quickest. All of these elements will contribute to the tire industry's expansion, which is expected to happen during the forecast period.

Somalia Tire Market – Overview

The term tire comes from the idea that a wheel with a tire on it is clad. A tire is a ring of material that encircles a wheel's rim. A tire is a flexible material membrane that encloses a rim, transfers the weight of the vehicle to the ground, and forms a strong bond between the vehicle and the road. Fabric, wire, natural rubber, carbon black, and synthetic rubber are all used in tire production. Because they are both strong and flexible, they absorb vibrations. Tires are designed to improve the overall performance of a wide range of vehicles, including automobiles, motorcycles, buses, lorries, bicycles, shopping carts, wheelchairs, forklifts, aircraft, and auto parts.

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Growth Drivers

Growing Popularity of Electric Vehicles

Electric Vehicle (EV) production and sales are expected to be one of the most important factors driving the Somalia Tire Market between 2023 and 2029. Growing environmental consciousness and rising oil & gas prices are influencing consumers to purchase EVs, which will contribute significantly to Somalia tire market growth.

For a variety of reasons, EVs require special tires. In comparison to ICE (Internal Combustion Engine) vehicles, EV tires must handle more weight and provide more torque. As a result of burgeoning EV sales in developed countries, demand for their tires is also increasing significantly, which will drive the Somalia tire market in the coming years.

Challenge: Highly Volatile Raw Material Prices

The pressure on the Somalia tire market is brought on by factors such as rising crude oil prices, fluctuating raw material costs, and higher input costs as a result of the scarcity of natural rubber and other materials. As raw materials are derived from crude oil, the price of crude oil affects their value. The primary raw materials used in tire production, primarily synthetic and natural rubber, are also responsible for the majority of the cost of making tires. Recently, crude oil prices have significantly risen across the board in Somalia. As a result, it is expected that the price of synthetic rubber and other crude derivatives used in the production of tires will increase in the coming years.

Impact of COVID-19 on Somalia Tire Market

Due to disruptions in manufacturers' transport capabilities brought on by strict lockdown regulations and growing safety concerns, the COVID pandemic has had a significant negative effect on the market in terms of sales, affecting more than 44% of unit sales. Exports of pandemic tires have decreased as a result of the suspension of production and the disruption of the supply chain. The cost of raw materials makes up 65 to 70 percent of the overall cost of tires. A significant challenge that the tire market faced as a result of the COVID-19 pandemic was fluctuating raw material pricing, which happens when the cost of raw materials like rubber, nylon, and polyester rises.

Somalia Tire Market – By Demand Category

On basis of the tire type, Somalia tire market is divided into Radial (Tube, Tubeless) and Bias. Due in large part to the superior strength & flexibility they provide, radial tires comprising tubeless tires are the market leaders on the international tire scene. Drivers experience greater comfort due to the impact and shock absorption of radial tires. They improve performance by transferring more of the vehicle's power to the road and thereby reducing fuel consumption. Radial tires' sidewalls and treads operate separately. Furthermore, their qualities—such as fewer vibrations, longer tire life due to less heat generated, and lower vehicle maintenance costs—are important factors that also contribute to their booming sales and dominance in the tire industry.

Competitive Landscape

Somalia tire market is fiercely competitive. Major players in the market include Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou Zhongce Rubber Co. Ltd., GITI Tire, Prinx Chengshan, and Ascenso Tyres. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Djibouti tire market.

Don’t miss the business opportunity in the Somalia Tire Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Somalia Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Somalia Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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