Report Overview

Rise in online sales, deepening penetration of Chinese tire companies, increase in vehicle production, and advancements in technology could boost the growth of Angola Tire Market during the forecast period between 2023 and 2029.

Angola Tire Market - Industry Trends & Forecast Report, 2029

Angola tire market size is expected to expand at a CAGR of 11.69% during the forecast period between 2023 and 2029. The increasing sales of passenger, luxury, and electric cars (EVs) as a result of quick urbanization and increased consumer buying power are the main factors fueling the expansion of Angola Tire Market. The increased emphasis on driver and passenger safety as well as the rise in fatal traffic accidents are driving demand for premium-grade Tires with a longer operational life, enhanced stability and reliability, and excellent puncture resistance. Major players are introducing variations that are airless, light, and 3D printed. To lessen the impact, they have on the environment and conserve a significant amount of the energy required to produce new Tires, a lot of work is being put into recovering and recycling old Tires. To deliver packages on time, more logistical and transportation duties are being completed. This in turn is encouraging market growth. An increase in agricultural production is expected to create significant growth potential for the industry.

Angola Tire Market - Overview

A Tire is a circular, ring-shaped auto part that houses a wheel rim and is inflated with compressed air. It is made from wire, silica, carbon black, steel, natural or synthetic rubber, and other materials. It transfers the weight of the car from the axle to the ground and provides stability by reducing vibrations and improving shock absorption. It improves the performance, mileage, passenger safety, and wear and tear of the vehicle. Depending on the type of vehicle, it is now frequently available in a variety of sizes and variants.

Growth Drivers

Growing Concerns about Fuel Economy and Safety

Many countries are enacting stringent tire performance regulations, including fuel savings and wet grip-related braking distance reduction, in response to growing safety concerns. Tire manufacturers have a significant opportunity to develop Tires that meet standards. As a result of increased technological breakthroughs, suppliers are developing extremely effective Tires that improve overall fuel efficiency of automobiles. To improve safety and fuel efficiency, tire manufacturers use self-inflating and low rolling resistance (LRR) technology. Pneumatic Tires are becoming more popular as a way to improve fuel efficiency. Pneumatic Tires are primarily concerned with safety and fuel efficiency, and they are expected to be in high demand in the coming years. As a result, it is expected that the companies will have tremendous development potential as a result of increased safety and fuel efficiency concerns.

Abundance of Oil and Mineral Reserves in Angola

Angola is sub-Saharan Africa's second-largest oil producer, with significant gas reserves and extensive mineral resources. As a result, the country's mining sector is expanding, which is increasing demand for mining equipment and positively influencing sales and production of tough tires for increased efficiency. Also, growing awareness among vehicle owners about vehicle safety and the need to replace tires on time is expected to fuel the adoption of tires for mining equipment. As a result, it would create lucrative growth opportunities for the market's leading players to expand their import business to meet rising tire demand and drive the Angola tire market during the forecast period.

Restraints

Volatile Raw Material Prices

The pressure on Angola tire market is brought on by things like rising crude oil prices, fluctuating raw material costs, and higher input costs as a result of things like a scarcity of natural rubber and other things. Also, because so many raw materials are derived from crude oil, the price of crude oil affects their value. The primary raw materials used in tire production, principally synthetic and natural rubber, are also responsible for the majority of the cost of making tires. Recently, crude oil prices have dramatically risen across the board in Angola. As a result, it is anticipated 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 Angola Tire Market

The global coronavirus pandemic caused a significant drop in the value of the passenger tire industry in 2020. Tire production was temporarily halted due to disruptions in the raw material supply chain and temporary shutdowns of production lines in various industries, including the automotive and automobile industries, which hampered passenger tire market expansion. Passenger tire sales have fallen as a result of large companies such as Bridgestone and Goodyear being forced to halt production.

Angola Tire Market

Segmental Coverage

Angola Tire Market - By Vehicle

Angola Tire Market is divided into Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler. The performance of a vehicle includes bearing the weight of the vehicle, transmitting acceleration and deceleration force to the ground, changing, and maintaining direction, and absorbing shock from the road surface. Passenger cars and light commercial vehicles dominate the market during the forecast period. The revenue growth of passenger cars, particularly in emerging economies, is one of the major reasons for promoting Tire demand throughout Angola.

Angola Tire Market - By Demand

On basis of the demand, Angola Tire Market is divided into OEM and Replacement. The OEM sector now owns the greatest market share, and it is expected that this trend will continue for the duration of the projected period (2023-2029). To produce lightweight, ecologically friendly tires that satisfy regulatory standards, OEMs are actively investing money in R&D. OEM tires are always of the best quality and are useful for many different things. Due to its design objectives of being quiet, robust, and practical on the road, it performs admirably outside of the showroom. As a result, the OEM market segment is encouraged to dominate the industry in the years to come.

Angola Tire Market - By Tire

On basis of the tire, Angola tire market is split into Radial and Bias segments. In terms of revenue, the radial segment comprising tubeless tires accounted for a sizeable portion of the Angola tire market. The majority of motorcycles are equipped with tubeless tires because they offer low resistance while driving and have a slow rate of deflation. As tube tires waste more fuel than tubeless tires, the demand for tubeless tires is expected to rise across Angola.

Angola Tire Market – By Sales Channel

On basis of the sales channel, Angola tire market is divided into Dealer/Exclusive Outlets, Online, and other segments. The online segment holds the highest market share, due to the growing trend of increasing sales through e-commerce platforms, such as Amazon, eBay, and others, which serve as sales channels to fuel the growth of the Angola tire market. Also, tire manufacturers are developing web portals to sell tires online. During the forecast period, all of these factors will drive the growth of the Angola tire market (2023–2029).

Angola Tire Market – By Sales Channel

On basis of the sales channel, Angola tire market is divided into Up to 12”, 12.1” to 15”, 15.1” to 18”, 18.1” to 20”, and Above 20” segments.

Angola Tire Market – By Price

On basis of the price, Angola tire market is divided into Low (Up to USD 90), Medium (USD 91–140), and High (Above USD 140) segments.

Angola Tire Market – By Season

On basis of the season, Angola tire market is divided Summer, Winter, and All Seasons segments.

Competitive Landscape

Competition in Angola tire market is intense. Major companies in the market include Bridgestone Corp., Continental Tires, Dayton Tires, Firestone Tires, BF Goodrich Tires, Cooper Tires, Dunlop Tires, Goodyear, Hankook, and Kumho Tires. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In August 2022 - Bridgestone and AWS formed a partnership focused on platform the development and launching new customer solutions.

Scope of the Report

By Vehicle

• Passenger Cars

• Light Commercial Vehicles

• Buses & Trucks

• Medium & Heavy Commercial Vehicles

• Off the Road (OTR)

• Two Wheelers

• Three Wheelers

By Demand

• OEMs

• Replacement

By Tire

• Radial

• Bias

By Sales Channel

• Dealer/Exclusive Outlets

• Online

• Others

By Rim Diameter

• Up to 12”

• 12.1” to 15”

• 15.1.” to 18”

• 18.1” to 20”

• Above 20”

By Price

• Low (Up to USD 90)

• Medium (USD 91–140)

• High (Above USD 140)

By Season

• Summer

• Winter

• All Seasons