South Africa Tire Market: Valued at USD XX billion in YYYY & to Achieve 5% CAGR in 2025-32
As per the research report by Report Cube, the South Africa Tire size was valued at nearly USD XX billion in YYYY, and is estimated to grow at a CAGR of about 5% during the forecast period, 2025-32.
The market is growing as a result of South Africa's rapidly expanding automotive industry. The industry is expanding quickly due to the dominance of the automotive manufacturing sector and rising foreign investment, which has expanded tire production capacity. A number of South African-based automakers have made bold claims that should greatly increase demand for the nation's tire industry.
Furthermore, automakers have been urged to upsurge their manufacturing capacity owing to South Africa's dramatically increasing demand for passenger cars. Rising customer preference for car ownership & improving economic conditions are also envisioned to support industry expansion in the years to come. Further, leading tire manufacturers like Sumitomo, Bridgestone, Michelin, Goodyear, Continental, and others would also have the possibility to provide long-lasting tires that meet a number of vehicle owner requirements.
The country's increasing middle class & stronger economy have contributed to an upsurge in South Africa's car ownership rate. The number of cars on the road has grown, which directly elevates the demand for tires, both original equipment (OE) & replacement. Also, South Africa serves as a hub for car production and distribution, both domestically & for export to other African markets. Additionally, a major contributor to the expansion of the South African tire industry is the increase in sales of both passenger and commercial vehicles, as new cars must have strong, high-quality tires.
In addition, it is anticipated that the South Africa Tire Industry would grow profitably throughout the forecast period due to the rising market sales of electric vehicles (EVs) and the requirement for tires from the mining & agricultural industries, further states the research study, South Africa Tire Analysis, 2025.
Analyzing the South Africa Tire Segmentation
OEM Segment to Seize Potential Share of the South Africa Tire
By demand, the South Africa Tire is bifurcated into: OEM and Replacement.
The OEM (Original Equipment Manufacturer) segment of the South Africa Tire Market is foreseen to grow substantially & would grab the largest market share over the forecast period. In line with the continuously rising sales of cars & the constant developments made by manufacturers, original tires from related OEMs are highly sought for. Additionally, South Africa's favorable export & import regulations are also helping a number of well-known tire manufacturers establish production facilities there, enhancing the scalability of OEMs across the country.
South Africa Tire Companies Analysis
With the strategic analysis & market study the leading companies, including Pirelli Tires, Bridgestone Tyres, Sumitomo Rubber South Africa (PTY) Ltd., Continental Tires, Hangzhou Zhongce Rubber, Goodyear Tires, CEAT Tyres, Triangle Tyres, Michelin Tyres, Maxxis Tyres, Yokohama Rubber Company, Others, are predicted to contribute in the growing market outlook.