NEW YORK, February 7, 2017 /PRNewswire/ --
Anticipated revival of economy and increasing government initiatives to drive Somalia tire market through 2022
According to TechSci Research report, "Somalia Tire Market Forecast & Opportunities, 2022", the country's tire market is projected to witness unit sales of more than 100,000 units by 2022, on the back of increasing automobile sales as well as expansion of automobile fleet in the country. The country's vehicle fleet rose from 73,111 units in 2012 to 86703 in 2016, thereby registering a CAGR of 4.3% during 2012 - 2016. Somalia is an import driven economy; and consequently, the tire market in the country is entirely replacement driven due to absence of automobile manufacturing facilities. During 2016, huge market penetration of ultra budget tires was witnessed across Somalia, followed by budget tires. The expected increase in inflow of used cars in the country, during the forecast period, is expected to further infuse growth in replacement demand for tires in the country at a rapid pace during 2017-2022.
Browse 14 market data Tables and 53 Figures spread through 113 Pages and an in-depth TOC on
"Somalia Tire Market "
During 2013-2015, per capita GDP of Somalia grew at a CAGR of 2.65%, resulting in positive impact over growth in demand for vehicles and tires in the country. In 2016, major demand for tires emanated from Lower region of Somalia, which is also the largest area of the country, in terms of population. On the back of growing vehicle fleet, Lower region of Somalia is anticipated to continue dominating Somalia tire market during the forecast period as well. The country's passenger car tire market is dominated by tires for SUVs, followed by sedans and hatchback tire segment. During 2017-2022, demand for SUV tires is anticipated to increase, as SUVs are the most commonly used type of passenger car and poor road infrastructure and rugged terrain of the country leads to excessive wear and tires resulting in faster replacement cycle of tires.
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"The constantly improving fiscal and regulatory policies in Somalia, coupled with the changing perception of the people towards Chinese tire brands, resulted in augmented demand for tires in Somalia in 2016. Due to the market being extremely price sensitive, imports of low priced Chinese tires are increasing, in comparison with other leading European and American tire brands.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Somalia Tire Market Forecast & Opportunities, 2022" has analyzed the future growth potential of Somalia tire market and provides statistics and information on market size, structure and future market growth. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges in Somalia tire market.
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