South Africa Tire Market, Size, Share, Upcoming Trends, Opportunity and Challenges, and Forecast 2023-2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "South Africa Tire Market". Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

According to a recent study by strategic consulting and market research firm Report Ocean, the South Africa tire market was valued at USD 1,872.3 million in 2020. The market is estimated to grow at a CAGR of 5.2%, reaching a revenue of around USD 2,693.4 million by the end of 2027. The market is experiencing high growth due to the flourishing automobile production industry in South Africa and increasing foreign investments in local tire production. Leading global players such as Volkswagen, Mercedes-Benz, Mahindra, Toyota, etc., are outsourcing their production to South Africa for exports, driving the demand for tires. Additionally, several international tire brands are establishing production units in South Africa to meet the growing demand, further fueling market growth. However, the lack of stringent government regulations regarding the use of secondhand tires may hinder market expansion.

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The South Africa tire market is witnessing increasing demand for heavy-duty vehicles, including buses, trucks, and tractors, particularly in the mining and construction industry. South Africa is known for having abundant reserves of platinum-group metals, gold, and other minerals, which contribute significantly to the country's economy. The government's investment in expanding mining operations is boosting the demand for heavy-duty vehicles and, consequently, the demand for tires.

The market also presents lucrative growth opportunities through growing online sales channels. The South Africa tire market is segmented into online distributors and offline distributors based on distribution channels. While the offline distributor segment currently holds the largest market share due to partnerships with trusted tire suppliers and consumer preference for specialty stores, the online distributors segment is expected to grow at the highest rate. Tire manufacturers are launching exclusive websites to capitalize on the growing online market.

Segmentation by end-users divides the South Africa tire market into OEM and replacements segments. The OEM segment holds the largest market share due to the presence of established and flourishing automobile manufacturing companies in South Africa. On the other hand, the replacement segment accounts for a significant share due to the increased usage of private and commercial vehicles and higher tire replacement rates.

Geographically, the Western Cape dominates the South Africa tire market, with significant traction also observed in Gauteng and the Eastern Cape. These regions are home to leading manufacturers such as Isuzu, Mahindra, Ford, Mercedes-Benz, and Nissan. Gauteng, the wealthiest province in South Africa and the country's economic center, experiences significant demand for passenger vehicles.

Leading players in the South Africa tire market include Bridgestone Corporation, Sumitomo Rubber Industries, Continental Tyre SA Ltd, Yokohama Rubber Company, Goodyear South Africa Ltd, Apollo Tires, Auto and Truck Tyres Ltd., Bandag Southern Africa (Pty) Ltd., Michelin, Dunlop Tyres, and other prominent players. The market is highly fragmented due to the presence of multinational tire manufacturers, and companies strive to expand their market share through the launch of diverse product ranges and investments in research and development activities. Competitive strategies such as partnerships, mergers, acquisitions, and joint ventures are also prominent in this market.

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Market Overview
Market Size & Forecast by Value, 2017-2027
Market Size and Forecast, By Segment

By Design
Radial
Bias

By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)

By End-User
OEM
Replacements

By Distribution Channel
Online Distributors
Offline Distributors

By Region
Eastern Cape
Free State
Gauteng
KwaZulu-Natal
Limpopo
Mpumalanga
North West
Northern Cape
Western Cape
Republic of South Africa

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This release was published on openPR.