Press release
South Africa Tire Market, Size, Share, Upcoming Trends, Opportunity and Challenges, and Forecast 2023-2032
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.
Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR525
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.
Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR525
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
Reasons to Buy:
Informed decision-making: Market research reports provide valuable insights into industry trends, customer behavior, and competitor analysis. This information can help businesses make informed decisions about product development, pricing, and marketing strategies.
Competitive advantage: By identifying market gaps and opportunities, market research reports can provide a competitive advantage that can help businesses differentiate themselves from their competitors and gain a larger share of the market.
Industry expertise: Market research reports are prepared by industry experts who have a deep understanding of the market and its dynamics. These reports provide an unbiased and objective view of the industry, which can be invaluable for businesses that want to gain a deeper understanding of the market.
Saves time and money: Conducting market research can be time-consuming and expensive. By purchasing a market research report, businesses can save time and money by accessing a comprehensive and detailed analysis of the market.
Risk management : Market research reports can help businesses manage risks associated with market entry, product development, and expansion. By providing a detailed analysis of the market and its trends, businesses can make informed decisions that minimize risks and maximize returns.
Request full Report- https://reportocean.com/industry-verticals/sample-request?report_id=MR525
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website:https://www.reportocean.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release South Africa Tire Market, Size, Share, Upcoming Trends, Opportunity and Challenges, and Forecast 2023-2032 here
News-ID: 3307721 • Views: …
More Releases from Report Ocean
Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques fo …
The Japan Internet Advertising Market has demonstrated remarkable growth, reaching a valuation of USD 29.49 Billion in 2021. With the digital landscape continually evolving, it is forecasted to soar to an impressive USD 112.04 Billion by 2027. This surge represents an anticipated compound annual growth rate (CAGR) of 24.9% over the projected period, highlighting the dynamic and rapidly expanding nature of the digital advertising sector in Japan.
Internet Advertising are set…
Location Analytics Market Through the Looking Glass Techniques for a Profound Un …
This comprehensive market research report offers an in-depth analysis of the global location analytics market from 2019 to 2026. Valued at USD 10,813.6 million in 2019, the market is forecasted to surge to USD 29,878.5 million by 2026, demonstrating a robust Compound Annual Growth Rate (CAGR) of 15.6% throughout the projection period. This report delves into the key drivers, restraints, opportunities, and challenges that are shaping the market, providing stakeholders…
Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Obser …
The Global Affiliate Marketing Platform Market, valued at USD 19,217.4 million in 2021, is projected to witness significant growth over the next decade, reaching an estimated value of USD 36,902.1 million by 2030.
This report provides an in-depth analysis of the market dynamics, growth drivers, challenges, and opportunities that will influence the affiliate marketing landscape over the forecast period of 2021-2030. With a Compound Annual Growth Rate (CAGR) of 7.7%,…
Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
The global clear brine fluids market was valued at US$ 0.95 billion in 2021. It is anticipated to experience growth, reaching a valuation of US$ 1.39 billion by 2030. This growth trajectory translates to a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030. Clear brine fluids, crucial in the oil and gas industry for drilling and completion processes, are poised for increased demand,…
More Releases for South
South Florida's Continuum South Beach Emerges as One of the Most Coveted Propert …
The Continuum South Beach reigns supreme as a highly coveted condominium in South Florida, presenting an array of offerings that ensure an elevated quality of life.
Miami beach, FL - Continuum South Beach [https://www.continuuminsouthbeach.com/] presents a sanctuary of lavishness, featuring opulent apartments and a breathtaking riverfront location in close proximity to the finest attractions of Miami Beach. These extraordinary residences are discreetly nestled within this prestigious condominium, specifically within the Continuum…
Green Cool UK Expand Air Conditioning Services in South Wales and the South West
Cardiff, South Wales - Green Cool UK, the UK's leading air conditioning and refrigeration company, are pleased to announce the extension of their services in South Wales, including Cardiff, Swansea, Newport and into Bristol and the South West. With over 18 years experience in the HVAC industry Green Cool UK supply high performance air conditioning systems and green energy solutions for domestic and commercial customers.
As air conditioning and refrigeration experts…
2024 South Africa International Industrial Exhibition and China (South Africa) I …
Exhibition time: September 19-21, 2024
Exhibition location: Sandton Convention Centre, Johannesburg
Organizer: South Africa Golden Bridge International Exhibition Company
Exhibition introduction
The South African International Industrial Exhibition [https://www.vovt-diesel.com/] and China (South Africa) International Trade Fair is a large-scale international exhibition held to promote Chinese enterprises to explore the African market. Relying on the advantageous resources of the local government, business associations and industry organizations in South Africa, it builds a pragmatic and efficient platform…
Stem Cell Therapy Market | Smith+Nephew (UK), MEDIPOST Co., Ltd. (South Korea), …
Stem Cell Therapy Market in terms of revenue was estimated to be worth $286 million in 2023 and is poised to reach $615 million by 2028, growing at a CAGR of 16.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The global stem cell therapy market is expected to grow at a CAGR of 16.8% during the forecast period. The major factors driving the growth of the…
Global Pajamas Market Report - Japan, Europe, South Korea, Asia and America ( No …
Recently we published the latest report on the Pajamas market. The report on the Pajamas market provides a holistic analysis, of market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 15 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The Pajamas market analysis includes product segment and geographic landscape.
The…
South Africa Agriculture Market, South Africa Agriculture Industry, South Africa …
The South Africa has a market-oriented agricultural economy, which is much diversified and includes the production of all the key grains (except rice), deciduous, oilseeds, and subtropical fruits, sugar, wine, citrus, and most vegetables. Livestock production includes sheep, cattle, dairy, and a well-developed poultry & egg industry. Value-added activities in the agriculture sector include processing & preserving of fruit and vegetables, crushing of oilseeds, chocolate, slaughtering, processing & preserving of…
