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Nigeria - Tyres - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Tyre Market 2024
Tyre Market Size in Nigeria
The Nigerien tyre market contracted remarkably to $X in 2022, waning by X% against the previous year. Overall, consumption, however, continues to indicate a perceptible decline. Tyre consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.
Tyre Production in Nigeria
In value terms, tyre production amounted to $X in 2022 estimated in export price. Overall, production continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Tyre production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.
Tyre Exports
Exports from Nigeria
In 2022, shipments abroad of tyres decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a precipitous slump. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.
In value terms, tyre exports shrank dramatically to $X in 2022. In general, exports saw a significant decrease. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.
Exports by Country
Niger (X units) was the main destination for tyre exports from Nigeria, accounting for a X% share of total exports. Moreover, tyre exports to Niger exceeded the volume sent to the second major destination, Benin (X units), more than tenfold.
From 2012 to 2022, the average annual rate of growth in terms of volume to Niger amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Tanzania (X% per year).
In value terms, Niger ($X) remains the key foreign market for tyres exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Benin ($X), with a X% share of total exports.
From 2012 to 2022, the average annual rate of growth in terms of value to Niger stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Tanzania (X% per year).
Export Prices by Country
The average tyre export price stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, the export price, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per unit), while the average price for exports to Tanzania ($X per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sao Tome and Principe (X%), while the prices for the other major destinations experienced more modest paces of growth.
Tyre Imports
Imports into Nigeria
In 2022, the amount of tyres imported into Nigeria fell sharply to X units, which is down by X% on the previous year. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.
In value terms, tyre imports declined notably to $X in 2022. In general, imports faced a abrupt decline. The pace of growth appeared the most rapid in 2019 with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.
Imports by Country
In 2022, China (X units) constituted the largest supplier of tyre to Nigeria, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fivefold. The third position in this ranking was taken by Thailand (X units), with an X% share.
From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Thailand (X% per year).
In value terms, China ($X) constituted the largest supplier of tyres to Nigeria, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by India, with an X% share.
From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and India (X% per year).
Import Prices by Country
In 2022, the average tyre import price amounted to $X per unit, falling by X% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tyre import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price reached the peak level of $X per unit, and then reduced dramatically in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (X%), while the prices for the other major suppliers experienced more modest paces of growth.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the tyre market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 22111100 - New pneumatic rubber tyres for motor cars (including for racing cars)
- Prodcom 22111355 - New pneumatic rubber tyres for buses or lorries with a load index . .121
- Prodcom 22111357 - New pneumatic rubber tyres for buses or lorries with a load index > .121
- Prodcom 22111370 - New pneumatic rubber tyres for aircraft
- Prodcom 22111200 - New pneumatic tyres, of rubber, of a kind used on motorcycles or bicycles
- Prodcom 22111400 - Agrarian tyres, other new pneumatic tyres, of rubber
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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