By Nigeria Two-wheeler Tire Market size is expected to grow at a CAGR of around 8.64% during the forecast period, i.e., 2024–30, states MarkNtel Advisors in their recently published research report. The market growth is prominently propelled by factors, such as increasing traffic flow and the escalated adoption of two-wheelers by urban residents & businesses, etc.
Furthermore, the population residing in Nigerian cities like Lagos and Kano are resorting to alternative means of transportation such as two-wheelers, to overcome the problems and challenges faced due to traffic congestion. Since more and more people are switching to motorcycles and scooters, the number of these vehicles is significantly increasing on the road leading to an escalation in the demand for tires both new as well as old replacement which is boosting the Nigeria Two-wheeler Tire Market significantly.
Evaluation of the Nigeria Two-wheeler Tire Market Segmentation
- By Vehicle Type (Scooter and Moped and Motorcycle)
- By Demand Type (OEMs and Replacement)
- By Tire Type (Radial and Bias)
- By Price Category (Budget (Up to USD 11 Per Unit), Economy (USD 12 to 30 Per unit), and Premium (Above USD 30 Per Unit))
- By Sales Channel (Online, Multi-brand Stores, Exclusive Outlets, and Others)
- By Tire Size (80/100-17, 100/90-17, 2.75 x 17, 2.75-18, 3.00 x 17 50, 3.00 – 18, 90/90 – 17, and Others (110/80-17, 90/90-18, 100/80-17,110/70-17,150/60-17, 120/80 – 17 etc.))
- By Region (Midwest, North, East, and West)
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The Motorcycle segment retained a substantial share in the Nigeria Two-wheeler Tire Market owing to the escalating preference of consumers to opt for motorcycles for delivery purposes. The massive use of motorcycles for delivery purposes is because of their strong engines that provide high speed and faster acceleration, allowing effective navigation through traffic flow and prompt commute to longer distances. Moreover, motorcycles have a greater payload capability, making them ideal for the transportation of larger and weightier items. Additionally, a rising consumer inclination toward the adoption of electric motorcycles for personal usage given their cost-efficiency and sustainability is likely to propel the growth of the Nigeria Two-Wheeler Tire Market.
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Radical tires are anticipated to grasp a prominent market share in the coming years of 2024-30. The expanding urbanization and varying traveling patterns precisely in the overcrowded metropolitan areas, propel the customers to look for tires that offer the best control and grip. Radical tires owing to their enhanced handling are highly preferred by consumers aiding the market growth of the Nigeria Two-wheeler Tire Market. Radical tires have lower rolling resistance which aids in saving fuel. With the intensifying prices of fuel in the country, consumers are more likely to seek radial tires to aid in fuel efficiency thus triggering the market growth.
Market Players Retaining a Dominant Stance in the Nigeria Two-Wheeler Tire Market Segmentation
The major competitors in the Nigeria Two-Wheeler Tire Market are Bridgestone Corporation, Goodyear Tire and Rubber Company (Dunlop), Michelin, Continental AG, Yokohama TWS (Mitas), Pirelli Tyre S.p.A, Apollo Tire, JK Tyre, CEAT, and others. These companies have a strong market position and are constantly seeking marketing strategies to improve their products and services and enhance the consumer base.
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