Somalia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025- 2035 expected to reach 4432.24 million

Published Date: January - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Somalia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025- 2035 expected to reach 4432.24 million

Somalia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025- 2035

Somalia tire  was valued USD 2323.23 million  in 2024 and  expected to reach 4432.24 million by 2035 . Somalia tire market is forecast to undergo a CAGR of over 12.23% during the forecast period on account of increasing automobile sales and expanding the automobile fleet in the country. Apart from that, economic growth and growing construction activities are other vital factors propelling the growth of the Somalia tire market. Moreover, with the government's increasing focus on the development of infrastructure and industrial sectors, the Somalia tire market is expected to grow significantly through 2035

Additionally, increasing circulation of Chinese tires, which are significantly low in cost, is another major factor boosting the growth of the Somalia tire market. With an expected increase in the inflow of used cars in the country, the country's tire market is anticipated to grow over the next five years.

Somalia tire market is segmented by vehicle type, demand category, radial vs. bias, and region. Based on vehicle type, the market can be categorized into passenger cars, LCV, M&HCV, OTR, two-wheeler, and three-wheeler. Among them, the passenger car segment dominated the country's tire market until 2024 and is expected to maintain its position during the forecast period. The reasons can be attributed to the rise in the sale of passenger vehicles and the increasing demand for replacement tires.

Major companies operating in the Somalia tire market are Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd. and Prinx Chengshan (Shandong) Tire Company, among others. Somalia tire market is dominated by Chinese tire companies, which hold more than 60% of the market share. Furthermore, leading tire manufacturers are undergoing mergers & acquisitions, partnerships, collaborations, joint ventures, and product innovation to strengthen their position in the Somalia tire market.

Objective of the Study

  • To analyze and forecast the market size of Somalia tire market.
  • To classify and forecast Somalia tire market based on vehicle type, demand category, radial vs bias, company and region.
  • To identify drivers and challenges for Somalia tire market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Somalia tire market.
  • To identify and analyze the profile of leading players involved in the manufacturing tires in Somalia.

Click here to download the sample

To perform the study, Market Insights Research conducted primary as well as exhaustive secondary research. Initially, Market Insights Research prepared an exhaustive list of t

Market Insights Research calculated the market size for

Key Target Audience

  • Tire manufacturers, suppliers, distributors and other stakeholders
  • Vehicle manufacturing companies
  • Raw material suppliers
  • Associations, organizations, forums and alliances related to tires
  • Government bodies such as regulatory authorities and policy makers
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as vehicle

Attribute

Details

Base Year

2024

Historical Years

2017 – 2024

Estimated Year

2024E

Forecast Period

2025F – 2025F

Quantitative Units

Revenue in USD Million, Volume in Units and CAGR for 2017-2021 and 2022E-2027F

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Vehicle Type

·         Demand Category

·         Tire Type

Region Scope

Lower Region, Upper Region and Middle Region

Key Companies Profiled

Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd. and Prinx Chengshan (Shandong) Tire Company.

Customization Scope

30% free report customization with purchase. Addition or alteration to regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Growth Drivers

Rise in Vehicle Production and Sales

Increasing production and sales of vehicles across Somalia are the main factors driving the Somalia tire market. Sales of commercial vehicles like trucks, tractors, and trailers are also advancing the market. The market will grow during the forecast period due to consumer demand for luxury and premium vehicles as well as low-weight cars. Selling rate of vehicles is growing day by day. Tires are in high demand due to the rise in the sale and demand of automobiles across Somalia.

Growing Adoption of Electric Vehicles

The increasing production and sales of electric vehicles (EVs) is one of the key factors expected to drive the Somalia tire market between 2023 and 2029. Consumers are turning toward buying electric vehicles (EVs) as a result of rising environmental awareness and rising oil and gas prices, which would significantly boost the growth of the Somalia tire market. For a variety of reasons, special tires are needed for electric vehicles. Compared to ICE (internal combustion engine) vehicles, EV tires must handle more weight and deliver more torque. As a result, the demand for their tires is increasing significantly along with the growth of EV sales in developed countries, which will ultimately drive the Somalia tire market in the years to come.

Restraints

Highly Volatile Raw Material Prices

The growth of the Somalia tire market between 2023 and 2029 may be constrained by unstable raw material prices. The cost of tires is determined by the price of raw materials, just like all other commodities. The production and sales of tires are being hampered by the rising costs of butadiene and EPDM rubber as a result of their constrained supply. As a result of the uniform increase in tire prices brought on by the lack of a steady supply of raw materials, many potential customers are no longer able to afford replacement costs.

The amount of waste produced by tires is also significantly rising even though tire manufacturing companies are continually investing in the creation of sustainable materials. Because of this, governments from many different nations have imposed strict guidelines on tire manufacturers to adopt sustainable waste management solutions, which would result in increased costs and, as a result, impede the growth of the market as a whole due to the small number of consumers.

Impact of COVID-19 on Somalia Tire Market

The COVID pandemic has had a significant impact on the market in terms of sales, as more than 44% of unit sales have been hampered due to disruptions in manufacturers' transport capabilities as a result of stringent lockdown norms and rising safety concerns. Manufacturing operations have been halted, and the supply chain has been disrupted, resulting in a decrease in pandemic tire exports. Raw material costs account for 65-70 percent of total tire costs. When the cost of raw materials such as nylon and polyester, as well as rubber, rises, fluctuating raw material pricing occurs, which is a major challenge that the tire market faced as a result of the covid-19 pandemic.

Somalia Tire Market

Segmental Coverage

Somalia Tire Market - By Vehicle Type

Somalia tire market is divided into Passenger Cars, Two-Wheelers, Medium and Heavy Commercial Vehicles, Light Commercial Vehicles, Off the Road Vehicles (OTR), and Three-Wheelers. Due to their dominance in the market during the forecast period, passenger cars and light commercial vehicles' performance of a vehicle includes bearing the weight of the vehicle, sending acceleration and deceleration force to the ground, changing and maintaining direction, and absorbing shock from the road surface. One of the key factors boosting tire demand across Somalia is the revenue growth of passenger cars, particularly in emerging economies.

 

Somalia Tire Market - By Demand Category

On basis of the demand category, Somalia tire market is divided into OEM and Replacement segments. The OEM (Original Equipment Manufacturer) segment currently holds the largest market share, and this trend is expected to continue throughout the forecast period (2023–2029). OEMs are currently investing in R&D to develop lightweight, environmentally friendly tires that meet regulatory standards. OEM tires are always of the highest quality and can be used for a wide range of applications. Because of its design goals of being quiet, durable, and useful on the road, it performs admirably outside of the showroom. As a result, the OEM segment is expected to control a large portion of the market in the coming years.

Competitive Landscape

Competition in Somalia tire market is intense. Major companies in the market include Apollo Tyres Ltd., CEAT Limited, JK Tyre & Industries Ltd., Michelin AIM FZE, Bridgestone Middle East & Africa FZE, MRF Limited, Shandong Wanda BOTO Tyre Co. Ltd., Hangzhou Zhongce Rubber Co. Ltd., GITI Tire, Prinx Chengshan, and Ascenso Tyres. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Our research team will customized this report as per your requirements with free 3 years service.

 

Related Reports

Table of Content

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Somalia Tire Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing Production of Automobile
        2. Rise in Services and Maintenance of Automobile
        3. Government's Increasing Focus On the Development of Infrastructure and Industrial Sectors
      2. Restraints
        1. Decline in Production and Delivery Amid COVID-19
      3. Opportunities
        1. Increasing Automation
        2. Increasing Safety & Security Concerns
      4. Challenges
        1. Volatility in Prices of Raw Materials
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Somalia Tire Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Vehicle Type
        1. Passenger Cars
        2. Two-Wheelers
        3. Medium & Heavy Commercial Vehicles
        4. Light Commercial Vehicles
        5. Off-The-Road Vehicles (OTR)
        6. Three-Wheelers
      2. By Tire Type
        1. Radial
          1. Tube
          2. Tubeless
        2. Bias
      3. By Demand Category
        1. OEM
        2. Replacement
  5. Competitive Landscape
    1. List of Key Players and Their Range
    2. Somalia Tire Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
  6. Impact of Covid-19 on Somalia Tire Market Industry
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Apollo Tyres Ltd.
    2. CEAT Limited
    3. JK Tyre & Industries Ltd.
    4. Michelin AIM FZE
    5. Bridgestone Middle East & Africa FZE
    6. MRF Limited
    7. Shandong Wanda BOTO Tyre Co. Ltd.
    8. Hangzhou Zhongce Rubber Co. Ltd.
    9. GITI Tire
    10. Prinx Chengshan
    11. Ascenso Tyres
    12. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

 

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures                                                                                           

                                                                                               

Figure 1       Somalia Tire Market Segmentation

Figure 2       Somalia Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Somalia Tire Market Size, By Value (USD Million), 2019–2029

Figure 5       Somalia Tire Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       Somalia Tire Market Share, By Tyre Type, By Value, 2019–2029

Figure 7       Somalia Tire Market Share, By Demand Category, By Value, 2019–2029

 

List of Tables

         

Table 1        Somalia Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 2        Somalia Tire Market Size, By Tyre Type, By Value, 2019–2029

Table 3        Somalia Tire Market Share, By Demand Category, By Value, 2019–2029

Table 4        Apollo Tyres Ltd. Company Overview

Table 5        Apollo Tyres Ltd. Financial Overview

Table 6        CEAT Limited Company Overview

Table 7        CEAT Limited Financial Overview

Table 8        JK Tyre & Industries Ltd. Company Overview

Table 9        JK Tyre & Industries Ltd. Financial Overview

Table 10      Michelin AIM FZE Energy Company Overview

Table 11      Michelin AIM FZE Energy Financial Overview

Table 12      Bridgestone Middle East & Africa FZE Company Overview

Table 13      Bridgestone Middle East & Africa FZE Financial Overview

Table 14      MRF Limited Company Overview

Table 15      MRF Limited Financial Overview

Table 16      Shandong Wanda BOTO Tyre Co. Ltd. Company Overview

Table 17      Shandong Wanda BOTO Tyre Co. Ltd. Financial Overview

Table 18      Hangzhou Zhongce Rubber Co. Ltd. Company Overview

Table 19      Hangzhou Zhongce Rubber Co. Ltd. Financial Overview

Table 20      GITI Tire Company Overview

Table 21      GITI Tire Financial Overview

Table 22      Prinx Chengshan Company Overview

Table 23      Prinx Chengshan Financial Overview

Table 24      Ascenso Tyres Company Overview

Table 25      Ascenso Tyres Financial Overview

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email