According to MarkNtel Advisors study the Egypt Passenger Car Tire Market is estimated to grow at a CAGR of around 6.23% during the forecast period, i.e., 2024-29.
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Key Findings of the Study: Egypt Passenger Car Tire market
Egypt Passenger Car Tire Market Driver:
Government Emphasis on Road Safety Accelerating Growth of Egypt's Passenger Car Tire – Over the past few years, there has been a surge in road accidents due to factors such as overspeeding, tire defects, and others. According to the American University in Cairo, the country per year witnesses around 12,000 fatalities. These accidents also poorly affect the economy of the country. In addition, as per Al-Monitor, in 2022, road accidents in Egypt led to the loss of approximately 3% of the overall country’s GDP. One of the reasons behind the road accidents is the usage of deteriorated tires, leading to less traction between the tire roads.
Therefore, the government of Egypt laid the regulation compelling the consumers to ensure the replacement of the tires at regular intervals. These regulations regarding road safety have necessitated frequent tire replacement for every car owner, driving the Egypt Passenger Car Tire market. Moreover, these regulations are also surging consumers to seek premium quality tires since they offer better gripping traction. Thus, the premium tires provided by companies like Bridgestone, Continental, etc., are witnessing growth and are expected to do well in coming years as well.
Egypt Passenger Car Tire Market Challenge:
Import Dependency and Currency Fluctuations in Egypt’s Passenger Car Tire Market – Traditionally, the country has been dependent on the import of tires from other countries like Germany, China, and others due to the limited tire manufacturing units in the country. According to the International Trade Organization, in 2022, Egypt imported automotive tires worth USD 20.50 million. The import dependency of Egypt on the other countries makes the tire susceptible to the international trade dynamics. As a result, the prices of tires remain highly volatile in Egypt.
In addition, the geopolitical tension between countries like Russia Ukraine also adversely affected the tire supply chain rubber prices due to the halt in trade activities between the major European countries. This uncertainty of the trade activities led to a significant increase in tire prices. As a result, consumers in Egypt are inclined towards using retreaded tires rather than new ones, adversely affecting the Egypt Passenger Car Tire Market.
Further, currency fluctuations also played a critical role in influencing the cost of imported tires since the changes in the value of the Egyptian pound against foreign currencies, especially major trading currencies like the US dollar and the Euro, directly influenced the import costs for tire dealers and manufacturers. Therefore, the tire prices in the country witnessed a hike. Owing to this, the price-sensitive customers refrained from buying the new car tires, hindering the market growth.
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Scope of the Report and Egypt Passenger Car Tire Market Segmentation:
By Vehicle Type
- Sedan- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- SUV- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Hatchback-Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Demand Type
- OEM - Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Aftermarket - Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Sales Channel
- Direct Sales- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Multi Brand Stores Exclusive Outlets- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Online- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Tire Type
- Radial- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Bias- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Tire Size
- Tire Size 1- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Tire Size 2- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Tire Size 3-Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Tire Size 4-Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Tire Size 5-Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Price Category
- Budget- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Economy- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Premium- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
By Season
- Summer- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- Winter- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
- All-Season- Market Size Forecast 2019-2029, Units Sold (Thousand Units)
The passenger car is used widely in Egypt for a variety of purposes including family outings, commuting to the office or any other place, city exploration, and others.
Geographical Analysis:
By Region
- East
- West
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