Nigeria - Tyres - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTyre Price in Nigeria - 2022
Contents:
- Tyre Price in Nigeria (CIF) - 2022
- Tyre Price in Nigeria (FOB) - 2022
- Tyre Imports in Nigeria
- Tyre Exports in Nigeria
Tyre Price in Nigeria (CIF) - 2022
The average tyre import price stood at $103 per unit in 2022, waning by -21.6% against the previous year. Overall, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +41.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49%. As a result, import price attained the peak level of $131 per unit, and then contracted remarkably 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 ($136 per unit), while the price for Indonesia ($9.9 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+821.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Tyre Price in Nigeria (FOB) - 2022
In 2022, the average tyre export price amounted to $57 per unit, falling by -4.7% against the previous year. Overall, the export price, however, recorded significant growth. The pace of growth was the most pronounced in 2013 when the average export price increased by 3,592%. The export price peaked at $317 per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($164 per unit), while the average price for exports to Tanzania ($50 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 (+79.8%), while the prices for the other major destinations experienced more modest paces of growth.
Tyre Imports in Nigeria
In 2022, approx. 1.2M units of tyres were imported into Nigeria; which is down by -23.6% against 2021. Overall, imports saw a sharp descent. Over the period under review, imports reached the maximum at 4.2M units in 2019; however, from 2020 to 2022, imports remained at a lower figure.
In value terms, tyre imports shrank sharply to $127M in 2022. Over the period under review, imports showed a dramatic downturn. The pace of growth was the most pronounced in 2021 with an increase of 9.2% against the previous year. Over the period under review, imports reached the peak figure at $308M in 2019; however, from 2020 to 2022, imports failed to regain momentum.
| Import of Tyre in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 217 | 97.8 | 158 | 72.1 | -30.7% |
| Thailand | 25.6 | 20.5 | 10.9 | 15.8 | -14.9% |
| India | 20.9 | 24.3 | 16.5 | 14.6 | -11.3% |
| France | 4.2 | 3.7 | 2.7 | 2.7 | -13.7% |
| Kenya | N/A | N/A | N/A | 2.7 | 0% |
| Germany | 6.5 | 2.6 | 2.5 | 2.5 | -27.3% |
| United Kingdom | 0.8 | 0.3 | 0.4 | 2.0 | 35.7% |
| Japan | 4.2 | 3.7 | 1.7 | 1.5 | -29.1% |
| United States | 2.1 | 1.3 | 0.9 | 0.8 | -27.5% |
| United Arab Emirates | 3.1 | 2.3 | 2.8 | 0.4 | -49.5% |
| Indonesia | 4.7 | 2.0 | 0.6 | 0.3 | -60.0% |
| Others | 18.9 | 35.5 | 15.0 | 11.4 | -15.5% |
| Total | 308 | 194 | 212 | 127 | -25.6% |
Top Suppliers of Tyre to Nigeria in 2022:
- China (648.7K units)
- India (133.8K units)
- Thailand (128.8K units)
- United Kingdom (44.1K units)
- Kenya (43.6K units)
- United States (34.5K units)
- Indonesia (27.2K units)
- Japan (26.8K units)
- France (20.2K units)
- Germany (19.2K units)
- United Arab Emirates (2.1K units)
Tyre Exports in Nigeria
After three years of growth, shipments abroad of tyres decreased by -70.8% to 98 units in 2022. In general, exports, however, showed a perceptible increase. The growth pace was the most rapid in 2021 when exports increased by 142% against the previous year. As a result, the exports attained the peak of 336 units, and then reduced remarkably in the following year.
In value terms, tyre exports dropped dramatically to $5.6K in 2022. Over the period under review, exports recorded a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 81%. As a result, the exports reached the peak of $20K, and then shrank remarkably in the following year.
| Export of Tyre in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Niger | 0.1 | 5.8 | 6.5 | 4.6 | 258.3% |
| Benin | N/A | N/A | 1.1 | 0.8 | -27.3% |
| Tanzania | N/A | N/A | N/A | 0.2 | 0% |
| Cameroon | 3.7 | 5.3 | 12.6 | N/A | 84.5% |
| Ghana | 3.2 | N/A | N/A | N/A | 0% |
| Others | 0.5 | 0.1 | N/A | N/A | -80.0% |
| Total | 7.5 | 11.2 | 20.2 | 5.6 | -9.3% |
Top Export Markets for Tyre from Nigeria in 2022:
- Niger (88.0 units)
- Tanzania (5.0 units)
- Benin (5.0 units)
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.
-
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
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
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
-
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
-
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
-
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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