By Modupe Gbadeyanka
A new research conducted by an American firm has predicted that the Nigeria tyre market is expected to surpass $615 million by 2021.
The study conducted by Research and Markets, with the title ‘Nigeria Tyre Market Forecast and Opportunities, 2021’, noted that in 2015, tyre market in Nigeria was dominated by the passenger car tyre segment, and said this trend is expected to continue over the next five years.
It disclosed that Mid-West region grabbed the largest share in the country’s tyre market in 2015.
According to the report, over the last decade, the region has evolved as the country’s economic powerhouse due to large scale infrastructure development activities, coupled with rising population and business activities.
Research and Markets said it observed that few of the major international tyre brands operating in Nigeria include Michelin, Goodyear, Bridgestone, Kumho, Hankook, Pirelli and Yokohama.
It said apart from these flagship brands, several Chinese companies are also engaged in selling tyres in Nigeria.
On account of their significantly lower prices, Chinese tyre brands have been witnessing increasing penetration in the country over the last few years.
The research said its ‘Nigeria Tyre Market Forecast & Opportunities, 2021’ report elaborates the following aspects of tire market in Nigeria:
Nigeria Tyre Market Size, Share & Forecast
Segmental Analysis – Passenger cars, Commercial vehicles, Two-Wheelers, Three wheelers and OTR tyres
Policy & Regulatory Landscape
Changing Market Trends and Emerging Opportunities
Competitive Landscape and Strategic Recommendations
Market Trends & Developments
Increasing Chinese Tyre Penetration
Used Cars Overtaking New Car Market
Low Penetration of Retread Tyres
Passenger Car Tyre Segment – Fastest Growing Segment
Growing Radial Tyre Market
Companies Mentioned
Bridgestone Corporation
Continental AG
GT Radial
Goodyear Tyre & Rubber Company
Hankook Tyre Co. Ltd.
Kumho Tyre Co., Inc.
Michelin Tyre Services Company Ltd.
Pirelli & C. SpA.
Shandong Wanda BOTO Tyre Co. Ltd.
The Yokohama Rubber Co., Ltd.
Aduragbemi Omiyale 
Adedapo Adesanya