South Africa Tyre Market to Grow at Over 11% through 2020 Says TechSci Research
Summary
Apart from these companies, Michelin, Pirelli, Kumho and Yokohama are other leading players in the market, addressing the rising demand for tyres in South Africa through imports.“Citing growth opportunities in passenger car market, major global automotive companies such as Toyota, Fiat, Volkswagen, Nissan, Ford, General Motors, Mercedes Benz, Renault, BMW, Iveco, Isuzu, MAN, Volvo and Scania, have established their manufacturing or assembly plants in South Africa.Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in South Africas tyre industry.Another factor driving the market is ease of financing facilitated by financial institutions to minimize the burden of high deposits.Tyre industry in South Africa is dominated by four global tyre companies– Goodyear, Bridgestone, Continental and Sumitomo.Increase in passenger car sales is propelling growth in the automotive sector as well as the tyre market in South Africa.“Citing growth opportunities in passenger car market, major global automotive companies such as Toyota, Fiat, Volkswagen, Nissan, Ford, General Motors, Mercedes Benz, Renault, BMW, Iveco, Isuzu, MAN, Volvo and Scania, have established their manufacturing or assembly plants in South Africa.