Nigeria: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in Nigeria

After three years of decline, the Nigerien retreaded pneumatic tyre market increased by 27% to $X in 2022. In general, consumption posted buoyant growth. Retreaded pneumatic tyre consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Retreaded Pneumatic Tyre Exports

Exports from Nigeria

In 2022, the amount of retreaded pneumatic tyres exported from Nigeria declined rapidly to X units, waning by -17.6% against the previous year's figure. In general, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +27.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 54% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, retreaded pneumatic tyre exports reduced dramatically to $X in 2022. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 54%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units) was the main destination for retreaded pneumatic tyre exports from Nigeria, accounting for a 69% share of total exports. Moreover, retreaded pneumatic tyre exports to the UK exceeded the volume sent to the second major destination, Cameroon (X units), threefold. The third position in this ranking was held by Niger (X units), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (+19.7% per year) and Niger (-0.8% per year).

In value terms, the UK ($X) remains the key foreign market for retreaded pneumatic tyres exports from Nigeria, comprising 67% of total exports. The second position in the ranking was held by Cameroon ($X), with a 19% share of total exports. It was followed by Niger, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (+15.0% per year) and Niger (-15.7% per year).

Export Prices by Country

In 2022, the average retreaded pneumatic tyre export price amounted to $X per unit, approximately equating the previous year. Overall, the export price, however, saw a deep downturn. The growth pace was the most rapid in 2014 when the average export price increased by 5.7%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Benin ($X 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 Cameroon (-3.9%), while the prices for the other major destinations experienced a decline.

Retreaded Pneumatic Tyre Imports

Imports into Nigeria

In 2022, overseas purchases of retreaded pneumatic tyres were finally on the rise to reach X units after three years of decline. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 149% against the previous year. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre imports rose rapidly to $X in 2022. In general, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2015 when imports increased by 544%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Switzerland (X units), Denmark (X units) and Spain (X units) were the main suppliers of retreaded pneumatic tyre imports to Nigeria, with a combined 17% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +78.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest retreaded pneumatic tyre suppliers to Nigeria were the Netherlands ($X), Singapore ($X) and China ($X), together comprising 42% of total imports. Italy, Switzerland, Denmark, Spain, South Africa, Australia, Sweden, Taiwan (Chinese) and Belgium lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, Switzerland, with a CAGR of +84.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average retreaded pneumatic tyre import price amounted to $X per unit, shrinking by -10.8% against the previous year. Overall, the import price, however, showed a modest expansion. The pace of growth appeared the most rapid in 2015 when the average import price increased by 188% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+36.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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