Nigeria: Market for Tyres For Buses Or Lorries 2025

Market Size for Tyres For Buses Or Lorries in Nigeria

In 2022, after two years of decline, there was significant growth in the Nigerien truck and bus tyre market, when its value increased by 50% to $X. Over the period under review, consumption, however, saw a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Nigeria

After two years of decline, shipments abroad of tyres for buses or lorries increased by 63% to X units in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 512%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, truck and bus tyre exports soared to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 666%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X units) was the main destination for truck and bus tyre exports from Nigeria, accounting for a 51% share of total exports. Moreover, truck and bus tyre exports to South Africa exceeded the volume sent to the second major destination, Niger (X units), twofold. Benin (X units) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa amounted to +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+17.4% per year) and Benin (+7.8% per year).

In value terms, the largest markets for truck and bus tyre exported from Nigeria were South Africa ($X), Niger ($X) and Benin ($X), with a combined 86% share of total exports.

Among the main countries of destination, Niger, with a CAGR of +17.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, with an increase of 8.4% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 25% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per unit), while the average price for exports to Cote d'Ivoire ($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 South Africa (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Nigeria

In 2022, supplies from abroad of tyres for buses or lorries increased by 39% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, showed a abrupt decrease. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, truck and bus tyre imports surged to $X in 2022. In general, imports, however, recorded a deep contraction. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of truck and bus tyre to Nigeria, with a 83% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. India (X units) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.6% per year) and India (-18.9% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Nigeria, comprising 79% of total imports. The second position in the ranking was taken by Thailand ($X), with a 5.8% share of total imports. It was followed by India, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+10.7% per year) and India (-18.6% per year).

Import Prices by Country

The average truck and bus tyre import price stood at $X per unit in 2022, picking up by 9.3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 29%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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