Nigeria: Market for Tyres For Motorcycles or Bicycles 2024

Market Size for Tyres For Motorcycles or Bicycles in Nigeria

The Nigerien motorcycle or bicycle tyre market skyrocketed to $X in 2022, increasing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Exports of Tyres For Motorcycles or Bicycles

Exports from Nigeria

In 2022, shipments abroad of tyres for motorcycles or bicycles was finally on the rise to reach X units after three years of decline. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, motorcycle or bicycle tyre exports expanded significantly to $X in 2022. Over the period under review, exports, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Cameroon (X units), Sao Tome and Principe (X units) and Benin (X units) were the main destinations of motorcycle or bicycle tyre exports from Nigeria, together accounting for X% of total exports. Ghana and Niger lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sao Tome and Principe ($X), Benin ($X) and Niger ($X) were the largest markets for motorcycle or bicycle tyre exported from Nigeria worldwide, together accounting for X% of total exports.

Niger, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average motorcycle or bicycle tyre export price stood at $X per unit in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, saw a perceptible decline. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

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

Imports of Tyres For Motorcycles or Bicycles

Imports into Nigeria

In 2022, overseas purchases of tyres for motorcycles or bicycles were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, faced a abrupt descent. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, motorcycle or bicycle tyre imports skyrocketed to $X in 2022. Overall, imports, however, recorded a deep downturn. 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 motorcycle or bicycle tyre to Nigeria, with a X% share of total imports. Moreover, motorcycle or bicycle tyre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fourfold. The third position in this ranking was taken by Pakistan (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Pakistan (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres for motorcycles or bicycles to Nigeria, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

In 2022, the average motorcycle or bicycle tyre import price amounted to $X per unit, rising by X% against the previous year. Overall, the import price saw a prominent expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Vietnam ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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