BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Angola tire market size to grow at an impressive CAGR of 11.69% by 2029. The primary drivers driving the expansion of the Angola Tire Market are rising sales of passenger, luxury, and electric cars (EVs) as a result of rapid urbanization and rising consumer purchasing power. Demand for premium-grade tires with a longer operational life improved stability and reliability, and exceptional puncture resistance is growing as a result of greater attention to driver and passenger safety as well as an increase in fatal traffic accidents. Major players are introducing airless, light, and 3D-printed versions. Much effort is being placed into recovering and recycling old Tires to decrease their environmental impact and save a substantial portion of the energy needed to make new Tires. More transportation and logistical tasks are being accomplished to deliver shipments on time. It, in turn, is expected to promote the market expansion. A rise in the agricultural output is expected to offer significant room for expansion for Angola tire market.
Angola Tire Market – Overview
A tire is a ring-shaped, circular car component that surrounds a wheel rim and is filled with pressurized air. Wire, silica, carbon black, steel, rubber, either natural or synthetic, and other materials are used to make it. It stabilizes the vehicle by lessening vibrations and enhancing shock absorption while transferring the weight of the vehicle from the axle to the ground. It enhances the vehicle's efficiency, mileage, passenger safety, and wear and tear. It is currently often accessible in several sizes and versions depending on the type of vehicle.
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Angola Tire Market – By Demand
On the basis of demand, Angola tire market is segmented into OEM and Replacement. The OEM segment holds a higher share of the market, and it is expected that this trend will persist during 2023–2029. OEMs are aggressively investing money in R&D to produce tires that are lightweight, environmentally friendly, and meet regulatory requirements. OEM tires are always of the highest caliber and can be used for a variety of purposes. It operates brilliantly outside of the showroom due to its design goals of being quiet, strong, and useful on the road. Therefore, it is expected that the OEM market segment would dominate the sector in the years to come.
Competitive Landscape
Major companies in Angola tire market include Bridgestone Corp., Continental Tires, Dayton Tires, Firestone Tires, BF Goodrich Tires, Cooper Tires, Dunlop Tires, Goodyear, Hankook, and Kumho Tires. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Angola Tire Market.
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