Commercial vehicle growth boosts South African tire demand
ERJ staff report (BC)
Burnaby, Canada – According to a report by TechSci Research, “South Africa Tyre Market Forecast & Opportunities 2019,” the tire market in South Africa is projected to grow at a CAGR of around 9 percent in revenue terms, during 2014-19, due to continuous expansion in production capacity and increasing investments in the automotive sector.
The South African tire market is the fastest growing tire market in Africa notes the report. Continuous growth in per capita income has increased domestic sales of automobiles, and the introduction of an Automotive Production and Development Program (APDP) in 2013 by the South African government is expected to significantly augment domestic automobile production over the next few years.
South Africa’s many international trade agreements have enabled the country to become a preferred export destination, says TechSci. Major automobile manufacturers such as Toyota, Volkswagen, Nissan, Renault, General Motors, Mercedes Benz, BMW, Ford, Fiat, Iveco, Isuzu, MAN, Volvo and Scania have already established their manufacturing or assembly plants in the country.
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Press release from TechSci Research