Djibouti Tire Market to Cross $4.50 Million by 2022: TechSci Research Report
NEW YORK, February 3, 2017 --
Increase in fleet of passenger cars and commercial vehicles coupled with growing replacement tire market to drive Djibouti tire market through 2022
According to TechSci Research report, "Djibouti Tire Market Forecast and Opportunities, 2012 - 2022", the tire market in Djibouti is anticipated to cross $4.50 million by 2022, owing to increasing domestic automobile demand, growing industrial and service sectors and expanding automobile fleet size. Moreover, growing population, which increased from 0.84 million in 2011 to 0.89 million in 2015, is expected to boost the demand for automobiles as well as tires in the country over the next five years. Djibouti lacks manufacturing facilities both for automobiles and automotive tires. Consequently, automobile as well as tire market in the country is 100% import driven.
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"Djibouti Tire Market"
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Passenger car tire segment dominated Djibouti tire market during 2012 - 2016, and the segment is expected to maintain its dominance during the forecast period as well. In 2016, Djibouti Region accounted for the largest share in the country's tire market. Djibouti city is the capital of Djibouti and the largest city in the country as well. With a population exceeding 0.5 million, Djibouti city is the center for all economic activities in the country due to its strategic location as a Red Sea transit point. Most of the goods exported to Somalia and other neighboring countries pass through Djibouti. Hence, due to its strategic location, Djibouti city is the largest contributor the country's tire market, and the same trend is expected to continue over the next five years as well.
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"On account of unstable political environment, automobile as well as tire companies are facing challenges in conducting their operations in the country. However, with the country gradually regaining political stability coupled with better fiscal and regulatory policies, Djibouti is expected to evolve into a more open and stable economy over the course of next 5-10 years, which would eventually have a positive impact on the country's tire industry in the coming years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Djibouti Tire Market Forecast & Opportunities, 2021" has analyzed the potential of Djibouti tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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