In the last forty years and starting during the oil boom years, the increased number of cars in Nigeria over-saturated Nigerian roads. The demand for tyres kept growing over the years and the tyre market, like many other markets in the country at that time, was a seller’s market.
This growth continued until the economy started to decline in the last twenty years as a result of the world’s energy crisis, coupled with internal problems ranging from socio-economic to political issues. Over the last 20 years or so, it had become difficult to buy new cars and most people had to resort to second hand (Tokunbo) cars.
The market reacted by importing an increasing number of second-hand cars into the country from different parts of the world, which became more affordable and influenced the car tyre market in several ways.
Globally, the leading tyre manufacturers today include Bridgestone, Michelin, Goodyear, Continental, Pirelli and Sumitomo (for Dunlop brand). World production of tyre is estimated to be 860 million units annually and the Nigerian tyre market is now emerging as a leading importer of tyres in West Africa.
According to a TechSci Research report in 2015, the tyre market in Nigeria is dominated by the passenger car tire segment, and this trend is expected to continue over the next five years.
Currently, there are about 150 brands of tyres in the Nigerian market. Dominant players include Dunlop, Michelin, Bridgestone, Pirelli, Firestone, and Continental tires. Apart from these flagship brands, several small players have also made entry into the Nigerian market
Dunlop Nigeria Plc and Michelin Nigeria Limited are major pioneers in Nigeria’s tyre industry with the establishment of their respective manufacturing outfits. In 2005, the combined annual local capacity was 2.25 million units, representing 75% of the Nigerian tyre market at that time. These two companies were the only tyre manufacturing outfits in Nigeria, and indeed the West African region. However, the owners of both factories shut them down at the end of 2008 and 2006 respectively.
The Nigerian market has become the most sought after for international tyre manufacturers on the continent because of its huge market potential, moreover the Nigeria tyre market is very strategic for the nation and should be revived.
In a Twitter poll conducted by Nairametrics, Michelin got 42%, Bridgestone got 25%, Dunlop and GoodYear got 18% and 15% respectively.
With the establishment of a headquarters at Ijora, Lagos, and accredited dealer stores across 16 states of Nigeria with a complementary online store on Jumia Nigeria, Michelin has proven her essence by providing access to quality and affordable tyres with the promise of safety and longevity. To this end, Michelin at a virtual launch in March 2021, Introduced the new tyre product, Michelin Agilis 3. The tyre is designed for 25% extra mileage, fuel efficiency, safer and long-lasting performance with excellent wet grip performance, when new and worn out.
Michelin Tyres was rated 2020 No.1 Global Tyre Brand by Tire Business. We are dedicated to sustainably improving the mobility of goods and people by manufacturing and marketing quality and safe tyres
Will it be safe to say Michelin tyre is fully back in Nigeria market?