Delhi, India – A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the South Africa tire market was worth USD 2.2 billion in 2021. The market is projected to grow at a CAGR of 4.8% during the forecast period (2022-2028), earning revenue of around USD 3.0 billion by the end of 2028. South Africa tire market is growing owing to the growing automotive industry, increasing demand for electric vehicles, and growing industrialization in the country. Moreover, the growing penetration of Chinese and cost-effective tires is also fueling the growth of the South Africa tire market.
According to Naamsa, South Africa’s automotive business council, the automotive industry is one of the most relevant industries in the South African economy contributing around 4.9% to the country’s GDP. The manufacturing of automobiles contributes 2.8%, while the retailing of automobiles contributes 2.1%. Naamsa reported that South African