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African tyre industry leaders converge in South Africa, as sector’s fortunes hits $8billion

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By Bankole Shakirudeen Adeshina

NIGERIA’s investors and traders in tyre manufacturing and other automobile accessories are expected to participate at the all African Automotive Exhibition to be hosted in South African next week in Johannesburg.

According to the organisers, SingEx Exhibitions, a Singaporean company, over 80 exhibitors from 15 countries are expected to take part in the industry’s principal trade event, with record number of participants from South Africa, Nigeria, Zimbabwe, Zambia, UAE, Namibia, United Kingdom, Taiwan and Ghana.

Tagged “Tyrexpo Africa (co-located with GarageXpoAfrica), the event, which was specifically organized for garage owners, tyre industry stakeholders and investors across the continent, the exhibition will feature over 2,500 international, regional and local tyre manufacturers, OEMs, distributors, dealers, retailers fleet operators and garage owners .

The three-day event, to be attended by dozens of international players, would discuss market growth, safety and quality service, regulation, government policy and challenges associated with different business locations locations of the participants.

“The parley is a one-stop automotive and tyre sector trade show and will feature product showcases by over 100 exhibitors, with demos, technical workshops and industry conference sessions for Africa’s fast-growing tyre and automotive repair sectors.

“The tyre industry, in which manufacturers alone were contributing close to R20 billion rand a year to the South African economy in 2014 and creating around 6,500 direct and 35,000 indirect jobs, is showing strong growth. The African tyre market is expected to surpass $8 billion by 2022, creating a wealth of new growth and job opportunities.

“Meanwhile, the global automotive repair and maintenance services market is expected to grow at a CAGR of 5.6% from 2016 – 2026, to exceed US$750 Billion over the next 10 years, according to a Future Market Insights report,” said Mr Ian Wu, Cluster Director, Healthcare and Automotive & Commodities at SingEx Exhibitions, in the statement.

“With this in mind, SingEx Exhibitions strategically placed one of the series in this market to serve as the region’s converging platform for knowledge sharing, innovation and technology showcase as well as business networking within the communities in the entire tyre ecosystem.

“The growth potential of Africa’s automotive repair and maintenance services market is truly exciting. There are new and growing business opportunities across the continent, particularly as vehicle owners seek to extend the lifespans of their existing vehicles, and as retreads and tyre recycling become increasingly attractive business opportunities. Tyrexpo Africa 2018, in conjunction with GarageXpo Africa 2018 will bring together the continental marketplace, amalgamating the platforms into a true one-stop sourcing and networking hub for the entire tyre and automotive ecosystem,” he added.