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Automotive market in Eastern Africa is attracting investment
Although the impacts of COVID-19 continue to stifle the performance of Africa's key economic sectors, East Africa's automotive industry appears to be drawing some corporate investment, enhancing development prospects for the region's automotive paints and coatings market.
Despite the disruptive impacts of COVID-19, a few original equipment manufacturers (OEMs) and local investors have announced new manufacturing sites or distribution centres that might expand vehicle ownership in East Africa, affecting demand patterns for automotive paints.
According to statistics, the Tanzanian vehicle market rose by 5.3 percent last year, despite the coronavirus epidemic, compared to 2019.
For instance, Indian automaker Tata Motors recently introduced a fresh new automobile in the Tanzanian market, a small SUV-Tata Nexon, characterising the country's automotive sector as "a fast-growing vehicle market and an opportunity for consumers to help to the preservation of the environment."
Tata's introduction of the new automobile in Tanzania coincided with the opening of a new Isuzu dealership in the country's capital Dar es Salaam. Isuzu is a market leader in the commercial vehicle category, accounting for more than 40% of new cars sold in EA.
“Although the African automotive market is comparably modest today, the Sub-Saharan area has the potential to become a future automotive growth market,” Volkswagen stated before. The German automobile manufacturer has operations in East Africa, including Kenya and Rwanda.
Furthermore, governments in East Africa have revealed, albeit at the national level, parts of steps to promote the expansion of the automobile sector, which might sustain the region's automotive paints market.
Basco Paints, Crown Paints, Hempel, Kansai Plascon, Kiboko Paints Ltd, Apex Coating East Africa Limited, and Goldstar Paint Tanzania Ltd presently lead the East African automobile paints and coatings industry.
Tanzania, East Africa's second largest economy after Kenya, announced earlier in June 2021 a reduction in registration fees for personal cars from US$4300 to US$2150, a small step, but a significant boost in the country's drive to increase car ownership and likely to increase consumption of automotive paints.
Posted on : 27 Feb,2024 | News Source : ABNews
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