European Tyre Market to Witness Annual Growth of around 5% in Coming Years, Says TechSci Research
Canada, August 10, 2014 (Newswire.com) - With more than 91 tyre manufacturing facilities, 15 research and development centers and 12 leading tyre manufacturers currently operational in Europe, the region continues to be the epicenter of all the major global advancements in tyre technology.The sales of passenger cars, light commercial vehicles and medium and heavy commercial vehicles in all the three zones i.e. Western, Central and Eastern Europe are expected to increase, thereby creating an optimistic scenario for tyre market throughout Europe during the next five years.Germany, UK, France, Italy, Spain and Poland are the major markets that contribute more than 60% of the total Europe tyre sales in volume terms.According to a recently published comprehensive report on the region’s tyre market by TechSci Research, “Europe Tyre Market Forecast & Opportunities, 2019”, the European tyre market is forecast to grow at a CAGR of 5% during 2014-19.
By 2020, it is forecast that passenger vehicle and light commercial vehicle sales would reach 16.9 million units in Western Europe, about 3.7 million units in Central Europe and 4.6 million units in Eastern Europe. Passenger vehicle is the dominating segment in European tyre market, and the segment is expected to continue its dominance during the coming years as well. However, it is forecast that commercial vehicle tyre market will also grow at a healthy rate due to an anticipated surge in the construction activities in Europe, especially Eastern Europe, until 2019.
“With the automobile sector taking lead as one of the mostprominent sectors in Europe’s economic growth during past couple of decades, the allied sectors have also been flourishing in the region. Consequently, the tyre industry has been one of the leading beneficiaries among all automobile associated sectors. With constantly increasing automobiles on the European roads, the demand for tyres has also increased, however, the growth has been marginal over the last few years due to economic slowdown. Nevertheless, the tyre sales are expected to increase 2014 onwards as a series of policy and regulatory changes are being implemented by the European Union for boosting the automobile sector”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Tyre Market Forecast & Opportunities, 2019” has evaluated the future growth potential of Europe tyre market and provides statistics and information on market structure, exports and future growth of the Europe tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the European tyre industry.