Tire Market to Grow with a CAGR of 6.77% in Israel through to 2028
The major drivers for the
Israel Tire Market include increased vehicle ownership and sales, government
regulations promoting tire safety and environmental standards, and consumer demand
for high-quality and technologically advanced tires.
According to
TechSci Research report, “Israel Tire Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Israel Tire
Market stood at USD 350 Million in 2022 and is anticipated to grow with a CAGR
of 6.77% in the forecast period, 2024-2028. The Israel Tire Market is
experiencing significant growth, driven by several key factors. Firstly, the
increasing vehicle usage in the country is boosting the demand for tires. As
more people own cars and rely on them for transportation, the need for reliable
and high-performance tires is on the rise. Secondly, rising consumer purchasing
power is enabling individuals to invest in better quality tires, further
fueling market growth.
Furthermore, the
automotive sector in Israel is witnessing remarkable growth, contributing to
the expansion of the tire market. This growth is fueled by factors such as
increased manufacturing, sales, and exports of vehicles. The rapid urbanization
in the country is also playing a role in driving the demand for tires, as more
people in urban areas rely on private vehicles for commuting.
Moreover,
advancements in tire technology are shaping the market landscape. Manufacturers
are continuously innovating to develop tires with improved performance,
durability, and fuel efficiency. This is not only meeting the evolving needs of
consumers but also aligning with environmental concerns. In response to these
concerns and government regulations, tire manufacturers have introduced
energy-efficient tires, which are expected to further propel market growth.
Overall, the
Israel Tire Market is poised for continued expansion, driven by the increasing
vehicle usage, rising consumer purchasing power, growth in the automotive
sector, rapid urbanization, advancements in tire technology, and the
introduction of energy-efficient tires.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"Israel Tire Market”
The Israel tire
market, while smaller in scale compared to some larger automotive markets,
plays a significant role within the country's automotive industry. It serves as
a crucial component for ensuring road safety, vehicle performance, and
environmental sustainability.
In terms of
market size and growth, the Israel tire market has experienced steady expansion
over the years. This growth is driven by factors such as increased vehicle
ownership rates, the need for tire replacements, and changing consumer
preferences. While the growth rate may not be as rapid as in larger economies,
the market has demonstrated resilience and adaptability to evolving trends and
challenges.
One prominent
trend in the Israel tire market is the growing demand for eco-friendly or green
tires. This trend mirrors the global shift towards sustainability and
environmental consciousness. Consumers in Israel are increasingly looking for
tires that offer fuel efficiency, reduced carbon emissions, and minimal impact
on the environment. To meet this demand, manufacturers have introduced
eco-friendly tire options with lower rolling resistance and improved mileage.
Additionally, government support for green initiatives and incentives for
environmentally friendly products have further driven the adoption of
eco-friendly tires in the market.
Seasonal tires
have also gained prominence in the Israel tire market due to the country's
diverse climate. With wet and cold winters in some regions, there is a rising
emphasis on using season-specific tires to ensure road safety. Consumers are
recognizing the safety benefits of using appropriate tires for different
weather conditions, leading to an increased demand for winter and all-season
tire options.
E-commerce has
made a significant impact on the Israel tire market, reflecting a broader
global trend. Consumers in Israel are increasingly turning to online platforms
to research and purchase tires. Online retailers offer convenience, competitive
pricing, and an extensive range of options. This shift has prompted traditional
brick-and-mortar tire retailers to adapt by incorporating online sales channels
to remain competitive.
Personalization
and customization have become important factors in consumer tire choices. In
addition to performance and safety, consumers now seek tires that align with
their personal style and preferences. Some manufacturers have responded to this
trend by offering customization services, allowing customers to design their
own tire aesthetics.
Technological
advancements in tires, such as smart tires equipped with sensors and
connectivity features, are gaining traction in the Israel market. These tires
provide real-time data on tire pressure, temperature, and tread wear, enhancing
safety and performance. Smart tires can also communicate with a vehicle's
onboard systems, enabling predictive maintenance and tire health monitoring.
This technology aligns with the increasing emphasis on road safety and vehicle
efficiency, and its adoption is expected to grow as vehicles become more
connected.
The Israel tire
market features a mix of domestic and international tire manufacturers, with
global companies like Michelin, Bridgestone, Goodyear, Pirelli, and Continental
having a strong presence. These international players often dominate the
premium tire segment, offering a wide range of tire options to cater to diverse
consumer preferences. Domestic tire manufacturers also play a significant role,
focusing on providing cost-effective tire solutions that align with the needs
of budget-conscious consumers.
Despite its
growth and opportunities, the Israel tire market faces several challenges.
Economic fluctuations can impact consumer behavior, leading to postponed or
avoided tire purchases during economic downturns. Additionally, the disposal of
end-of-life tires poses environmental challenges, and compliance with tire
recycling and disposal regulations can be demanding. Import competition is
strong, putting pressure on domestic manufacturers and retailers to
differentiate their products and maintain market share. Keeping pace with
rapidly evolving tire technologies and educating consumers about the benefits
of these innovations can be challenging for businesses. Furthermore, managing
inventories of seasonal tires effectively, particularly in unpredictable
markets, requires careful planning and forecasting.
Looking ahead,
the future of the Israel tire market is expected to be shaped by continued
consumer demand for eco-friendly and technologically advanced tires.
Manufacturers are likely to focus on developing more sustainable tire options
as environmental awareness grows. The adoption of smart tire technology is also
expected to increase, enhancing vehicle safety and efficiency. Regulatory
initiatives for tire labeling and safety are likely to continue, further
informing consumers and ensuring compliance with quality standards. Online tire
retailing is expected to expand, offering consumers more convenience and choice.
In conclusion,
the Israel tire market, though smaller in scale, is dynamic and responsive to
evolving consumer preferences and global trends. As the market continues to
adapt to changing dynamics, it presents both challenges and opportunities for
tire manufacturers, retailers, and investors looking to participate in this
sector.
Major companies
operating in Israel Tire Market are:
- Bridgestone
Corporation
- Continental
AG
- Goodyear
Tire & Rubber Company
- Sumitomo
Rubber Industries Ltd
- Michelin
Group
- Pirelli
& C. S.p.A.
- Yokohama
Rubber Company Limited
- Kumho
Tire Co. Inc.
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“The major
drivers for the Israel Tire Market are primarily the increasing vehicle usage,
rising consumer purchasing power, and escalating demand for high-performance
tires. Additionally, the growth of the automotive sector, rapid urbanization,
and advancements in tire technology also contribute to the expansion of the
market. Moreover, the introduction of energy-efficient tires by manufacturers,
driven by environmental concerns and government regulations, is expected to
further fuel market growth.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Israel
Tire Market – Israel Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028, Segmented Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias),
By Demand Category Type (OEM, Replacement), By Region, Competition”, has evaluated the future growth
potential of Israel Tire Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Israel Tire
Market.
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