Switzerland Tire Market to Grow at 6% Until 2021
Expanding
vehicle fleet coupled with anticipated increase in vehicle sales to boost tire
sales in Switzerland through 2021
According to TechSci Research report, “Switzerland
Tire Market Forecast & Opportunities, 2021”, tire
market in Switzerland is forecast to grow at a CAGR of more than 6% during 2016
– 2021 on account of expanding automotive fleet, especially of the passenger
car segment in the country. In 2015, the country’s tire market was majorly
dominated by the passenger car tire segment, followed by two wheeler and commercial
vehicle tire segments. Key reason for continuously rising sales of passenger
cars in the country can be attributed to high per capita disposable income. Anticipated increase in
small, medium & heavy
commercial vehicles is also expected to boost tire sales in the country
over the next five years.
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Continental, Michelin, Goodyear, Bridgestone and Pirelli are the largest
tire players operating in Switzerland, accounting for a cumulative share of
over 90% in the country’s tire market. Over the next five years, these five
tire majors are expected to continue their dominance in Switzerland. Espace
Mittelland and Lake Geneva Region are the two largest regional tire markets in
the country, followed by Zurich, Eastern Switzerland and Northwestern
Switzerland. In 2015, Espace Mittelland and Lake Geneva Region, cumulatively
grabbed a market share of around 45% in the country’s tire market.
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“Continuing growth in winter tire market in Switzerland on account of harsh
climatic conditions and increasing consumer awareness, has been positively
influencing the country’s tire market over the last few years. Winter tires or
Snow tires are specially designed tires, that use modern silicon compound
technology and improved tread pattern design offering hassle-free and safe driving
experience on icy, wet surfaces and snow laden roads. Moreover, tire demand in Switzerland is solely met through
imports, owing to absence of tire manufacturing plants in the country. Also,
tire demand in the country is completely replacement driven as there are no
automobile production units in the country as of now.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Switzerland
Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of tire market in Switzerland, and provides statistics and information
on market size, consumer behavior and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in Switzerland
tire market.
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