Turkey Tire Market to Cross $ 3 Billion by 2022
Continuously
expanding automobile production, growing vehicle fleet coupled with increasing sales
of automobiles to drive Turkey tire market through 2022
According to TechSci Research report, “Turkey Tire Market Forecast & Opportunities, 2022”, Turkey tire market is forecast to cross
US$ 3 billion by 2022. Key factors propelling growth in the country’s tire
market include growing automobile sales, expanding automobile fleet coupled
with decreasing inflation of consumer prices from 8.9% in 2012 to 7.7% in 2015,
as per the World Bank. As per OICA, motorization rate (passenger car and
commercial vehicle) in the country was 189 vehicles per 1000 people in 2014.
Rising vehicle fleet size and growing production of vehicles is anticipated to
boost demand for tires from OEM and replacement segments in Turkey.
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In 2016, Marmara region accounted
for the largest share in the country’s tire market, followed by Central
Anatolia, Aegean and Mediterranean regions. Backed by the presence of the
country’s capital city, Istanbul in the Marmara region, the region is anticipated
to continue dominating the country’s tire market during the forecast period as
well. Passenger car tires dominated Turkey tire market and the trend is
anticipated to continue in the coming years as well. Rising demand for
passenger car tires in the country can be attributed to growing sales of
passenger cars and expanding passenger car fleet size.
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Numerous
technological advancements in tire manufacturing processes has led to
development of radial tires. This is boosting demand for radial tires across
Turkey, as these tires offer various benefits such as high fuel saving,
improved mileage, etc. Additionally, in Turkey, the Ministry of Transport and
Maritime Affairs (MTMA) imposed a law, which makes it mandatory for all
commercial vehicles, which are being used for transportation/logistic purposes
or carrying passengers, to install winter tires. This is anticipated to boost
sales of winter tires across the country. Additionally, growth in Turkey tire
market is also anticipated to driven by growing online sales of tires.
Increasing internet penetration rates coupled with rising number of smartphone
users are anticipated to drive sales of tires through online channels. This is
anticipated to augur well for the growth of the tire market in the country
through 2022.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Turkey
Tire Market Forecast & Opportunities, 2022” has evaluated the future growth
potential of Turkey tire market and provides statistics and 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
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities in Turkey tire
market.
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