Germany Tire Market to Surpass $ 11 Billion by 2023
Increasing automobile
production and fleet along with growing R&D investments in automotive
industry to fuel growth in Germany tire market through 2023
According
to TechSci Research report, “Germany
Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Rim
Size, By Price Segment, Competition Forecast & Opportunities, 2013-2023”, Germany tire market is projected to cross $
11 billion by 2023 on account of expanding vehicle fleet and rising sales of
passenger cars. Moreover, growing preference for energy efficient vehicles and rising
per capita income are further contributing to the growing demand for tires
across Germany. Additionally,
rising R&D investments in the country’s automobile market would further
steer growth in Germany tire market in the coming years. Passenger car tires dominated Germany tire market
in 2017, followed by the light commercial vehicle tire segment. The dominance
of passenger car tire segment is led by increasing sales of passenger cars and
huge passenger car fleet size in the country.
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market data Tables and Figures spread through 118 Pages and an in-depth TOC
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The tire market is witnessed to be largely concentrated in the North
Rhine-Westphallia owing to the region’s large population base, and
consequently, huge vehicular population. Moreover, major OEMs are present in
this region due to which the region is expected to lead the market during
forecast period as well. The rising presence of various companies such as Michelin Reifenwerke AG & Co. KGaA, Continental Reifen
Deutschland GmbH, Goodyear Dunlop Tires Germany GmbH, Bridgestone Deutschland
GmbH, etc., and their continuing operations in the country’s tire
market is anticipated to further intensify the market competition in Germany
tire market over the course of the next five years.
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“With growing
vehicle production and sales along with increasing R&D investments, demand
for tires is expected to grow in Germany during the forecast period. Moreover, increasing
focus of manufacturers towards eco-friendly tires, keeping in view the rising environmental
concerns along with growing e-commerce industry, is anticipated to positively
influence Germany tire market in the coming years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Germany Tire
Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Rim Size,
By Price Segment, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of tire market
across Germany, and provides statistics and information on market sizes, shares
and trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by Germany tire market.
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