Turkey Tyre Market to Cross US$ 2.6 Billion by 2020
Recovery from the impact of Eurozone crisis, revival in automobile production, and favorable government policies to drive Turkey tyre market
According to TechSci Research report, “Turkey Tyre Market Forecast and Opportunities, 2020”, tyre market in Turkey is forecast to cross US$ 2.65 billion by 2020. Backed by increasing automobile sales, reviving automobile production and supportive government policies, the tyre market in country is expected to witness modest growth over the next five years. In 2014, the passenger car tyre segment grabbed a majority share in the country’s tyre market in volume terms, followed by the light commercial vehicle tyre, OTR tyre, two-wheeler tyre, and medium & heavy commercial vehicle tyre segments.
Automobile sector in Turkey is witnessing a phase of demand revival. Moreover, with favorable tax and investment policies of the Turkish government, demand for tyres is expected to grow in the country during 2015 - 2020. In 2014, Marmara region had the largest share in the country’s tyre market, followed by Central Anatolia, Aegean and Mediterranean regions. With the presence of Turkey’s most populated and capital city, Istanbul, Marmara region is expected to continue its domination in the country’s tyre market over the next five years.
“With a share of more than 40% in Turkey’s tyre market in 2014, Brisa is expected to continue to hold its leadership position, followed by Goodyear, Michelin and Pirelli, through 2020. Replacement tyre demand emanating from the dominant passenger car segment would continue to be the key focus area of most of the major players over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Turkey Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Turkey tyre market and provides statistics and information on market structure and trends of Turkey tyre market. The report is intended 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 available in Turkey tyre market.
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