BURNABY, Canada, June 8, 2015 /PRNewswire/ --
Rise in automobile production and sales coupled with growth in R&D investments to drive tyre market in Germany over the next five years
According to recently released TechSci Research report, "Germany Tyre Market Forecast & Opportunities, 2020", tyre market in Germanyis forecast to grow at a CAGR of more than 7% during 2015-20. Being one of the leading automotive market in Europe, the prominent factors boosting the country's tyre market are high automobile production and sales.With presence of premium tyre players like Continental, Michelin, Pirelli, Goodyear, Bridgestone, etc., Germany is one of the most competitive tyre markets in the world. Changing purchasing patterns, expanding consumer base, increasing urbanization, and introduction of electric and hybrid vehicles are the major factors propelling growth in tyre market in Germany.
Germany's automotive industry accounts for over 30% of total passenger cars manufactured across the globe, and consequently, tyre sales in Germany are anticipated to grow with a consistent rate during the forecast period. Being the second largest region in terms of area in Germany and with a population of about 17 million, North Rhine Westphalia region was the highest contributor to the country's tyre market over the last few years. Moderate growth in new vehicle sales coupled with high vehicle ownership is expected to continue boosting tyre sales in Germany over the next five years.
"Apart from quenching huge domestic demand, Germany also caters to the demand of various international automobile markets across the globe. Three-fourth of cars produced in Germany are exported to the outside world, thereby boosting the OEM tyre market in the country.The passenger car segment is dominated by small and medium cars tyres and it is anticipated to remain the major shareholder in Germany tyre market during the forecast period. Moreover, few of the tyre companies are increasingly focusing on creating more eco-friendly tyre, generally known as "Green Tyres", and the adoption of these tyres is expected to increase over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Germany Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of the market, and provides statistics and information on market structure, imports and future growth of Germany tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Germany tyre market.
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SOURCE TechSci Research