BURNABY, Canada, December 15, 2015 /PRNewswire/ --
Reviving automobile production and increasing vehicle sales are forecast to drive growth in Italy tyre market at a moderate pace through 2020
According to TechSci Research report, "Italy Tyre Market Forecast & Opportunities, 2020", tyre market in Italy is dominated by the passenger car segment, which is expected to account for more than 80% of the country's tyre sales in 2015. Backed by anticipated revival in automobile sales and production, coupled with expansion of automobile fleet, tyre market in Italy is forecast to grow over the next five years. Pirelli, Michelin, Continental and Bridgestone are some of the major tyre brands operating in the country The country is home to around 6 tyre manufacturing facilities of various tyre companies, with a cumulative annual production capacity of more than 30 million units in 2014.
Due to Eurozone Crisis, Italy's automobile production underperformed during 2010-14, resulting in decline of OEM tyre segment, which accounted for less than 20% market share in 2014. However, recovery in the production, sales and export of automobiles is expected to have a positive impact on the country's tyre market in the coming years. Reviving consumer and investor confidence, coupled with positive developments in regional and global economic conditions, is forecast to drive growth in vehicle production and sales during the forecast period, which would boost tyre sales in the country through 2020.
"Italy's tyre market is dominated by the passenger car tyre segment. However, due to expected growth in the country's infrastructure coupled with favourable government policies, the commercial vehicle tyre segment is poised to witness fastest growth among all tyre segments over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Italy Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Italy tyre market and provides statistics and information on market structure and trends of Italy 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 Italy tyre market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
Sales & Marketing Consultant
Contact Phone- +1 646 360 1656
SOURCE TechSci Research