BURNABY, Canada, March 3, 2016 /PRNewswire/ --
Increasing automobile sales and expanding fleet size to boost tire sales in the United Kingdom through 2021
According to TechSci Research report, "United Kingdom Tire Market Forecast & Opportunities, 2021", tire market in the United Kingdom is forecast to surpass US$ 6 billion (£4.2 billion) by 2021. Moreover, the country's tire market would continue to be dominated by the replacement segment over the next five years. Major factors driving the replacement market include declining replacement period of tires, expanding automotive fleet size and increasing online tire sales in the country. In 2015, the country's tire market was dominated by the passenger car tire segment, which accounted for more than 80% of the total tire demand in the UK, followed by light commercial vehicle and medium & heavy commercial vehicle tires. A major portion of demand for tires in the country emanates from London and South East regions due to their large automobile fleet size and high level of urbanization.
United Kingdom tire market is anticipated to grow in the coming years on the back of rapid infrastructural growth and expanding automobile fleet size in the country. World's prominent tire manufacturing companies, such as Michelin, Goodyear & Dunlop, Pirelli, Cooper Tyres operate their production units in the UK and have plans to expand production capacities over the course of next five years. Most of the leading global automotive OEMs like Nissan, Land Rover, Toyota, Honda, DAF, etc., operate their production facilities in the UK, which consequently, creates huge demand for tires in the country.
"Increasing rate of urbanization and rising disposable income of people in the United Kingdom are contributing significantly towards the growth of the country's automotive industry. Over last few years, the automotive industry in United Kingdom witnessed a considerable increase in the demand for passenger cars, resulting in high volume sales of passenger car tires. Moreover, consistent growth in other vehicle segments, including light commercial vehicles, two-wheelers, medium & heavy commercial vehicles and Off-The-Road (OTR) vehicles is also expected to boost the overall tire industry in the United Kingdom over next five years.," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United Kingdom Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of United Kingdom tire market and provides statistics and information on market structure, trends, imports & exports of the United Kingdom tire market. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in United Kingdom tire 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.
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SOURCE TechSci Research