BURNABY, Canada, November 21, 2014 /PRNewswire/ --
Growing Automotive Industry, Rising Passenger Car Sales and Increasing Online Tyre Sales to Boost UK Tyre Market Over the Next Five Years
According to recently released TechSci Research report, "United Kingdom Tyre Market Forecast & Opportunities, 2019", tyre market in the United Kingdom is estimated at around US$ 5 billion (GBP 3.1 bn) in 2014. Key factors driving the market include growing automotive sales, expanding fleet size, increasing online tyre sales and favorable government policies in the country. The United Kingdom comprises England, Scotland, Wales and Northern Ireland, with England being the largest country in terms of population and area. As a result, England accounts for the highest number of vehicles in the UK and contributes toward more than 85% of the total tyre demand in the region.
The UK tyre market is broadly classified into four segments, namely passenger car, commercial vehicle, off the road (OTR) and two-wheeler tyres. Passenger car tyres is the most dominating segment in the market with largest share of more than 80%, followed by commercial vehicle tyre segment. Two-wheeler and OTR tyre segments cumulatively account for less than 10% share in the country's tyre market.
Michelin, Goodyear & Dunlop and Pirelli are leading players in the United Kingdom tyre market, and are anticipated to remain the top 3 brands in country's tyre market by the end of 2019. However, other companies, such as Bridgestone, Continental, Cooper, Kumho, Toyo, Hankook, Flaken, Yokohama and certain domestic brands are expected to give stiff competition to these established players during the forecast period.
"Increasing rate of urbanization and rising disposable income are contributing significantly toward growth in the UK automotive industry. During the past 3-4 years, the automotive industry in United Kingdomhas witnessed considerable increase in demand for passenger cars, resulting in high volume sales of passenger car tyres. Besides, consistent growth in other segments, including commercial vehicle tyres and two-wheeler tyres, is also expected to boost the overall tyre market in the UK over the next five years.," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United Kingdom Tyre Market Forecast & Opportunities, 2019" has evaluated future growth potential of the tyre market in United Kingdom and provides statistics and information on market size, segmental share, imports and exports. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the tyre market in United Kingdom.
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