Increase in motorization rate and reviving economy of the country are some key factors propelling the growth of Greece tire market.
According to TechSci Research report, “Greece Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Greece tire market is expected to witness a substantial growth and is projected to reach USD 0.49 Billion by 2025. Key factors driving the growth of Greece tire market are expanding automotive fleet size, increase in vehicle motorization rate and rise in sale of passenger vehicles. In 2009, Europe suffered one of the worst economic meltdowns, commonly referred to as the Eurozone Crisis. Though the crisis impacted the entire region, Greece was among the most severely affected countries. Due to economic slowdown, the country’s economy suffered a slump, and multiple public as well as private banks declared bankruptcy, which impacted various sectors, consequently restraining growth in Greece’s automobile and related components market over the last five years. However, the country witnessed signs of revival in 2013 due to several bailout packages offered to Greece by the European Union and the International Monetary Fund (IMF). Consequently, the country’s tire market also witnessed a rebound with sale of tires increasing across all the vehicle segments. To boost new vehicle sales, the Government of Greece introduced a policy initiative in 2009, wherein the government provided an incentive ranging from $670 to $3,740 for individuals scrapping their old vehicles for new ones. The scheme was in effect until the end of 2014. Hence, with reviving economy of the country and rise in per capita disposable income, Greece tire market is poised to grow significantly through 2025.
Browse 77 market data Figures and Tables spread through 159 Pages and an in-depth TOC on “Greece Tire Market”
Greece tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the country’s vehicle fleet is dominated by the passenger car segment, followed by the two-wheeler vehicle segment. Consequently, the passenger car tire segment held a share of more than 82% in the country’s tire market in 2019 and its dominance is anticipated to continue during the forecast period as well. Based on demand category, Greece tire market can be split into replacement vs OEM. Due to absence of automobile manufacturing in Greece, the tire market is entirely dependent on the replacement demand, which is being addressed by flagship as well as Chinese tire brands imported into the country. The trend is further likely to continue over the next five years.
Leading market players in Greece tire market are Bridgestone Europe NV/SA, Continental AG, Cooper Tire & Rubber Company, Elastika Michelin A.E, Elastika Pirelli C.S.A., Goodyear Dunlop Tires Hellas SAIC, Hankook Tire Company Ltd., Kumho Tire Italia, Toyo Tire and Rubber Co., Ltd. and Yokohama Rubber Co., Ltd. Key growth strategies being adopted by major tire manufacturers are mergers & acquisitions, collaborations, partnerships, joint ventures as well as product innovation.
“Region-wise, in 2019, Northern Greece region accounted for the largest volume share in the country’s tire market, and the same trend is anticipated to continue through 2025. Moreover, the country is entirely dependent upon import of tires mainly from European and Asian manufacturers. As per the World Travel & Tourism Council, the contribution of travel & tourism sector in the country’s GDP is quite significant which also lays a positive impact on the country’s automotive and tire market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Greece Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Greece tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Greece tire market.
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