Rise in per capita income and increasing automobile sales are some key factors expected to support the growth of Italy tire market in coming years.
According to TechSci Research report, “Italy 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”, Italy tire market is projected to undergo a CAGR of around 4.75% during the forecast period owing to rise in per capita income and expanding vehicle fleet. The improving consumer and investor confidence coupled with positive developments in Eurozone economic conditions are some other key factors propelling the growth of Italy tire market. Moreover, the government of Italy is focusing on macroeconomic reforms such as increasing construction, agriculture and industrial activities which are likely to positively impact the tire market growth in coming years. Italy is also home to a number of leading automobile manufacturers and the market is mainly export-oriented. With increasing vehicle export in other European countries as well as in Asia and North America, the Italy tire market is poised to substantially through 2025.
Furthermore, tire manufacturers are now focusing on using environmentally friendly raw materials owing to the stringent regulations and growing environmental concern. Italy tire industry witnessed a major downfall during 2010-14 due to as the country witnessed weaker economic conditions due to Eurozone crisis, delay in infrastructure projects, low income growth and significant cuts in public spending. However, with increasing rate of new vehicle registration in the country, the tire market is expected to witness significant growth in next five years.
Browse 77 market data Figures and Tables spread through 159 Pages and an in-depth TOC on “Italy Tire Market”
Italy 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 passenger car tire segment is projected to dominate the Italy tire market during the forecast period owing to recovering sales of passenger cars in the country. Based on demand category, Italy tire market is categorized into replacement vs OEM. Due to limited number of automobiles manufacturers in Italy, the replacement segment is poised to dominate the market during the forecast period and hold a market share of around 81.61% by 2025.
Leading market players in Italy tire market are Michelin Italiana S.p.A, Pirelli & C. S.p.A., Bridgestone Italia Sales S.R.L, Continental Italia S.p.A., Goodyear Dunlop Tires Italia S.p.A., Yokohama Italia S.p.A., Hankook Italia S.R.L., Kumho Tyre Italia, Nokian Tyres PLC and Trelleborg Wheel Systems Italia S.p.A. One of the top tire company operating in Italian market is Michelin Italiana which provides pneumatic casings, inner tubes, and solid and cushion tires for all types of vehicles. Key growth strategies being adopted by leading tire manufactures are product innovation, mergers & acquisitions, joint ventures and partnerships.
“North-West region dominates Italy tire market as the region is a hub of various commercial and cultural activities. The region’s share is further anticipated to increase in the coming years on account of growing fleet and sale of automotive vehicles. Moreover, over the last few years, the automotive industry in Italy witnessed a considerable increase in the demand for passenger cars, thereby resulting in high volume sales of passenger car tires. Moreover, consistent growth in other vehicle segments, including light commercial vehicles, two-wheelers, M&HCV and OTR vehicles is further expected to boost tire sales in Italy over the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Italy 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 Italy 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 Italy tire market.
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