According to a new report by Research and Markets, Israel’s tyre market is projected to surpass US$ 589 million by 2020.
Passenger car tyre and light commercial vehicle tyre segments cumulatively captured a market share of more than 80% in 2014. Alliance Tyre is the only domestic tyre manufacturing company in the country, with various major global tyre players like Michelin, Toyo, Hankook, Bridgestone, etc., operating through the import route in Israel.
With a population of 8.21 million as of 2014, Israel is a densely populated country located near the eastern shore of the Mediterranean Sea. In 2014, the country had a high motorization rate (passenger cars and commercial vehicles) of more than 360 vehicles per 1,000 people. Major factors driving tyre market in Israel include increasing automobile sales, expanding vehicle fleet, favorable government policies like low interest rates and continuing economic growth in the country. The country’s vehicle fleet is dominated by passenger cars, followed by the commercial vehicles. Consequently, the passenger car tyre segment has a major share in the country’s tyre market, and it is anticipated that the dominance of passenger car tyre segment will continue in the coming years.