Research and Markets (http://www.researchandmarkets.com/research/3bln3m/germany_tyre) has announced the addition of the “Germany Tyre Market Forecast and Opportunities, 2020” report to their offering.
“Germany Tyre Market Forecast and Opportunities, 2020”
The tyre market in Germany is forecast to grow at a CAGR of around 7% during 2015-20
Changing purchasing patterns, expanding consumer base, increasing urbanization, high R&D investments and introduction of electric and hybrid vehicles are the major factors propelling growth in the country’s automobile as well as tyre market. The passenger car tyre market is the most dominant tyre segment, followed by commercial vehicle tyre, two wheeler tyre and OTR tyre segments.
Demand for hybrid cars that include electric and plug-in cars is also anticipated to rise in the coming years, thereby further augmenting the tyre sales in the country. The replacement tyre segment accounts for the majority share in Germany’s tyre market, and this trend is expected to continue through 2020 due to the country’s large automobile fleet size.
Germany is the largest economy in Europe and is also one of the leading tyre markets, globally. Being one of the major exporting hubs for automobile producers, Germany’s automotive industry is known worldwide for its high quality automobile manufacturing. Moreover, the country is the fourth largest in terms of total vehicle production, globally, after China, US and Japan. All of these factors position Germany as one of most lucrative markets for leading global tyre manufacturers.
High vehicle ownership coupled with moderate growth in new vehicle sales is expected to continue boosting tyre sales in Germany over the next five years. Few of the major tyre players operating in Germany include Continental, Michelin, Pirelli, Goodyear, Bridgestone, etc. – Businesswire.com