Greece Tire Market to Reach € 3.4 Billion by 2021
Expanding
vehicle fleet size, favorable government policies and expanding tourism sector
to drive Greece tire market through 2021
According
to recently released TechSci Research report, “Greece
Tire Market
Forecast & Opportunities, 2021”, tire market in Greece is
projected to cross US$ 3.4 billion (Euro 3 Bn) by the end of 2021. Owing to the Eurozone crisis, the country’s economy
witnessed severe setbacks over the last few years, with almost all major industries,
including automotive, registering a considerable decline during 2011 - 2015.
However, owing to several bailout packages by the European Union and the
International Monetary Fund (IMF) coupled with the introduction of various
favorable government initiatives, the country’s tire market is expected to
revive over the next five years.
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Tire Market"
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Greece’s motorization rate has been quite stagnant
over the last few years, with the same standing at 583 per 1,000 inhabitants in
2013 to 582 per 1,000 inhabitants in 2014. Moreover, the automotive fleet
(including passenger cars & commercial vehicle) of the country also shrunk from
6,552 thousand units in 2011 to 6,456 thousand units in 2015. However, the
scenario is expected to change over the next five years, and one of the key
reasons forecast to contribute to the growth revival in the country’s tire
market is booming tourism sector. As per the World Travel & Tourism
Council, the contribution of travel & tourism sector in the country’s GDP was
around 7% in 2014, which amounts to around US$ 13 billion.
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Passenger car segment is forecast to dominate
Greece tire market over the next five years, owing to increasing purchasing
power and rising number of nuclear families in the country. Region-wise, in
2015, Northern Greece region accounted for the largest volume share in the
country’s tire market, and the same trend is anticipated to continue through 2021.
Few of the major companies operating in Greece tire market include Michelin,
Bridgestone, Goodyear, Continental and Pirelli, among others.
“Due to lack of automobile manufacturing plants in
the country, the country’s automotive market is entirely dependent on imports
from European and Asian manufacturers. The country’s vehicle fleet is dominated
by the passenger car segment. As a result, over three-fourths of the tire
demand emanating in the country is accounted for by the passenger car tire
segment.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Greece Tire
Market Forecast & Opportunities, 2021” has evaluated the future growth potential of tire
market in Greece, and provides statistics and information on market size, consumer
behaviour and trends. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities available in Greece tire
market.
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