Portugal Tire Market Forecast to Surpass $ 460 Million by 2022
Increasing fleet of passenger cars
coupled with continuously expanding sales of commercial vehicles in the country
to drive Portugal tire market through 2022
According to TechSci Research report, “Portugal
Tire Market
By Vehicle Type, By Demand
Category, By
Radial Vs. Bias, Competition
Forecast & Opportunities, 2012-2022”, tire market in Portugal is projected to cross
$ 463 million mark by 2022, on account of anticipated growth in fleet
of passenger cars and resulting increase in demand for replacement tires over
the course of next five years. Although, the country witnessed decline in
vehicle fleet during 2012-2016 due to scrappage program for passenger cars and
light commercial vehicle, the trend is expected to reverse in the coming years.
Backed by several favorable economic policies that were implemented in the country,
Portugal witnessed unceasing decline in the inflation rate, which contracted
from an average of 3.65% in 2011 to 0.49% in 2015. Backed by a recovering
economic climate and renewed infrastructure development, demand for passenger
as well as commercial vehicle tires is expected to surge in the country through
2022.
Browse 13 market data Tables and 50 Figures
spread through 120 Pages and an in-depth TOC on "Portugal Tire Market"
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Increasing tire radialization is one of the
major emerging trends in Portugal tire market. Radial tires offer numerous
benefits such as total lower cost of ownership, lower fuel consumption,
improved mileage and better handling. Enhanced utilization of digital platform
by an increasing population of internet users is anticipated to boost online
tire sales through 2022. Besides that, rising demand for hybrid, electric and
alternate fuel cars is projected to increase demand for high performance tires
in the country over the next five years.
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“High growth potential offered
by the country’s automotive sector, growing vehicle fleet size and supportive
investment policies have made Portugal a prominent investment destination for
various automotive companies such as Renault, Mazda, Volkswagen, etc. On
account of such favorable factors, the country’s tire market is expected to
witness a healthy growth during the forecast period.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Portugal Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, Competition Forecast &
Opportunities, 2012-2022” has evaluated the future growth potential of
Portugal tire market and provides statistics and information on market
structure, size, share and market trends. The report intends 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 present in Portugal tire market.
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