Passenger Cars Continue to be Largest Demand Generators for Tires in Italy
Growing automobile sales and rising infrastructure and
construction sectors to steer growth in Italy tire market through 2023
According to TechSci Research report, “Italy Tire Market By Vehicle Type, By
Demand Category, Competition Forecast & Opportunities, 2013 - 2023”, the country’s tire market
is projected to reach $ 3.8 billion by 2023. Major growth drivers in Italy tire
market include expanding vehicle fleet, especially of the passenger cars, and improving
macroeconomic scenario in the country. Moreover, rising purchasing power and increasing
online tire sales in the country are further anticipated to positively
influence Italy tire market during the forecast period. Additionally, rapidly
growing e-commerce sector has fuelled growth in the logistics sector, thereby
propelling demand for light commercial vehicles as well as tires. Furthermore, reviving
construction industry in Italy is expected to fuel demand for commercial
vehicles & Off-the-road (OTR) vehicles over the next five years, which is
expected to positively influence the country’s tire market until 2023.
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In 2017, passenger car tire segment dominated Italy tire market on the
back of proliferating sales of passenger cars. The segment is expected to
maintain its dominance through 2023 with continuously rising demand for sedans
and SUVs being witnessed in the country. North-West region dominates the country’s
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. Few of
the prominent tire players operating in Italy include Michelin Italiana S.p.A., Pirelli & C. S.p.A.,
Bridgestone Italia Sales S.R.L., and Continental Italia S.p.A., among others.
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Due to limited number of automobiles manufacturers in Italy, the
replacement tire market continues to maintain its market dominance with market
share of over 80% in 2017. “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.
“Italy Tire Market, By Vehicle
Type, By Demand Category, Competition Forecast & Opportunities, 2013 - 2023” has analyzed the potential
of tire market across Italy, and provides statistics and information on market
sizes, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. Besides, the report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by Italy tire
market.
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