Press Release

Germany Tire Market to Surpass $ 11 Billion by 2023

Increasing automobile production and fleet along with growing R&D investments in automotive industry to fuel growth in Germany tire market through 2023 

According to TechSci Research report, Germany Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Rim Size, By Price Segment, Competition Forecast & Opportunities, 2013-2023, Germany tire market is projected to cross $ 11 billion by 2023 on account of expanding vehicle fleet and rising sales of passenger cars. Moreover, growing preference for energy efficient vehicles and rising per capita income are further contributing to the growing demand for tires across Germany. Additionally, rising R&D investments in the country’s automobile market would further steer growth in Germany tire market in the coming years. Passenger car tires dominated Germany tire market in 2017, followed by the light commercial vehicle tire segment. The dominance of passenger car tire segment is led by increasing sales of passenger cars and huge passenger car fleet size in the country.

Browse 75 market data Tables and Figures spread through 118 Pages and an in-depth TOC on "Germany Tire Market"

The tire market is witnessed to be largely concentrated in the North Rhine-Westphallia owing to the region’s large population base, and consequently, huge vehicular population. Moreover, major OEMs are present in this region due to which the region is expected to lead the market during forecast period as well. The rising presence of various companies such as Michelin Reifenwerke AG & Co. KGaA, Continental Reifen Deutschland GmbH, Goodyear Dunlop Tires Germany GmbH, Bridgestone Deutschland GmbH, etc., and their continuing operations in the country’s tire market is anticipated to further intensify the market competition in Germany tire market over the course of the next five years.

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“With growing vehicle production and sales along with increasing R&D investments, demand for tires is expected to grow in Germany during the forecast period. Moreover, increasing focus of manufacturers towards eco-friendly tires, keeping in view the rising environmental concerns along with growing e-commerce industry, is anticipated to positively influence Germany tire market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Germany Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Rim Size, By Price Segment, Competition Forecast & Opportunities, 2013-2023 has analyzed the potential of tire market across Germany, 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 Germany tire market.

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