Czech Republic Tyre Market to Witness Continuing Dominance of OEM Tyre Segment
Increasing passenger car production, growing exports of automobiles and rising trend of radialization of tyres to drive Czech Republic tyre market through 2020
According to TechSci Research report, “Czech Republic Tyre Market Forecast and Opportunities, 2020”, tyre market in Czech Republic is dominated by the OEM tyre segment. Czech Republic is a central Europe country with a population of around 10 million. Global passenger car manufacturing companies like Skoda, Toyota, Hyundai, etc., cumulatively manufactured around one million passenger cars in Czech Republic in 2014. In 2014, automotive industry accounted for around 25% of total revenue generated by the country’s manufacturing sector. Majority of the automobiles manufactured in the country are exported to other European countries.
Czech Republic tyre market is majorly dominated by Continental and Mitas Tyres. Other major global tyre players operating in the country include Bridgestone, Michelin, Pirelli, Toyo, Dunlop, Federal, and Goodyear. Of the major tyre manufacturing plants in Czech Republic, Miltas operates three tyre manufacturing facilities and Continental owns one plant. Due to strong production and export scenario of passenger cars, tyre market in Czech Republic is expected to grow at a healthy CAGR during 2015 – 2020, predominantly on account of increasing tyre demand from the passenger car OEM segment.
“Over few years, the automotive industry in Czech Republic has witnessed considerable increase in demand for passenger cars, resulting in the increase of tyre sales. This trend is expected to prevail with continuing growth in passenger car production coupled with surging export demand for passenger cars over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Czech Republic Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Czech Republic tyre market and provides statistics and information on market structure and trends in Czech Republic tyre market. 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 Czech Republic tyre market.