Press Release

Austria Tire Market is Anticipated to Undergo Substantial Growth in Coming Years

Favorable government policies and expanding automobile fleet size are some key factors expected to propel the growth of Austria tire market in next five years.

According to TechSci Research report, “Austria Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Austria tire market is poised to undergo a CAGR of 5.05% during the forecast period. Increasing vehicle fleet size, rising per capita disposable income and increasing demand for passenger vehicles are some of the key factors propelling the growth of Austria tire market. Also, well-established road infrastructure and extensive infrastructural activities are also leading to rise in demand for commercial vehicles which will consequently benefit the tire manufacturers in coming years.

Additionally, introduction of latest technologies is enabling tire manufacturers to introduce advanced tires which is another major factor boosting the Austria tire market growth. Apart from that, the mandatory winter tires regulation in the country is creating high demand for winter tires. With changing consumer preference and increasing sale of electric vehicles, the tire market is poised to grow significantly through 2025.

Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on "Austria Tire Market"

Austria tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the passenger car tire segment is anticipated to hold more than 80% market share by 2025 due to increasing sale of passenger vehicles. Also, vehicle owners in Australia change tires twice a year, once at the onset of winter and the other at the beginning of summer. This also makes passenger car tire segment a dominating segment among all other vehicle types. Based on demand category, Austria tire market is split into replacement and OEM. Among the two, the replacement segment dominated the market until 2019 and is further expected to maintain its dominance through 2025. The technological advancements have led to improvement in the average lifespan of a vehicle which in turn is creating high demand for replacement tires in Austria.

Leading market players in Austria tire market are Compagnie Générale des Établissements Michelin, Continental AG, The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, Yokohama Rubber Co. Ltd., Hankook Tire Company Ltd., Nokian Renkaat Oyj, Apollo Tyres Limited and Sumitomo Rubber Industries Ltd.

“The concept of tire hotels is getting immensely popular in Austria as the vehicle owners need to invest in winter tires and summer tires as winter tires are mandatory in country during snow season. Moreover, the replacement draws a major portion of revenue for tire manufacturers and with no tire production plant in the country, dealers and distribution channel play crucial role in the tire market of the country.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Austria Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Austria tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Austria tire market.

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Austria Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By Region, Competition, Forecast & Opportunities

Automotive | Oct, 2023

The major drivers for the Austria Tire Market include increasing automobile sales and ownership, a growing focus on winter and all-season tires due to the country's climate, and a rising awareness of the importance of tire safety and performance.

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