Israel Tire Market is Poised to Undergo 3.80% CAGR Through 2025
Increasing
automobile sales and favorable government policies are some key factors propelling
the growth of Israel tire market.
According to TechSci Research report, “Israel
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”, Israel tire market is poised to witness a
CAGR of around 3.80% by 2025 on account of expanding passenger car fleet size
and rising construction activities. Furthermore, increasing automobile sales,
expanding vehicle fleet and favourable government policies like low interest
rates and continuing economic growth in the country are some other key factors
driving the growth of Israel tire market. The high motorization rate of the
country also plays an important role in the tire market growth. Apart from
that, Israel tire market is entirely import driven with import of vehicles from
United States, South Korea, and France. The country is also witnessing rise in
penetration of Chinese tires as they come at affordable price and are easily
accessible.
Additionally, Israel is now turning into a prominent
hothouse for the automotive technology. After General motors opened its
research center in the country, many leading OEMs such as Hyundai, Bosch, BMW and
Lear have also opened their research centers in Israel thus paving the way for
tire market growth. Moreover, the country’s increasing population and high per
capita disposable income is also positively influencing the automotive industry
and consequently creating demand for tires.
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Israel 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. The country's vehicle fleet is dominated by passenger cars, followed
by the commercial vehicles. Consequently, the passenger car tire segment has a
major share in the country's tire market, and it is anticipated that the
dominance of passenger car tire segment will continue in the coming years.
Based on demand category, Israel tire market is split
into replacement and OEM. Among the two, the country’s tire market is driven by
the replacement demand as there are no automobile production facilities in the
country. Moreover, the replacement tire segment is forecast to hold 100% market
share through 2025.
Leading market players in Israel tire market are Alliance
Tire Company Ltd., Bridgestone Corporation, Giti Tire Pte. Ltd., Goodyear Tire
& Rubber Company, Hankook Tire Co. Ltd., Michelin SCA, Pirelli & C.
S.p.A., Shandong Hengfeng Rubber & Plastic Co., Ltd., Sumitomo Rubber
Industries Ltd. and Toyo Tire & Rubber Co., Ltd. Among them, Alliance Tire
is the only domestic tire manufacturing company in the country, with various
major global tire players like Michelin, Toyo, Hankook, Bridgestone, etc.,
operating through the import route in Israel. Furthermore, key growth
strategies being adopted by these tire manufacturers are product innovation,
mergers & acquisitions, collaborations and partnerships.
“Radial tires acquired the largest market share in the Israel
tire market in 2019 with a market share of 93.98%. These tires possess relatively
flexible sidewalls and are more fuel efficient when compared with their
counterpart bias. Hence they are increasingly being used in passenger cars and
other light commercial vehicles. Israel tire market is also witnessing growth
due to the increasing investments in infrastructural development which is creating
high demand for commercial vehicles in the country.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Israel 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 Israel 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 Israel tire
market.
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market trends.
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