Turkey Tire Market to Be Dominated by Passenger Car Tires Through 2026
Expanding
automobile fleet size and rising vehicle sales are some key factors expected to
drive the growth of Turkey tire market in coming years.
According
to TechSci Research report, “Turkey
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, 2016-
2026”, Turkey tire market is projected to witness
around 5% CAGR during the forecast period on account of expanding automobile
fleet size, rising vehicle sales and growing automobile production across the
country. According to the World Bank, per capita Gross National Income of
Turkey stood at USD9,950 in 2016. Rising disposable income levels coupled with
increasing standards of living across the country are anticipated to boost
demand for automobiles and related tires across the country in coming years.
Additionally,
being one of the major centres for trade in Asia, Turkey offers automotive
manufacturers huge opportunities to increase their penetration across Europe,
Central Asia and the Middle East. Low vehicle ownership, coupled with the country’s robustly growing
infrastructure is further propelling the growth in Turkey’s automotive
industry, including the tire market. Apart from that, growth in Turkey tire
market is can also be attributed to increasing domestic automobile production
and favourable government policies such as membership with European Customs
Union.
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Turkey
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 segment dominated Turkey tire market until 2019 backed by growing sales of
passenger cars and expanding passenger car fleet size. The segment is further
expected to maintain its dominance and hold a market share of 55.80% by 2026. Based
on demand category, Turkey tire market can be split into replacement and OEM.
Among them, replacement segment is expected to dominate the market during the
forecast period as enhance the average mile travelled per hour at a minimum
cost.
Turkey
is prominently divided into seven regions including Marmara Region, Central
Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South Eastern
Anatolia Region and Eastern Anatolia Region. Based on region, Marmara region
dominated Turkey tire market until 2019 due to large population base and large
automobile fleet size in the region.
Leading
market players in Turkey tire market are Brisa Bridgestone Sabanci Lastik
Sanayi Ve Ticaret, Goodyear Lastikleri Turk A.S., Turk-Pirelli Lastikleri A.S.,
Abdulkadir Ozcan A.Ş., Michelin Lastikler Ticaret A.S., Özka Lastik Ve Kauçuk
Saniyi Ve Ticaret A.Ş, Anlas Anadolu Lastik A.Ş., Sumitomo Rubber Ako Lastik
Sanayi Ve Ticaret A.Ş., Kumho Tire Co., Inc. and Yokohama Rubber Co. Ltd. Among
these market leaders, Brisa Bridgestone, Goodyear and Pirelliare hold a
significant share in Turkey tire market owing to their growing popularity among
end users. Key growth strategies being adopted by tire manufacturers operating
in Turkey are product innovation, collaborations and mergers &
acquisitions.
“Turkey’s
automobile sector is witnessing revival on account of favourable tax and
investment policies of the Turkish government, which in turn, is fuelling the demand
for tires in the country. Moreover, the growing concern towards sustaining the
healthy life of the tire coupled with increasing requirement for maintaining a
smooth driving experience are some other key aspects behind the rising demand
for tires in Turkey,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
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“Turkey 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, 2016- 2026” has analyzed the potential of Turkey 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 Turkey tire market.
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