Czech Republic Tyre Market to Witness CAGR of 6.5% between 2015 and 2020
Increasing
passenger car production coupled with growing automobile exports 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 projected
to grow at a CAGR of 6.5% during 2015-2020, due to growing demand from the OEM
segment, especially passenger car production, and increasing automobile exports.
Global passenger car manufacturing companies like Skoda, Toyota, Hyundai, etc.,
cumulatively manufactured around one million passenger cars in Czech Republic
in 2014, most of which are being exported to the other European countries. Strong
automobile production and export scenario for passenger cars in Czech Republic is
anticipated to continue driving the country’s tyre market during 2015 - 2020.
In 2014, passenger car tyre
segment dominated Czech Republic tyre market, due to the growing demand for tyres
for hatchbacks, sedans, SUVs, coupes, etc. Large-scale manufacturing of
passenger cars in Spain is anticipated to drive OEM demand for tyres in the
country. Western region,
which includes cities such as Prague, Central Bohemian, Plzen, Karlovy Vary, Usti
and Labem, was the largest regional market for tyres in Czech Republic. Continental
and Michelin tyres, along with global players such as Bridge stone, Goodyear,
etc., are the leading players operating in Czech Republic tyre market.
“Implementation of government
regulations have made it mandatory to use winter tyres and snow chains during
winters. Growing trend of using winter and snow tyres is anticipated to fuel
growth in Czech Republic tyre market in the coming years. Government is working
towards increasing awareness regarding benefits of using winter tyres in order
to avoid accidents during cold weather. Increasing awareness among people about
such tyres is anticipated to drive demand for these tyres during 2015 - 2020.”
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, trends, imports & exports of 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.