Israel Tyre Market to Cross US$ 589 Million by 2020
Growing vehicle fleet coupled with rising passenger car
sales to drive tyre demand in Israel through 2020...
According to
TechSci Research report, “Israel Tyre Market Forecast and Opportunities, 2020”, tyre market in Israel is
projected to surpass US$ 589 million by 2020. Growth in the market is
anticipated on account of increasing passenger car sales, rising average
selling price of tyres, expanding automobile fleet, coupled with favorable
government policies like low interest rates. Israel tyre industry is majorly dominated by various tyre
manufacturing giants such as Michelin, Toyo, Hankook, Bridgestone, etc., which
are operating through the import route in the country. Alliance Tyre is the
only domestic tyre manufacturing company in the country.
Region-wise, in 2014, Tel-Aviv and Central District
accounted for the majority volume share in the overall tyre demand emanating in
Israel. Same trend is anticipated to continue through 2020, owing to growing
population and rapid urbanisation in these regions. In 2014, the country had a
high motorization rate (passenger cars and commercial vehicles) of more than
360 vehicles per 1,000 people. Passenger car tyre and light commercial
vehicle tyre segments cumulatively captured a market share of more than 80% in
2014.
“Over the next five years, passenger car tyre segment is
anticipated to witness higher growth, followed by light commercial vehicle
tyre, OTR tyre, medium & heavy commercial vehicle tyre and two-wheeler tyre
segments. Moreover, the country’s vehicle fleet is dominated by passenger cars.
Consequently, the passenger car tyre segment, which already has a major share
in the country’s tyre market, is expected to continue its dominance in the
country’s tyre market through 2020.” said Mr. Karan Chechi, Research Director
with TechSci
Research, a research based
global management consulting firm.
“Israel Tyre Market Forecast and
Opportunities, 2020” has evaluated the future growth potential of
tyre market in Israel, and provides statistics and information on market
structure and trends. 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 Israel tyre market.