Spain Tyre Market to Reach US$ 2.85 Billion by 2020

Growing domestic demand for automobiles, increasing automobile production and expanding automobile fleet to drive Spain tyre market

According to TechSci Research report, “Spain Tyre Market Forecast and Opportunities, 2020”, tyre market in Spain is forecast to reach US$ 2.85 billion by 2020, on account of implementation of monetary and structural reforms in the country, rising automobile sales and expanding automobile fleet size. Some of the prominent domestic automobile manufacturers operating in Spain are Volkswagen, General Motors, Renault-Nissan, Hyundai, Ford and Fiat. On account of recuperating economic conditions and resurging consumer confidence, the automobile production and sales in the region are expected to revive in the coming years. Despite increasing demand for tyres from the OEM segment, replacement demand is anticipated to continue dominating Spain tyre market through 2020.

In 2014, passenger car tyre segment dominated Spain tyre market, followed by light commercial vehicle tyre, two-wheeler tyre, medium & heavy commercial vehicle tyre, and OTR tyre segments. Passenger car tyre segment is anticipated to continue its dominance in the market through the forecast period. Few of the leading companies operating in Spain tyre market include Michelin, Bridgestone Continental, Pirelli, Goodyear, Yokohama, Belshina, etc. Michelin and Bridgestone are the only two tyre companies engaged in manufacturing tyres locally in the country, while all other tyre companies operate through the import route. Rising sales of vehicles due to increasing purchasing power of consumers coupled with increasing penetration of global OEMs are major factors propelling growth in Spain tyre market.

 “Demand for sports cars and luxury cars is increasing at a robust pace in Spain. Increasing demand for sports cars and luxury cars is anticipated to fuel demand for high performance tyres over the next five years. Various major tyre companies such as Bridgestone and Michelin offer high performance tyres in the country; and demand for these tyres is expected to witness robust growth in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Spain Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Spain tyre market and provides statistics and information on market structure, imports and trends of Spain  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 Spain tyre market.