Expanding automobile fleet size and presence of leading automobile manufacturers are some key factors expected to aid the growth of Germany tire market in coming years.
According to TechSci Research report, “Germany 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”, Germany tire market is projected to witness a CAGR of 3.14% during the forecast period on account of expanding automobile fleet size and increasing investment in R&D activities. Germany is also considered to be the hub of automobile industry in the world where maximum number of passenger cars are being produced and sold each year. Moreover, high purchasing power of people is also positively influencing Germany tire market. This has led to increasing sale of passenger cars which is leading to increase in demand for passenger car tires. In addition to this, growing preference for energy efficient vehicles and government initiatives aimed towards green and clean environment are further contributing to the growing demand for tires across Germany. The growing dealer & distribution channel of several automakers and increasing urbanization are some of the other factors that are anticipated to boost the demand for vehicles, which would in turn positively influence the country’s tire market through 2025.
Furthermore, the Germany tire market is witnessed to be largely concentrated in the North Rhine-Westphallia owing to the region’s large population base, and consequently, huge vehicular population. Moreover, major OEMs are present in this region due to which the region is expected to lead the tire market during the next five years.
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Germany 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 tire segment dominated the country’s tire market in 2019 with a market share of 89.42%. The segment is further expected to maintain its dominance during the forecast period owing to high sales of used & new cars and increasing average lifetime of passenger cars.
Leading market players in Germany tire market are Michelin Reifenwerke AG & Co. KGaA, Continental Reifen Deutschland GmbH, Goodyear Dunlop Tires Germany GmbH, Bridgestone Deutschland GmbH, Pirelli Deutschland GmbH, Toyo Tire Deutschland GmbH, Cooper Tire & Rubber Company Deutschland GmbH, Yokohama Reifen GmbH, Hankook Reifen Deutschland GmbH and Nokian Tire Plc. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market.
“Apart from quenching huge domestic demand, Germany also caters to the demand of various international automobile markets across the globe. Three-fourth of cars produced in Germany are exported to the outside world, thereby boosting the OEM tire market in the country. The passenger car segment is dominated by small and medium cars tires and it is anticipated to remain the major shareholder in Germany tire market during the forecast period. Moreover, few of the tire companies are increasingly focusing on creating more eco-friendly tire, generally known as “Green Tires”, and the adoption of these tires is expected to increase over the next five years ,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Germany Tire Market By 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 Germany 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 Germany tire market.
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