Turkey Tire Market to Cross $ 3 Billion by 2022: Says TechSci Research

According to TechSci Research report, "Turkey Tire Market Forecast & Opportunities, 2022", Turkey tire market is forecast to cross US$ 3 billion by 2022. Key factors propelling growth in the country's tire market include growing automobile sales, expanding automobile fleet coupled with decreasing inflation of consumer prices from 8.9% in 2012 to 7.7% in 2015, as per the World Bank. As per OICA, motorization rate (passenger car and commercial vehicle) in the country was 189 vehicles per 1000 people in 2014. Rising vehicle fleet size and growing production of vehicles is anticipated to boost demand for tires from OEM and replacement segments in Turkey.

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"Turkey Tire Market" 

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In 2016, Marmara region accounted for the largest share in the country's tire market, followed by Central Anatolia, Aegean and Mediterranean regions. Backed by the presence of the country's capital city, Istanbul in the Marmara region, the region is anticipated to continue dominating the country's tire market during the forecast period as well. Passenger car tires dominated Turkey tire market and the trend is anticipated to continue in the coming years as well. Rising demand for passenger car tires in the country can be attributed to growing sales of passenger cars and expanding passenger car fleet size.

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Numerous technological advancements in tire manufacturing processes has led to development of radial tires. This is boosting demand for radial tires across Turkey, as these tires offer various benefits such as high fuel saving, improved mileage, etc. Additionally, in Turkey, the Ministry of Transport and Maritime Affairs (MTMA) imposed a law, which makes it mandatory for all commercial vehicles, which are being used for transportation/logistic purposes or carrying passengers, to install winter tires. This is anticipated to boost sales of winter tires across the country. Additionally, growth in Turkey tire market is also anticipated to driven by growing online sales of tires. Increasing internet penetration rates coupled with rising number of smartphone users are anticipated to drive sales of tires through online channels. This is anticipated to augur well for the growth of the tire market in the country through 2022." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Turkey Tire Market Forecast & Opportunities, 2022" has evaluated the future growth potential of Turkey tire market and provides statistics and information on market size, structure and future market growth. The report intends 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 in Turkey tire market.

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