Passenger Car Tires Market in Italy 2015-2019
About Passenger Car Tires Market in Italy
The automotive industry in Italy is one of the major contributors to the nation's economy, and it contributes significantly to the nation's GDP. The automobile industry in Italy is export-oriented, with the majority of vehicles being exported to Europe, Asia, and the Americas. The OEM market for tires in Italy had been experiencing a stable growth rate for many years before the economic crisis as new car registrations averaged a growth rate of approximately 7% on a yearly basis before 2008. New vehicle registrations in the country, every year, ensure the positive prospect for the replacement tire market, as tires are subject to wear and tear with vehicle usage. Currently, the country, however, is in the relatively stable condition as economic conditions have improved with time, and the export-oriented industries in Italy have been able to revive the growth of the economy. Passenger car sales in Italy achieved a growth rate of 4% in 2014 as compared to 2013.
Technavio's analysts forecast the passenger car tires market in Italy to grow at a CAGR of 5.55% over the period 2014-2019.
Covered in this Report
The report covers the present scenario and the growth prospects of the passenger car tires market in Italy for the period 2015-20149. Based on distribution channel, the passenger car tires market in Italy can be segmented into two: OEM and replacement. To calculate the market size, the report considers revenue generated through the sales from these two segments. Technavio's report, Passenger Car Tires Market in Italy 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in Italy 2015-2019
Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in Italy: Apollo Vredestein, Bridgestone Europe, Continental, Goodyear Dunlop (EMEA), Michelin and Pirelli
Other Prominent Vendors in the market are: Cooper Tire & Rubber, Debica, Hankook Tire Group, Nankang Rubber Tire, Nokian Tyres and Syron Tires
Commenting on the report, an analyst from Technavio’s team said: “One of the trends in the tire industry is the growing use of environmentally friendly raw materials. Goodyear has been experimenting with soybean oil in the manufacture of tires. Studies conducted by the company have found that by using soybean oil in tires their tread life increased by 10%. This can help the company save up to 26 million liters of petroleum based oils each year. The use of soybean oil offers numerous other benefits as well. Rubber compounds made with soybean oil blend more easily with the silica that is used in tire manufacturing, thus making the manufacturing process simpler. The use of soybean oil has also been found to improve tire efficiency and reduce energy consumption and greenhouse emissions.”
According to the report, the domestic demand for new cars pepped up due to demand arising from both individual buyers and commercial users. Increase in the sale of new cars has given momentum to the automotive industry, which has been experiencing negative growth for the past five years. The improved economic scenario and the growth momentum is likely to continue in the forecast period and augment passenger car tire sales, especially from the OEM segment.
Further, the report states that intense competition among tire manufacturers has led to strong bargaining power for buyers.
Apollo Vredestein, Bridgestone Europe, Continental, Goodyear Dunlop (EMEA), Michelin, Pirelli, Cooper Tire & Rubber, Debica, Hankook Tire Group, Nankang Rubber Tire, Nokian Tyres, Syron Tires
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