Passenger Car Tires Market in the UK 2015-2019
About Passenger Car Tires Market in the UK
The automotive industry in the UK is one of the critical industries as it contributes around 4% to the UK's GDP. The global economic recession of 2008-209 had negatively impacted this industry and was further affected by the eurozone crisis. The industry experienced the negative effects of such incidents only for a short term. Post the recession, the scenario has changed completely, and the industry is growing at a rapid rate, creating thousands of jobs, and attracting more investments from automakers.The passenger car tires market in the UK is a derived market, and it completely depends on passenger car sales and demand from the replacement market. Though the automotive industry in the UK is one of the most mature industries worldwide, still it offers a lot of growth opportunities for manufacturers, in terms of volume and revenue. For tire manufacturers, the OEM segment forms an important source of revenue.
Technavio's analysts forecast the passenger car tires market in the UK to grow at a CAGR of 2.98% over the period 2014-2019.
Covered in this Report
Based on distribution channel, the passenger car tires market in the UK can be segmented into two: OEM and replacement. To calculate the market size, the report considers revenue generated through the combined sales of tires from these two segments.
Technavio's report, Passenger Car Tires Market in the UK 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 the UK 2015-2019
Technavio recognizes the following companies as the key players in the passenger car tire market in the UK: Apollo Vredestein, Bridgestone, Continental, Cooper Tire and Rubber, Goodyear, Hankook, Michelin and Pirelli Tyres
Other Prominent Vendors in the market are: Durun Tires, Falken Tyre Europe, Kumho Tires, Matador, Maxxis Tires International, Nexen Tires, Toyo Tire & Rubber and Yokohama Rubber
Commenting on the report, an analyst from Technavio’s team said: “The rising proliferation of the Internet has caught the interest of tire vendors to explore the platform. Easy price and product comparison, product catalogue search, buying advice, and lower online prices, all available from the comfort of the home, are a few benefits offered by the Internet. The large variety and current availability of tires, multiple payment options, and quick delivery to the required location are some of the other benefits that are associated with online purchases.”
According to the report, the UK's leading automotive manufacturers such as Jaguar Land Rover, General Motors, Nissan, Bentley, Honda, Aston Martin, BMW, Ford, GKN and Toyota will work in collaboration with the government, SEMTA, and SMMT through the automotive council to encourage workforce skills both in the short and long term. Such joint collaborations between the government and industry players will benefit the industry in the long run and lead to profits for automotive manufacturers, which in turn will have a cascading impact on the tires market.
Further, the report states that a major challenge faced by tire manufacturers is the increasing competition from low-cost manufacturers.
Apollo Vredestein, Bridgestone, Continental, Cooper Tire and Rubber, Goodyear, Hankook, Michelin, Pirelli Tyres, Durun Tires, Falken Tyre Europe, Kumho Tires, Matador, Maxxis Tires International, Nexen Tires, Toyo Tire & Rubber, Yokohama Rubber
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