Burnaby, British Columbia,, Canada, October 14, 2015 --(PR.com
)-- According to TechSci Research report, “Italy Tyre Market Forecast & Opportunities, 2020”, the tyre market in Italy is forecast to witness a moderate growth during 2015-20. Backed by anticipated revival in automobile sales and production, coupled with expansion of automobile fleet, the tyre market in Italy is forecast to grow over the next five years. Pirelli, Michelin, Continental, Bridgestone and Goodyear are some of the major tyre brands in the country, in addition to various other leading global tyre players like General Tyre, Yokohama, Nokian, Hankook, Goodrich Tyre and Eurotec operating in the country. The country is home to around 6 tyre manufacturing facilities of various tyre companies, with a cumulative annual production capacity of more than 30 million units in 2014.
Due to Eurozone Crisis, Italy’s automobile production underperformed during 2010-14, resulting in decline of OEM tyre segment, which accounted for less than 20% market share in 2014. However, recovery in the production, sales and export of automobiles in Italy is expected to have a positive impact on the country’s tyre market in the coming years. Resurging consumer and investor confidence, coupled with positive developments in regional and global economic conditions is forecast to drive growth in vehicle production and sales during the forecast period, which would boost tyre sales in the country through 2020.
“Italy’s tyre market is dominated by passenger car tyre segment, followed by commercial vehicle tyre segment. However, due to expected growth in the country’s infrastructure coupled with favourable government policies, the commercial vehicle tyre segment is poised to outperform the passenger car tyre segment by exhibiting fastest growth among all tyre segments until 2020,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.