Burnaby, British Columbia,, Canada, October 25, 2015 --(PR.com
)-- According to TechSci Research report, “Czech Republic Tyre Market Forecast & Opportunities, 2020,” the tyre market in the Czech Republic is dominated by the OEM tyre segment. Czech Republic is a central Europe country with a population of around 10 million. Global passenger car manufacturing companies like Skoda, Toyota, Hyundai, etc., cumulatively manufactured around one million passenger cars in the Czech Republic in 2014. In 2014, the automotive industry accounted for around 25% of total revenue generated by the country’s manufacturing sector. A Majority of the automobiles manufactured in the country are exported to other European countries.
The Czech Republic tyre market is majorly dominated by Continental and MitasTyres. Other major global tyre players operating in the country include Bridgestone, Michelin, Pirelli, Toyo, Dunlop, Federal, and Goodyear. Of the major tyre manufacturing plants in Czech Republic, Milt as operates three tyre manufacturing facilities and Continental owns one plant. Due to the strong production and export scenario of passenger cars, the tyre market in the Czech Republic is expected to grow at a healthy CAGR during 2015 – 2020, predominantly on account of increasing tyre demand from the passenger car OEM segment.
“Over few years, the automotive industry in Czech Republic has witnessed considerable increase in demand for passenger cars, resulting in the increase of tyre sales. This trend is expected to prevail with continuing growth in passenger car production coupled with surging export demand for passenger cars over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.