BURNABY, Canada, January 18, 2016 /PRNewswire/ --
Increasing passenger car production coupled with growing automobile exports to drive Czech Republic tyre market through 2020
According to TechSci Research report, "Czech Republic Tyre Market Forecast & Opportunities, 2020", tyre market in Czech Republic is projected to grow at a CAGR of 6.5% during 2015-2020, due to growing demand from the OEM segment, especially passenger car production, and increasing automobile exports. Global passenger car manufacturing companies like Skoda, Toyota, Hyundai, etc., cumulatively manufactured around one million passenger cars in Czech Republic in 2014, most of which are being exported to the other European countries. Strong automobile production and export scenario for passenger cars in Czech Republic is anticipated to continue driving the country's tyre market during 2015 - 2020.
In 2014, passenger car tyre segment dominated Czech Republic tyre market, due to the growing demand for tyres for hatchbacks, sedans, SUVs, coupes, etc. Large-scale manufacturing of passenger cars in Spain is anticipated to drive OEM demand for tyres in the country. Western region, which includes cities such as Prague, Central Bohemian, Plzen, Karlovy Vary, Usti and Labem, was the largest regional market for tyres in Czech Republic. Continental and Michelin tyres, along with global players such as Bridgestone, Goodyear, etc., are the leading players operating in Czech Republic tyre market.
"Implementation of government regulations have made it mandatory to use winter tyres and snow chains during winters. Growing trend of using winter and snow tyres is anticipated to fuel growth in Czech Republic tyre market in the coming years. Government is working towards increasing awareness regarding benefits of using winter tyres in order to avoid accidents during cold weather. Increasing awareness among people about such tyres is anticipated to drive demand for these tyres during 2015 - 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Czech Republic Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Czech Republic tyre market and provides statistics and information on market structure, trends, imports & exports of Czech Republic tyre market. The report is intended 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 available in Czech Republic tyre market.
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SOURCE TechSci Research