NEW YORK, July 19, 2016 /PRNewswire/ --
Expanding Vehicle Fleet Size, Favorable Government Policies and Expanding Tourism Sector to Drive Greece Tire Market Through 2021
According to recently released TechSci Research report, "Greece Tire Market Forecast & Opportunities, 2021", tire market in Greece is projected to cross US$ 3.4 billion (Euro 3 Bn) by the end of 2021. Owing to the Eurozone crisis, the country's economy witnessed severe setbacks over the last few years, with almost all major industries, including automotive, registering a considerable decline during 2011 - 2015. However, owing to several bailout packages by the European Union and the International Monetary Fund (IMF) coupled with the introduction of various favorable government initiatives, the country's tire market is expected to revive over the next five years.
Browse 15 market data Tables and 24 Figures spread through 100 Pages and an in-depth TOC on "Greece Tire Market"
Greece's motorization rate has been quite stagnant over the last few years, with the same standing at 583 per 1,000 inhabitants in 2013 to 582 per 1,000 inhabitants in 2014. Moreover, the automotive fleet (including passenger cars & commercial vehicle) of the country also shrunk from 6,552 thousand units in 2011 to 6,456 thousand units in 2015. However, the scenario is expected to change over the next five years, and one of the key reasons forecast to contribute to the growth revival in the country's tire market is booming tourism sector. As per the World Travel & Tourism Council, the contribution of travel & tourism sector in the country's GDP was around 7% in 2014, which amounts to around US$ 13 billion.
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Passenger car segment is forecast to dominate Greece tire market over the next five years, owing to increasing purchasing power and rising number of nuclear families in the country. Region-wise, in 2015, Northern Greece region accounted for the largest volume share in the country's tire market, and the same trend is anticipated to continue through 2021. Few of the major companies operating in Greece tire market include Michelin, Bridgestone, Goodyear, Continental and Pirelli, among others.
"Due to lack of automobile manufacturing plants in the country, the country's automotive market is entirely dependent on imports from European and Asian manufacturers. The country's vehicle fleet is dominated by the passenger car segment. As a result, over three-fourths of the tire demand emanating in the country is accounted for by the passenger car tire segment.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Greece Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of tire market in Greece, and provides statistics and information on market size, consumer behaviour and trends. 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 Greece tire market.
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