BURNABY, Canada, January 19, 2016 /PRNewswire/ --
Growing vehicle fleet coupled with rising passenger car sales to drive tyre demand in Israel through 2020
According to TechSci Research report, "Israel Tyre Market Forecast and Opportunities, 2020", tyre market in Israel is projected to surpass US$ 589 million by 2020. Growth in the market is anticipated on account of increasing passenger car sales, rising average selling price of tyres, expanding automobile fleet, coupled with favorable government policies like low interest rates. Israel tyre industry is majorly dominated by various tyre manufacturing giants such as Michelin, Toyo, Hankook, Bridgestone, etc., which are operating through the import route in the country. Alliance Tyre is the only domestic tyre manufacturing company in the country.
Region-wise, in 2014, Tel-Aviv and Central District accounted for the majority volume share in the overall tyre demand emanating in Israel. Same trend is anticipated to continue through 2020, owing to growing population and rapid urbanisation in these regions. In 2014, the country had a high motorization rate (passenger cars and commercial vehicles) of more than 360 vehicles per 1,000 people. Passenger car tyre and light commercial vehicle tyre segments cumulatively captured a market share of more than 80% in 2014.
"Over the next five years, passenger car tyre segment is anticipated to witness higher growth, followed by light commercial vehicle tyre, OTR tyre, medium & heavy commercial vehicle tyre and two-wheeler tyre segments. Moreover, the country's vehicle fleet is dominated by passenger cars. Consequently, the passenger car tyre segment, which already has a major share in the country's tyre market, is expected to continue its dominance in the country's tyre market through 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Israel Tyre Market Forecast and Opportunities, 2020" has evaluated the future growth potential of tyre market in Israel, and provides statistics and information on market structure 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 Israel tyre market.
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SOURCE TechSci Research