United Kingdom Passenger Car Tires Market 2015-2019 with Apollo Vredestein, Bridgestone, Continental, Cooper Tire and Rubber, Goodyear, Hankook, Michelin & Pirelli Tyres

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Jul 16, 2015, 01:11 ET

DUBLIN, July 10, 2015 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/drkmtp/passenger_car) has announced the addition of the "Passenger Car Tires Market in the UK 2015-2019" report to their offering.

The passenger car tires market in the UK to grow at a CAGR of 2.98% over the period 2014-2019.

The passenger car tires market in the UK is a derived market, and it completely depends on passenger car sales and demand from the replacement market. Though the automotive industry in the UK is one of the most mature industries worldwide, still it offers a lot of growth opportunities for manufacturers, in terms of volume and revenue. For tire manufacturers, the OEM segment forms an important source of revenue.

The rising proliferation of the Internet has caught the interest of tire vendors to explore the platform. Easy price and product comparison, product catalogue search, buying advice, and lower online prices, all available from the comfort of the home, are a few benefits offered by the Internet. The large variety and current availability of tires, multiple payment options, and quick delivery to the required location are some of the other benefits that are associated with online purchases.

According to the report, the UK's leading automotive manufacturers such as Jaguar Land Rover, General Motors, Nissan, Bentley, Honda, Aston Martin, BMW, Ford, GKN and Toyota will work in collaboration with the government, SEMTA, and SMMT through the automotive council to encourage workforce skills both in the short and long term. Such joint collaborations between the government and industry players will benefit the industry in the long run and lead to profits for automotive manufacturers, which in turn will have a cascading impact on the tires market.

Further, the report states that a major challenge faced by tire manufacturers is the increasing competition from low-cost manufacturers.

Key Vendors