“With Ever-Increasing Commercial Construction in Turkey, Tire Industry Gets a Big Boost”
A research study by MarkNtel Advisors cites that the Turkey Tire Market is set to record around 3.45% CAGR during 2022-27. Massive government investments in various construction projects related to roads, commercial & residential complexes, airports, etc., are augmenting the need for heavy vehicles in the country and, in turn, directly influencing the tire industry. Besides, improving economic conditions, changing living standards, and the growing inclination of people toward private vehicle ownership for commuting are other prominent aspects fueling vehicle sales in Turkey and, consequently, driving the tire industry.
Moreover, the active participation of prominent automakers & tire manufacturers in introducing new vehicles & tires with enhanced features, coupled with the easy availability & affordability of high-quality tires and the mounting awareness among people about the need for their timely inspection & replacement, are also projected to spur growth in the tire market of Turkey over the coming years.
Substantial Sales & Exports of Passenger Cars Augments the Market Growth
The rapidly increasing private vehicle ownerships in Turkey on account of the improving disposable incomes of people are leading to the accelerating sales of passenger cars and, consequently, passenger car tires in the country. Besides, since Turkey is a massive trade center for Asia-Pacific, the Middle East & Africa, & Europe, it is witnessing significantly rising exports of passenger vehicles & tires to these regions, i.e., another prominent aspect projected to positively influence the growth of the tire market in the years to come.
Increasing Investments by the Government in Construction Projects to Boost the Market
The demand for heavy commercial vehicles, as well as robust tires for them, has been growing at a rapid pace since the Turkish government announced the construction of 35 projects, including Marmaray, the Eurasia Tunnel, the Yavuz Sultan Selim Bridge, the Osmangazi Bridge, and the airport, among others. As a result, the leading players in the industry are actively working on introducing new products & increasing their production capacities in order to meet the ever-evolving end-user requirements for commercial vehicles. Hence, these aspects are creating new directions for the tire market in Turkey to witness notable expansion in the forecast years.
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The key companies operating in the Turkey Tire Market include Yokohama, Kumho, Sumitomo, Anlas Anadolu, Michelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear- Lastikleri, Barisa, Bridgestone, and ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S.
Key Questions Answered in the Study:
- What are the current & future trends in the Turkey Tire Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across Turkey, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Turkey Tire Market?
- What are the customer orientation, purchase behavior, and expectations from tire manufacturers across Turkey?
- By Type of Vehicle (Passenger Car, Light Commercial Vehicle, Buses & Trucks, Medium & Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
- By Demand Category (OEM, Replacement)
- By Type of Tire (Radial, Bias)
- By Sales Channel (Dealer/Exclusive Outlets, Online)
- By Season (All-Season, Summer, Winter)
- By Price Category (Low, Medium, High)
- By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
- By Region (East, West)