According to a recent research report published by MarkNtel Advisors, the Denmark Tire Market is expecting around 1.14% CAGR during 2022-27. The improving living standards of people & their mounting inclination toward private vehicle ownership are driving the Denmark tire industry. Besides, the rising government focus on enhancing the economic fluidity is demonstrating a swift acceleration in the imposition of favorable policies for attracting foreign investments into the establishment of automobile & tire manufacturing facilities across the country and, in turn, augmenting the growth of the tire industry.
Moreover, growing public awareness about the benefits of timely tire repairs & replacement to ensure passenger safety is another factor boosting the demand for tires in the country and fueling the overall market expansion. In addition, the escalating adoption of Electric Vehicles (EVs) to curb carbon emissions is also generating lucrative prospects for the leading tire manufacturers to import & distribute EV-compatible tires and, in turn, promote the overall market expansion over the forecast years, further states the research report, "Denmark Tire Market Analysis, 2022."
Logistics & Transportation Sector: A Prominent Contributor to the Denmark Tire Industry
With the expanding transportation & logistics sector across Kuwait, the demand for medium & heavy commercial vehicles is rapidly surging & portraying the burgeoning production & sales of robust OTR tires required for these vehicles.
Medium & heavy commercial vehicles provide longer hours of driving on different terrains & changing climatic conditions and carry massive weight. As a result, the treads of their tires wear off quickly and, in turn, lead to frequent tire replacements. Hence, the rising requirements for medium & heavy commercial vehicles are projected to notably contribute to the tire market growth in Denmark over the coming years.
The leading firms participating in the Denmark Tire Market include Continental, Michelin, Bridgestone, Yokohama, Pirelli, Goodyear, Toyo, Hankook, Apollo Vredestein, and Cooper.
Key Questions Answered in the Research Report: