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Press Release Description

Dominance of Passenger Cars to Soar the Demand for Tires in Israel

The automobile industry in Israel is majorly import driven, with the United States, Japan, South Korea, and France the prominent source of origin of vehicles. The vehicle registration in the country has been registering a year on year growth of exceeding 4% over the past couple of years. Also, the climatic conditions of Israel are characterized by hot and long summers. Thus, reducing the overall life span of a tire to around 12 months. Eventually, promulgating the tire industry of the country.

According to the MarkNtel Advisors’ research report, the CAGR of Israel Tire Market Analysis, 2020”, is expected to be around 4.6% in terms of unit sold during 2020-25.

Replacement Demand Outpaced OEMs

The replacement demand for tires has totally outperformed OEM due to vast customer base, with rising vehicle ownership rates. According to Central Bureau of Statistics, the motorization rate (passenger cars) of the country was around 32% in 2014. This has improved marginally, touching around 33% in 2018. While, the overall motorization rate has been around 30%, considerably improved from around 22% in 2008. Therefore, with this improving vehicle population, the demand for replacement tires is expected to outperform OEM during the forecast period as well. 

Passenger Cars tires sales has been bourgeoning due to robust sales of passenger cars. The car registration in the country has been rising at a considerable pace. The fleet size of passenger cars has rising at a considerable pace till 2016 that stood around 247,300 units but then the sales of passenger cars witnessed a slump from 2017 and 2018 estimating to be around 257,465. Moreover, the demand for OTR vehicles and light commercial vehicles has been soaring which will emanate the demand for tires during 2020-25. All weather tires are being demanded by the country as the climatic conditions of Israel are characterized by hot and long summers. Thus, reduces the overall life span of a tire to around 12 months. The dominance of all-weather tires is anticipated to prevail during the forecast period.

Furthermore, the rim size of 16” and 17” are gaining traction and the leading OEMs such as BMW, Ford, Mercedes, MAN and Renault are using larger rim sizes in the vehicles to change the old conventional aesthetics of the vehicles coupled with improving the load bearing capacity of the vehicle as revealed by MarkNtel Advisors’ in their research report, “Israel Tire Market Analysis, 2020”.

According to the MarkNtel Advisors the major leading players are Alliance Tires, Giti, Bridgestone, Continental, Hankook, Michelin, Pirelli, Toyo, Sumitomo, Goodyear Tire among others. General Motors and Michelin developed a tire built on fiberglass chassis that will replace the traditional tire in passenger cars within five years in 2019.

“Israel Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Israel Tire market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.

Industry Segmentation: 
1.    By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
2.    By Demand Category (OEM and Replacement)
3.    By Type of Tires (Radial and Bias)
4.    By Sales Channel (Dealer/Exclusive stores, Online and Others)
5.    By Season (all season, winter and Summer)
6.    By Price Category (Low (Up to USD90), Medium (USD91-USD140), High (Above USD140))
7.    By Rim Diameter (Upto 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”)
8.    By Region (East and West)
9.    By Company (Alliance Tires, Giti, Bridgestone, Continental, Hankook, Michelin, Pirelli, Toyo, Sumitomo, Goodyear Tire)

Key questions answered in the study: 
1.    What are the current and future trends of the Israel tire market? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    What are the future plans and customer expectations of end-users across the globe? 
4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
5.    What are the key growth drivers and challenges for the Israel tire market?
6.    What are the customer orientation, purchase behavior, and expectations from Israel tire suppliers across various regions?

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