Press Release Description

Increasing Replacement Tires Demand to Magnify the Turkey Tire Market

The strong macroeconomic growth with increasing income per capita and a bourgeoning middle-class population are contributing to an increased demand for automobiles in the domestic market. Therefore, these factors are anticipated to positively contribute to the demand for tires in the country. Turkey produced around 735,062 vehicles in the first half of 2019. 

According to the MarkNtel Advisors’ research report, Turkey Tire Market Analysis, 2020”, the tire market is projected to grow at a CAGR of around 3.4% in terms of unit sold during 2020-25. The replacement tire segment grabbed a considerable market share in the Turkey tire market in 2019 on account of rising sales of automobiles in the country. With the persistent increase in the number of registered vehicle, the demand for replacement tires is projected to remain dominant during the forecast period. Moreover, OEM demand is also expected to witness a sturdy demand in the years to come. 

Passenger Vehicle Segment Dominate the Market
The passenger cars and light commercial vehicles (LCV) sales boosted by around 82% in September 2019. It has been observed that consumer preferences of Turkish drivers are shifting towards passenger cars. The small engine cars are increasingly dominating the market. Also, out of the total registered vehicles in the country, 54% were the passenger cars in 2018. Thus, it is anticipated to provide a vast opportunity to the tire suppliers to expand their footprints in the replacement market. 

Most of the sales of tires are through dealers and distributors. The companies such as Bridgestone offer tires through 1,400 sale points in Turkey. Moreover, sales of tires through the online platform is gaining pace owing to the easy availability and discount on prices of tires as revealed by MarkNtel Advisors’ in their research report, “Turkey Tire Market Analysis, 2020”.

According to the MarkNtel Advisors the key players capturing a significant market share in the Turkey tire market include Yokohama, Kumho, Sumitomo, Anlas Anadolu, Michelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear-Lastilkeri, Barisa Bridgestone, ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S, etc. Prometeon has planned to invest USD 115 million in its plants till 2020. The tire production capacity would be increased by 75%. 

“Turkey 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 tire suppliers in Turkey. 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)
6.    By Price Category (Low, Medium, High)
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 (Yokohama, Kumho, Sumitomo, Anlas Anadolu, Maichelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear-Lastilkeri, Barisa Bridgestone, ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S.)

Key questions answered in the study: 
1.    What are the current and future trends of the Turkey 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 country? 
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 Turkey tire market?
6.    What are the customer orientation, purchase behavior, and expectations from Turkey tire suppliers across various regions?