A recent research report published by MarkNtel Advisors cites that the Israel Tire Market can register around 4.6% CAGR during 2022-27. The growing vehicle fleet in the country due to improving economic conditions of people and their rising inclination toward private ownership of vehicles for local commute are the prime aspects that would drive the market through 2027.
Besides, increasing government focus on developing the automotive & tire industry, i.e., showcasing massive investments in the sector and support through favorable policies for attracting foreign investment for establishing tire manufacturing facilities across the country, is another prominent factor fueling the market growth.
Moreover, growing awareness among people about the significance of timely tire checks & replacement, coupled with the extensive availability of different brands of tires imported from countries like the US, Germany, & China, are also promulgating the expansion of the tire industry in Israel.
Furthermore, as Israel is rich in Diamonds and constantly undergoes several excavation activities, the need for heavy equipment & commercial vehicles is rapidly surging. It, in turn, is further augmenting the production of robust tires for enhanced operational efficiency of these vehicles and thereby promoting the market expansion, further states the research report, “Israel Tire Market Analysis, 2022.”
Growing Per Capita Income & Passenger Car Fleet to Drive the Tire Market in Israel
Currently, passenger cars hold a notable share in the Israel Tire Market, principally due to the increasing vehicle fleet owing to improving living standards of people & their mounting interest in private ownership of vehicles, i.e., leading to the ever-increasing demand for tires for passenger cars.
In addition, the growing awareness among people about the benefits & importance of timely inspection & replacement of tires is another prominent aspect fueling the sales of tires for passenger cars to ensure enhanced vehicle safety & driving experience.
Besides, since Jerusalem is a hotspot for tourism, the influx of tourists, pilgrims, & migrants is rising swiftly across Israel and, in turn, driving the sales of passenger cars for services like cabs & taxis. Hence, it is another aspect positively influencing the need for timely tire replacements due to constant driving for long hours and frequent wear & tear. Hence, the tire market in Israel is all set to witness a significant expansion through 2027 with the growing passenger car fleet across the country.
The leading companies operating in the Israel Tire Market include Alliance Tires, Giti, Bridgestone, Continental, Hankook, Michelin, Pirelli, Toyo, Sumitomo, Goodyear Tire, and Shandong Hengfeng Rubber & Plastic Co., Ltd.
Key Questions Answered in the Research Report