Press Release Description

Growing Denmark Automobile Market to Lead to Rise in the Tire Sales Through 2025

Denmark is an import-driven country due to the absence of automobile and tire OEMs. Germany is the largest exporter of tires in Denmark followed by the United Kingdom, Sweden, and the Netherlands. The automotive industry of the Denmark has been volatile during 2015-19. However, the expanding vehicle fleet size has been contributing to increased tires sales in the country. 
Moreover, the mounting inclination towards the adoption of electric vehicles is imposing a positive impact on the tire market on account of the rising demand for high-performance tires. The growing fleet size of the automobile is also projected to boost the demand for tires in Denmark.

Increasing Inclination Toward Online Sale Channel

According to the MarkNtel Advisors’ research report titled Denmark Tire Market Analysis, 2020”, the tire market is set to surge at a CAGR of around 1.14% during 2020-25. The increasing registration of new vehicles on account of surging per capita income of the consumers is leading to the demand for the automobiles in the country, and is thus projected to fuel the market growth of the Denmark tire market. For instance, the sales of new vehicles increased from 245,484 units in 2015 to 258,001 units in 2018, according to OICA (International Organization of Automobile Manufacturers).

The dealer and distributor segment acquired a considerable market share in the Denmark tire market in 2019 on account of a vast distribution network with exclusive outlets. Moreover, the online sales channel also holds a substantial market share in the tire market due to the growing preference of the customers toward the online purchases to avail different forms of discounts and also due to fast delivery services.

In 2019, All-season tires captured majority market share in Denmark tire market on account of affordability, cost-effectiveness. Moreover, the winter tires also acquired a substantial market share in the Denmark tire market, thereby fostering the market of tires in the country. For instance, in 2018, Vredestein launched Wintrac Pro, a new ultra-high-performance winter tire.

According to the MarkNtel Advisors, the major leading players in the Denmark tire market are Continental, Bridgestone, Yokohama, Goodyear, Michelin, Hankook, Pirelli, Toyo, and Cooper, etc. 

"Denmark Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and growth opportunities and challenges available for Tire providers across the country. 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, Medium, and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers)
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 (Budget- Up to USD90, Economy- USD91-USD140, Premium-  Above USD140)
7.    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”)
8.    By Region (North, South)
9.    By Company (Continental, Bridgestone, Apollo Vredestein, Yokohama, Goodyear, Michelin Toyo, Pirelli, Hankook, and Cooper)

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