The Turkey Tire Market is expecting around 3.45% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The market growth would be driven primarily by the growing focus of the Turkish government on increasing the number of construction projects for roads, commercial & residential complexes, airports, etc. It, in turn, is propelling the demand for heavy vehicles & directly influencing the tire industry of Turkey.
Besides, the improving economic conditions, changing living standards, and growing inclination toward private vehicle ownership for commuting, among others, are fueling the sales of vehicles in the country and driving the tire market. Moreover, the active participation of prominent automakers & tire manufacturers in introducing new vehicles & tires with enhanced features is another crucial aspect stimulating tire sales across the country.
Furthermore, easy availability & affordability of high-quality tires entwined with growing awareness among people about the need for their timely inspection & replacement shall further boost the growth of the tire market during the forecast period, further states the research report, “Turkey Tire Market Analysis, 2022.”
Trade Hub Turkey Projecting Massive Sales & Exports of Passenger Cars to Drive the Tire Market
Passenger cars are anticipated to remain dominant in the Turkey Tire Market, with the largest share during the forecast period. It owes principally to the escalating sales of passenger cars due to swiftly improving economic conditions, i.e., enhancing the purchasing power of people, coupled with the growing customer base to attain private vehicles as a convenient medium of transportation.
Besides, since the country is a massive trade center for Asia-Pacific, the Middle East & Africa, and Europe, the export of passenger vehicles & tires in these regions is rapidly mounting to suffice the burgeoning end-user requirements. It, in turn, is positively impacting the tire market growth.
Substantial Government Support for Construction Projects Drives the Tire Market
In 2017, the Turkish government announced the construction of 35 projects, including Marmaray, the Eurasia Tunnel, the Yavuz Sultan Selim Bridge, the Osmangazi Bridge, and the airport, among others, which has boosted the demand for heavy commercial vehicles & robust tires. These projects have generated significant growth opportunities for the leading players in the tire market to introduce new products & increase their manufacturing capacities throughout the country, reveals MarkNtel Advisors in their research report, "Turkey Tire Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Turkey Tire Market are Yokohama, Kumho, Sumitomo, Anlas Anadolu, Michelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear- Lastikleri, Barisa, Bridgestone, and ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S.
Key Questions Answered in the Study