Denmark is one of the highly populated countries in Europe where people have a high per capita income, which demonstrates a rapidly increasing number of vehicle fleets across the country and a steadily growing tire industry. However, since the country lacks manufacturing facilities for automobiles & tires, it is highly import-driven and portrays the prominence of tires exported from China, Germany, the Netherlands, etc.
The Denmark Tire Market is projected to register around 1.14% CAGR during the forecast period, i.e., 2022-27. The majority of the market expansion is likely to be driven by the growing government focus on enhancing the automotive & tire sectors and laying out favorable policies for attracting foreign investments by prominent brands in establishing their manufacturing facilities across the country.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Continental, Michelin, Bridgestone, Yokohama, Pirelli, Goodyear, Toyo, Hankook, Apollo Vredestein, Cooper, Others,|
|Unit Denominations||USD Million/Billion|
Moreover, the alarming emission levels are instigating the government to encourage the public to adopt Electric Vehicles (EVs) as a step forward in reducing carbons from the environment. It, in turn, is generating growth opportunities for the leading market players to manufacture & offer EV-compatible tires to meet the rising consumer requirements during the forecast period.
Furthermore, growing awareness among people about the significance & benefits of providing timely repairs & replacement of tires for vehicle & passenger safety is another prominent aspect propelling the demand for affordable & durable tires and contributing to the overall expansion of the Denmark Tire Market.
Impact of Covid-19 on the Denmark Tire Market
The advent of Covid-19 in 2020 had a decelerating effect on most businesses across Denmark, where the tire industry was no exception. With the imposition of stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the leading players witnessed several unprecedented challenges associated with tire imports & distribution throughout the country.
Besides, disruptions in the supply chain caused unavailability & delays in deliveries of tires across different locations, which, in turn, led to a severely declining market growth and massive financial losses for the prominent tire manufacturers amidst the crisis.
Nevertheless, the leading market players, in order to sustain, shifted to online platforms to offer a digital medium for customers to purchase tires without stepping out of their houses, coupled with benefits like doorstep deliveries & installation, exciting discounts, multiple brands, etc.
Later, with the declining number of Covid-19 cases, the government uplifted the restrictions and allowed the recommencement of business operations, which portrayed an upsurge in the growth of the tire market in Denmark.