Turkey is the topmost manufacturer for automobiles in the CEE region and was also ranked 5th in Europe in 2019. Turkey act as an auto manufacturing backyard for Europe. In 2019, around 86% of the total auto production was exported primarily to the countries in Europe, Middle East, and Africa. Total auto exports from Turkey in 2019 accounted to be around USD20 billion.
According to the MarkNtel Advisors’ research report, “Turkey Tire Market Analysis, 2020”, the tire market is projected to grow at a CAGR of around 3.45% in terms of unit sold during 2020-25. The demand for tire from OEM is perennial on account of thrust on domestic production of the vehicle in the country. The geographic location of the country, in the periphery of Europe, acts as a major factor boosting the auto manufacturing industry of the country. The numerous global conglomerate manufacturing automobiles in the country are inducing the demand for tires under the OEM category. However, the replacement demand held a larger market share in 2019. In 2019, the OEM tire sales declined considerably owing to global slowdwon while the replacement tire market grew over more than 8% over 2018 in the second half of 2019.
The country is the largest export base of global OEMs in the region outside of the EU, with an average export rate of 78% in 2018. The country manufactured around 1.04 million passenger cars, with Ford Otosan, Honda Türkiye, Hyundai as the leading manufacturers. Moreover, the production of light commercial vehicles and OTR vehicles in the region are boosting that is expected to surge the tires sales in forthcoming years.
Robust Online Sales of Tires during 2020-25
Moreover, online sales are witnessing a surge in recent years with the growing inclination of the customers towards online platforms on account of easy availability and reduction in prices. The online sales channel is anticipated to rise by 8% to 9% during 2020-25. Thus the online sales channel is expected to soar the demand for tires.
According to the MarkNtel Advisors the major leading players in the Turkey tire market are Yokohama, Kumho, Sumitomo, Anlas Anadolu, Maichelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear-Lastilkeri, Barisa Bridgestone, ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S, etc. The leading companies in the region such as Bridgestone produced around 10.63 million tires in 2018. Some of the leading OEM clients of Bridgestone in Turkey include MAN, Mercedes, Benz Türk, Otokar, Oyak Renault, Özünlü Damper, Tafe, Temsa, etc The company started local production of Dayton branded tires in its ?zmit factory in 2018. Moreover, Bridgestone’s second manufacturing plant with an investment of around USD300 million spread across 361,000 m2, set up in Aksaray started production in the same year.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Turkey Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Turkey Tire Market during 2020-25?
A. The market size of Turkey Tire Market during 2020-25 is forecast to be around 3.45%.
Q. Who are the key competitors or players operating in Turkey Tire Market?
A. Yokohama, Kumho, Sumitomo, Anlas Anadolu, Maichelin Lastikleri, AbdulKadir Ozcan, Turk-Pirelli, Goodyear-Lastilkeri, Barisa Bridgestone, ÖZKA Lastik ve Kauçuk Sanayi Ticaret A.S and few others are the leading players in the Turkey Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which sales channel type segment would emerge as an opportunity area for players in Turkey Tire Market?
A. Online sales are witnessing a surge in recent years with the growing inclination of the customers towards online platforms on account of easy availability and reduction in prices. The online sales channel is anticipated to rise by 8% to 9% during 2020-25. Thus the online sales channel is expected to soar the demand for tires.
Q. Which rim size segment would emerge as an opportunity area for players in Turkey Tire Market?
A. Based on the demand, the replacement demand held a larger market share in 2019. In 2019, the OEM tire sales declined considerably owing to global slowdown while the replacement tire market grew over more than 8% over 2018 in the second half of 2019. The demand for tire from OEM is perennial on account of thrust on domestic production of the vehicle in the country.
