Switzerland tyre market to grow at CAGR over 6% in next five years
The tyre market in Switzerland is projected to grow at a CAGR of over 6% during 2016 – 2021, said a report, titled Switzerland Tire Market Forecast & Opportunities, 2021, prepared by TechSci Research.
Furthermore, in 2015, passenger car tyre segment dominated the country’s tyre market, followed by two-wheeler vehicle tyre and light commercial vehicle tyre segments. Region-wise, Espace Mittelland was the largest demand generator for tyres in the country in 2015, and the region is anticipated to continue its dominance over the next five years, on account of continuously increasing vehicle fleet size in the region,” said the report.
Pirelli, Bridgestone, Goodyear, Michelin and Continental are few of the leading players operating in Switzerland tyre market.
Increasing demand for tyres in Switzerland can be attributed to expanding passenger car fleet size and rising construction activities. Automobile sales in the country increased from nearly 352 thousand units in 2011 to around 360 thousand units in 2015, and the same trend is anticipated to continue over the next five years as well. Anticipated growth in automobile sales is being supported by rising disposable income levels, increasing urbanization, and growing infrastructure and construction sectors in the country. In Switzerland, replacement demand for tyres is mainly addressed through imports, due to absence of domestic tire manufacturing facilities in the country. The country mainly imports tyres from Germany, France, Italy, Japan and Romania.
The report covers Switzerland tyre market size, share and forecast, segment analysis, policy and regulatory landscape, changing market trends and emerging opportunities and competitive landscapre and strategic recommendations.