Turkey is situated at a confluence of Asia and Europe which enables the Anatolian country to easily trade with Asia and Europe. Apart from its geographical proximity, international automakers, spare-part manufacturers and tyre manufacturers increasingly prefer to use Turkey as a regional export hub because of its political stability and vastness of the domestic market.
According to recently published report by TechSci Research “Turkey Tyre Market Forecast and Opportunities, 2017”, automobile analyst predicts that increased per capita income of Turks, influenced by rapid industrialization will fuel the domestic tyre production. The analysts at TechSci also recommends tyre manufacturing companies in Turkey to invest more on R&D and find alternate raw material used in tyre manufacturing. By 2017, Turkish tyre market is forecasted to produce 23.9 Million tyres. Turkey’s steady growth in tyres market can be directly associated with Turkey’s geo-political position and its emergence as export hub to Europe and Africa. Tyre consumption in domestic market is also expected to grow as the country’s overall economic profile has strengthened in recent past. Domestic tyre production will grow along with the replacement tyres as well as OEM tyres production.
The country has witnessed dynamic changes in automobile industry. Recently, Pirelli established Formula One sports tyres manufacturing unit in Izmit in Turkey. Over 2500 Formula One sports tyres are expected to be produced through Pirelli’s Izmit facility. After a dip due to global financial crisis of 2008, the Turkish tyre industry is back on track, for next five years tyre production in Turkey is expected to grow at a CAGR of 4.9%.
“Turkey Tyre Market Forecast & Opportunities, 2017” has evaluated the future growth potential of Turkey tire market and provides statistics and information on market structure, production and sales trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.