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Automotive Tyre e-Commerce Gains Market Share in Europe Finds Frost & Sullivan - Tyre manufacturers and OEMs are joining hands to exploit online revenue streams as low prices attract end users to the eRetailing platform
Automotive Tyre e-Commerce Gains Market Share in Europe Finds Frost & Sullivan

 

NewswireToday - /newswire/ - London, United Kingdom, 2015/09/21 - Tyre manufacturers and OEMs are joining hands to exploit online revenue streams as low prices attract end users to the eRetailing platform.

   
 
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Automotive tyre manufacturers in Europe are focussing on electronic retailing (eRetail) to serve increasing customer preference for convenience and low prices. Currently, tyre eRetail accounts for nearly eight percent of the total tyre aftermarket in Europe. This figure will continue to rise as tyre manufacturers recognise the potential to access global markets through eRetail and invest in online sales and marketing tools to meet their growth objectives.

New analysis from Frost & Sullivan, Opportunity Analysis of eRetailing for Automotive Tyres in Europe, finds that the market earned revenues of €2.90 billion in 2014 and estimates this to nearly double to €5.47 billion in 2021 at a compound annual growth rate (CAGR) of 9.46 percent. Fleets and fleet leasing companies, which account for almost a quarter of total vehicles in operation in Europe, will be key end users of online tyre retailing.

“Stable currencies, safe payment systems and strong legislations supporting cross-border eCommerce are lending impetus to the eRetail trend in Europe,” saidFrost & Sullivan Automotive and Transportation Research Analyst Oindrila Bhar. “Strict policies for tyre labelling also instil customers with the confidence to buy online.”

Although Europe is a mature eCommerce market, varying levels of Internet penetration, diverse buyer expectations, and different languages remain a challenge for tyre manufacturers seeking to expand their eRetail operations across countries.

Moreover, the intensely competitive landscape pushes traditional suppliers looking to be more active in the eRetail space to offer discounts in order to draw customers, thus affecting profitability. Hence, achieving economies of scale will be crucial for eRetailing participants in Europe. Providing new services such as mobile fitting or enhanced delivery and payment options will enable tyre manufacturers to stand out in the eRetail market.

“Tyre eRetailers must forge symbiotic relationships with garages and tyre dealerships to multiply business opportunities,” suggested Bhar. “Building partnerships with original equipment manufacturers that are looking to retain their share of the aftermarket will help tyre eRetailers appeal to a wider customer base.”

As original equipment manufacturers, dealers and eRetailers leverage each other’s scale and knowledge, an integrated, omni-channel strategy will become the new industry standard in the automotive tyre aftermarket.

For more information on this study, please email Katja Feick, Corporate Communications, at katja.feick[.]frost.com.

Opportunity Analysis of eRetailing for Automotive Tyres in Europe (NF01-18) is a Strategic Insight that is part of the Future of Car Retailing, Aftersales & Service Growth Partnership Service program. The research presents a comprehensive analysis of the tyre eRetailing aftermarket in Europe, with focus on the key countries contributing to eCommerce revenues. The analysis includes market dynamics, revenue forecasts and competitive benchmarking evaluated following extensive interviews with market participants. In addition, the study details the potential challenges faced by market participants and proposes solutions accordingly. The research also profiles participants and their eCommerce flowchart.

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Automotive Tyre e-Commerce Gains Market Share in Europe Finds Frost & Sullivan

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