Market Forecast and Opportunities on Italy Tyre Industry [2020]

Dec 19 2015 Mumbai, India: Bharatbook.com announces a report on “ Market Forecast and Opportunities on Italy Tyre Industry [2020] ”. Weaker economic conditions due to Eurozone crisis, delay in infrastructure projects, low income growth and significant cuts in public spending led to decline in sales of tyres during 2010-2014.

Italy is a leading automobile production hub in Europe, as the country is home to a number of automobile manufacturing units. The country recorded a high vehicle motorization rate (passenger car and commercial vehicle) of 686 vehicles per 1000 people in 2013. Despite a growing automobile fleet and high motorization rate, Italy tyre market registered negative CAGR in volume terms during 2010-2014. Weaker economic conditions due to Eurozone crisis, delay in infrastructure projects, low income growth and significant cuts in public spending led to decline in sales of tyres during 2010-2014. Improving consumer and investor confidence, coupled with positive developments in Eurozone economic conditions, is forecast to drive growth in vehicle production and sales in Italy over the next five years, thereby augmenting demand in the country’s tyre market during the forecast period.

According to “Italy Tyre Market Forecast & Opportunities, 2020", passenger car tyre segment accounted for a lion’s share of more than 80% in Italy tyre market in 2014. However, with anticipated growth in LCV sales, commercial vehicle tyre segment is forecast to outperform passenger car tyre segment by exhibiting fastest growth rate among all tyre segments during 2015-2020. Replacement tyre market in Italy accounted for around 85% of the market in 2014, and the replacement segment is forecast to continue its market dominance in the country’s tyre market during the forecast period. With the government of Italy increasing its focus on macroeconomic reforms, anticipated growth in construction, agriculture and industrial sectors is forecast to boost the country’s automobile and...