Turkey Tire Market to Grow at a CAGR of 7.5%, during Forecast Period
Published | 06 September 2022
Turkey Tire Market is booming as a result of the need for modern automobiles, sports cars, and enhanced tires with robust characteristics along with the growing young population, which encourages producers to meet consumer demands and introduce new products in the automotive and tire industries.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Turkey Tire Market Market was worth is predicted to grow at a CAGR of 7.5% by the end of 2028. The Turkey Tire Market is booming because of the expanding Indian automotive industry. Moreover, the market for automobile tire is predicted to grow as vehicle sales rise as well as improved. As one of Asia's major commercial hubs, Turkey provides vehicle manufacturers with huge opportunities to increase their penetration across Europe, Central Asia, and the Middle East. Turkey's automotive industry, notably the tire industry, is developing as a result of the country's low vehicle ownership and quickly expanding infrastructure. Furthermore, increased domestic car production and government measures such as inclusion in the European Customs Union can be connected to Turkey's tire industry growth. However, Expensive early investments and initial expenses, in turn, may act as a huge restraining factor for the market growth.
Increasing Use of High-Performance Vehicles
As more people own cars, there is a higher desire for high-performance vehicles, and more vehicles are created as a result, the market for automotive tires is anticipated to expand. Leading companies are also investing much in R&D to boost production and produce the highest-quality tires. They are being driven to produce specialized, lightweight tires that are made for electric and hybrid vehicles by the expanding popularity of electric vehicles. Some industry players are also collaborating with online retail services to reach more consumers, provide better service, and increase revenue. These elements all contribute to the Turkey Tire Market's growth during the anticipated term (2022-2028).
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Technological Advances Helping the Automotive Tire Industry Grow
To meet increased demand, market players are pushing toward automation in the production of vehicle tires to boost efficiency and productivity. Throughout the forecast period, advancements in composite materials and the usage of carbon fiber and metals in tire manufacture will benefit the automotive tire market. Green tires are becoming more popular among younger people since they are environmentally friendly and boost mileage, particularly in large vehicles. Green tires can enhance commercial vehicle fuel efficiency by at least 2% due to their lower rolling resistance. Green tires are expensive, but the cost will be offset by fuel savings.
Challenge: Raw Material Volatility
The main constraint for the Turkey Tire Market is fluctuating raw material prices. Furthermore, major and organized suppliers are increasingly concerned about the availability of aftermarket replacement raw materials and components. Alternative market components are affordable, but they are made of inferior materials. Customers chose to buy these things because they were less expensive, and they preferred to buy them without considering the quality of the products. These products do not meet OEM specifications, which can lead to serious mechanical faults and system failure, which can lead to accidents. All of these factors impede the expansion of the Turkey Tire Market.
Segmental Coverage
Turkey Tire Market - By Demand Category
Based on the demand category, the turkey tire Market is segmented into OEM and Replacement. The OEM (Original Equipment Manufacturer) segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). OEMs are currently investing in research and development to provide lightweight and eco-friendly components that meet government standards. Furthermore, OEM tires are always of the highest quality and are also suitable for all-purpose use. This influences the OEM segment to dominate the market share in the upcoming years.
Impact of COVID-19 on Turkey Tire Market
The COVID-19 epidemic-related economic downturn and lockdown have affected a large number of original equipment manufacturers. Many suppliers experienced substantial resource constraints throughout the year in their logistics and material supply chains, which harmed their operations. Supply chain disruptions also have a substantial impact on the Turkey Tire Market. On the other hand, the market is strengthening and will likely return to normal as government aid increases. Due to the accelerating rates of economic recovery in some regions and rising sales of electric vehicles, the market is expected to expand between 2022 and 2028. It was anticipated that it would increase demand for tires.
Competitive Landscape
The leading market 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., and other prominent players. The turkey tire Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the turkey tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the turkey tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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