Report Overview

Turkey Tire Market is flourishing owing to the need for modern cars, sports cars, and improved tires with robust features are also driving manufacturers to match consumer wants and launch new goods in the automotive and tire industries because Turkey's population is youthful.

Turkey Tire Market - Industry Trends & Forecast Report 2028

Turkey Tire Market is predicted to grow at a CAGR of 7.5% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the rapidly growing fleet of cars and expanding fleet size across the country. In the upcoming years, it is projected that rising disposable income levels and rising standards of living are expected to increase demand for automobiles and related tires nationwide. Turkey gives car manufacturers enormous chances to expand their penetration across Europe, Central Asia, and the Middle East as one of the major commercial hubs in Asia. Turkey's automotive industry, particularly the tire business, is rising as a result of low vehicle ownership and the nation's rapidly expanding infrastructure. In addition, rising local auto production and supportive government initiatives like membership in the European Customs Union can be linked to Turkey's tire market growth.

Tire - Overview

A compressed air cushion made of rubber that surrounds a wheel, such as on a car is known as a tire. To carry a vehicle's weight from the axle through the wheel to the ground and to create traction on the surface the wheel travels over, a tire surrounds the rim of the wheel. The majority of tires, including those for cars and bicycles, are pneumatically inflated units that also offer a flexible cushion to absorb stress as the tire travels over uneven surfaces. Tires offer a footprint, known as a contact patch, that is meant to balance the weight of the vehicle with the bearing strength of the surface that it rolls over by giving a bearing pressure that does not cause the surface to deform unduly.

Turkey Tire Market Forecast and Trends

Growth Drivers

Rising Demand for Autonomous and Connected Technology

The market for advanced tires is likely to be driven by rising demand for autonomous and connected technology in automobiles. Chip-embedded, self-inflating, multi-chamber, and all-in-one tires are examples of advanced tires. These technologies are projected to dramatically improve in-vehicle convenience. By monitoring tire pressure in real-time, these technologies help to increase tire durability. Furthermore, maintaining proper tire pressure enhances the vehicle's fuel efficiency. As a result, modern tire technologies are predicted to reduce vehicle maintenance costs, resulting in increased demand for advanced tires around the world. Furthermore, continual new product innovations by top businesses are expected to move the advanced tire market forward in the long term.

Rising Adoption of High-Performance Cars

The market for automotive tires is expected to grow as more people own cars, there is a greater demand for high-performance cars, and more cars are produced as a result. Moreover, leading businesses are making significant investments in R&D to increase productivity and create tires of the highest caliber. They are being prompted by the rising popularity of electric vehicles to develop customized and lightweight tires that are specifically created for electric and hybrid vehicles. To reach more customers, deliver better service, and boost revenue, certain industry participants are also working with online retail services. All these factors boost the growth of the Turkey Tire Market during the forecast period (2022-2028).

Technological Advances Supporting the Growth of the Automotive Tire Industry

Market competitors are moving toward automation for the production of car tires to improve efficiency and raise output to meet the rising demand. Throughout the forecast period, development in the field of composite materials and the use of carbon fiber and alloys in tire production will have a positive impact on the automotive tire market. Younger people are becoming more interested in green tires since they are environmentally friendly and increase mileage, particularly in large vehicles. With their reduced rolling resistance, green tires can improve commercial vehicles' fuel efficiency by at least 2%. Green tires are pricey, but the money spent on them will be made up in fuel savings.

Restraints

Volatility of Raw Materials

The major restraining factor for the Turkey Tire Market is fluctuations in raw material prices. Moreover, organized suppliers are increasingly concerned about the availability of replacement raw materials and components in the aftermarket. The market alternative components are inexpensive, but they are manufactured of inferior materials. Customers liked to buy these products since they are less expensive and preferred to purchase without looking over the quality of the products. These items do not adhere to OEM requirements, which can cause major mechanical issues and system failure, which can cause accidents as well. All these factors hinder the growth of the Turkey Tire Market

Impact of COVID-19 on Turkey Tire Market

Numerous original equipment manufacturers have been impacted by the economic crisis and lockdown brought on by the COVID-19 epidemic. Throughout the year, many suppliers had significant resource limitations in their logistics and material supply chains, which had a noticeable detrimental impact on their operations. In addition, the Turkey Tire Market is significantly impacted by supply chain interruptions. The market, on the other hand, is improving and is probably going to go back to normal as government aid increases. The market is anticipated to grow between 2022 and 2028 as a result of some regions' quickening rates of economic recovery and expanding sales of electric vehicles. It was expected to lead to an increase in tire demand.

Turkey Tire Market - By Type

Based on the type, the Turkey Tire Market is segmented into Passenger Car, Light Commercial vehicles, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off-Road (OTR), Two Wheelers, and Three-Wheelers. In this category, passenger cars have gained the most market share in recent years, owing mostly to their quick sales as a result of improved economic conditions, rising preference for vehicle ownership, and changing living standards. As a result, it has a direct and favorable impact on Turkey's tire market. Furthermore, growing tourism and a growing migrant population are driving up demand for passenger vehicles and, as a result, tires. Furthermore, the availability and affordability of a diverse selection of tires offered by notable players for consumers with varying budgets are playing an important part in increasing tire sales for passenger automobiles across Turkey and driving the industry.

Turkey Tire Market – By Tire Construction Type

Based on tire construction type, the turkey tire Market is segmented into Radial, Bias. Radial tires led the Turkey Tire Market with the biggest share in previous years, and this trend is expected to continue during the projected period. It is mostly due to the fast-rising building of roads, highways, airports, complexes, malls, and other infrastructure in the country as a result of the increased government emphasis on infrastructure development. It, in turn, drives demand for large vehicles, which directly influences the need for tough radial tires and drives the market. Furthermore, benefits such as lower fuel consumption, increased grip and flotation, better-cut resistance in the tread, and cooler run are important factors enhancing demand for radial tires and fueling the overall market growth.

Turkey Tire Market - By Price Category

Based on the Price Category, the turkey tire Market is segmented into Low, Medium, and High. The medium prices segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Since cheaper tires are frequently produced with less rubber and have a weaker construction. These tires are much louder while driving, which can be distracting and irritating. Because they are engineered for precise performance, higher-quality tires typically provide a quieter ride. Thus, medium-price tires are affordable and offer outstanding grip, long tread life, and minimal rolling resistance.

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.

Recent Development

• In December 2021, Bridgestone Corp. announced that its Turkish affiliate, Brisa Bridgestone Sabanci Tyre Manufacturing & Trading Inc., acquired Arvento Mobile Systems, which offers digital fleet management services across Turkey & the Middle East. This acquisition aims to extend the market leader's sustainable mobility solutions business.

Scope of the Report

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Buses and Trucks
• Medium and Heavy Commercial Vehicles
• Off the Road (OTR)
• Two Wheelers
• Three-Wheeler

By Tire Construction Type

• Radial
• Bias

By Demand Category

• OEM
• Replacement

By Price Category

• • Low
  • Medium
  • High