- The key vendors in the passenger car tires market in the UK 2015-2019 are Apollo Vredestein (UK) Ltd., Bridgestone UK, Continental Tyre Group UK, Cooper Tire and Rubber Co. Ltd., Goodyear Dunlop Tyres (UK) Ltd., Hankook (UK) Ltd., Michelin UK and Pirelli Tyres Ltd.
London, 11 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the passenger car tires market in the UK 2015-2019. Increased focus on green tires is one of the key trends upcoming in the market. Manufacturers have been focusing on reducing vehicle weight, alternate drivetrains, and changes in tire tread patterns and designs to ensure their contribution to reducing harmful emissions. The passenger car tires market in the UK 2015-2019 is expected to grow at a CAGR of 2.98% during the forecast period of 2014-2019.
With the optimistic view for the automotive industry, the future for passenger car tire manufacturers in the UK seems positive. The UK’s leading automotive manufacturers such as Jaguar Land Rover, General Motors, Nissan, Bentley, Honda, Aston Martin, BMW, Ford, GKN and Toyota will work in collaboration with the government, SEMTA, and SMMT through the automotive council to encourage workforce skills both in the short and long term.
“Tire manufacturers are trying to focus on raw materials, rolling resistance, and recycling of tires to reduce the impact on the environment,” says Faisal Ghaus, Vice President of Technavio Research.
“Green tires are seen as a viable solution to reduce the environmental impact of tires. These tires can reduce rolling resistance by 30%, reduce fuel consumption of vehicles by half a liter for every 100 kms, and reduce CO2 emissions by 1.2Kg/100Km.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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