- The key vendors in the winter tire market in Czech Republic are Apollo Vredestein BV, Bridgestone Corp., BRISA Bridgestone Sabanci Tire Manufacturing and Trading Inc., Continental AG, Cooper Tire & Rubber Co., Debica SA, Deldo Autobanden NV, Falken Tyre Europe GmbH, Goodyear Dunlop Tyres UK Ltd., Goodyear Dunlop Tires Europe B.V., GT Radial, Hwa Fong Rubber Industries Co. Ltd., Kumho Tire Co. Inc., Maxxis International GmbH, Michelin Corp., Nankang Rubber Tire Corp. Ltd., Nexen Tire Corp., Nokian Tyres Inc., Pirelli Tyre SpA, Rosava Tyres, Sailun Group, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Co. Ltd., Triangle Group, Vee Rubber Group and Yokohama Rubber Co. Ltd.
London, 11 May 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the winter tire market in Czech Republic 2015-2019. One of the latest trends emerging in the market is that the buyers are preferring motoring magazine advice to less-understood winter tire labels. One of the prime criteria of the labeling standard, which was to aid drivers in making the right decision while buying a tire, has broadly failed. The EU tire labeling initiative provides information on three parameters, namely rolling resistance, wet grip and external noise. The winter tire market in Czech Republic is expected to grow at a CAGR of 1.83 % during the forecast period 2014-2019.
The tire market remains a competitive landscape in Europe with established vendors competing for higher sales. Coupled with the awareness among consumers about safety and tires in general, the tire market in the region has turned even more competitive. In order to counter that, vendors have been differentiating their end products to strengthen their hold in the market.
“The automotive industry is witnessing immense developments and an increase in the preference for commercial vehicles has also been noticed, worldwide. Thus, the tire manufacturers have increased their investment in R&D to provide innovative products,” says Faisal Ghaus, Vice President of Technavio Research.
“Major players like Bridgestone, Continental and Michelin are continuously upgrading their product portfolios to provide a better end-user experience.”
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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