Denmark Tire Market Size Set to Grow at Steady CAGR of 4.9% to Cross USD 752 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Denmark tire market size at USD 542.59 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Denmark tire market size to grow at a significant CAGR of 4.89% reaching a value of USD 752.18 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Denmark tire market size at USD 542.59 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Denmark tire market size to grow at a significant CAGR of 4.89% reaching a value of USD 752.18 million by 2029. The market's expansion is primarily attributed to the rising demand for tires owing to increasing logistics and transportation activities to deliver packages on time. Also, various benefits provided by tires, such as improved stopping power, overall safety, and better handling, are contributing to the market's growth. Apart from that, the widespread availability of tires via offline and online distribution channels is bolstering market growth. Key players are introducing airless or non-pneumatic tires that can carry heavy loads while maintaining a smooth ride with minimal turf tear, boosting market growth.
Denmark Tire Market – Overview
A tire is a rim-shaped, round, air-filled component of a vehicle. Steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black are among the synthetic and natural materials used to make it. It is available in tubed and tubeless tires with a bead, bead filler, belts, body ply, inner liner, sidewall, and tread. It assists in dealing with forces acting on the vehicle while it is moving, supports the vehicle's load, and provides shock-absorbent cushions. It contributes to increased vehicle performance, mileage, and passenger safety. It also improves vehicle handling on steep roads and makes stopping easier.
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Impact of COVID-19 on Denmark Tire Market
Unprecedented COVID-19 pandemic impeded the expansion of Denmark's tire market. The production and availability of the raw materials needed to create tires were impeded by the government's statewide quarantine, which was enacted to stop the virus's spread. Also, the outbreak prompted many people to work from home and remain at home, which decreased the need for individual activity. The state of the nation's economy also had an impact on consumer purchasing power. These elements worked together to significantly reduce the demand for car tires in Denmark, which had an impact on the market's total growth.
Denmark Tire Market - By End Use
Denmark tire market is classified into four types based on end use: on-road tires, off-road tires, agricultural tires, and other segments (including Industrial Tires and Aviation Tires). The off-road tire segment is expanding as mechanization increases in industries, such as agriculture, mining, and construction. These tires have thick threads that improve traction on a variety of terrain, including loose gravel, mud, and dirt, making them ideal for extreme weather and uneven roads. Their wider and deeper grooves penetrate sand and dirt surfaces, increasing rolling turbulence and stability.
Denmark tire market is highly competitive. Major companies in the market include Bridgestone Europe NV/SA, Continental AG, Michelin Group, Goodyear Dunlop Tires Europe B.V., Pirelli & C. S.p.A., Hankook Tire Co. Ltd., Nokian Tires plc, Cooper Tire & Rubber Company, Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Kumho Tire Co. Ltd., and Apollo Tires Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Denmark Tire Market.
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