Greece Tire Market Size Set to Grow at Steady CAGR of 2.3%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Greece tire market size at USD 425.73 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Greece tire market size to grow at a CAGR of 2.3% reaching a value of USD 499.19 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Greece tire market size at USD 425.73 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Greece tire market size to grow at a CAGR of 2.3% reaching a value of USD 499.19 million by 2029. The growth of the Greece tire market is primarily driven by several key factors. Firstly, an expanding automotive industry and increasing vehicle ownership rates boost demand for replacement tires. Growing awareness of the importance of road safety and tire maintenance encourages regular tire replacements. Further, the country's thriving tourism sector fuels demand for commercial vehicle tires, as well as rental car and tour bus fleets. Environmental concerns and government regulations promoting fuel-efficient and eco-friendly tires also contribute to market growth. Also, advancements in tire technology, such as improved durability and performance, attract consumers seeking high-quality products.
Tire – Overview
A tire is a crucial component of a vehicle, serving as the only point of contact between the vehicle and the road surface. Typically made of rubber and reinforced with various materials, tires provide traction, support, and cushioning for smooth and safe transportation. They come in various sizes, designs, and types to suit different vehicles and driving conditions, including passenger cars, trucks, bicycles, and motorcycles. Tires play a significant role in vehicle performance, affecting aspects like handling, fuel efficiency, and safety. Regular maintenance, including proper inflation and tread inspection, is essential to ensure tire longevity and roadworthiness.
Impact of COVID-19 on Greece Tire Market
The COVID-19 pandemic had a significant impact on the Greece tire market. Lockdowns and travel restrictions reduced vehicle usage, leading to a decline in tire demand. Manufacturing and supply chain disruptions also affected tire production and availability. With economic uncertainties, consumers postponed non-essential purchases, including tire replacements, impacting sales. However, as restrictions eased, there was a gradual recovery in the market due to pent-up demand and increased emphasis on personal vehicles over public transport. The pandemic accelerated the shift towards e-commerce in tire sales, as consumers sought contactless shopping options. Overall, the Greece tire market experienced a downturn initially but showed signs of resilience and adaptation.
Greece Tire Market - By Type of Tire
On basis of the type of tire, Greece tire market is split into Radial and Bias segments. The radial segment emerges as a larger and more prominent market segment. Radial tires, known for their advanced construction and performance characteristics, have gained significant traction within the Greek market, surpassing bias tires in popularity and market share. This dominance can be attributed to radial tires' superior traction, fuel efficiency, and overall durability, making them the preferred choice among consumers and businesses alike. As a result, radial tires continue to drive growth and innovation in the Greek tire industry, reflecting the evolving preferences of consumers and the automotive sector.
Greece tire market is fiercely competitive. Major companies in the market include Michelin, Bridgestone, Continental, Goodyear, Pirelli, Dunlop, Yokohama, Toyo, Hankook, and Kormoran. 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 Greece Tire Market.
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