Israel Tire Market Size Set to Grow at Steady CAGR of 3.24%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Israel tire market size at USD 612.16 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Israel tire market size to grow at a CAGR of 3.24% reaching a value of USD 765.25 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Israel tire market size at USD 612.16 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Israel tire market size to grow at a CAGR of 3.24% reaching a value of USD 765.25 million by 2029. Israel tire market has seen several notable patterns. The need for environmentally friendly and fuel-efficient tires has increased as the importance of sustainable mobility has increased. Also, as a result of technology improvements, more smart tires with embedded sensors are being used for improved performance and safety monitoring. Due to consumer demand for better driving experiences, the Israel market has seen a trend toward premium and specialized tires. Online retail channels have become more popular, making it easier to buy tires. However, shifting raw material prices and legislative changes provide significant difficulties. Overall, environmental awareness, innovation, and shifting consumer tastes are all present in the Israeli tire market.
Israel Tire Market – Overview
A tire is a circular, rubber-constructed component commonly used in vehicles to provide traction, support, and cushioning between the vehicle and the road surface. It consists of various layers including tread, sidewall, and inner liner, designed to offer grip, stability, and resistance to wear. Tires come in diverse types tailored for specific purposes like passenger cars, trucks, motorcycles, and bicycles, with variations for different terrains and weather conditions. Regular maintenance is essential to ensure proper inflation, tread depth, and overall condition, as tires play a pivotal role in vehicle safety, efficiency, and performance.
Impact of COVID-19 on Israel Tire Market
Israel tire market experienced significant shifts due to COVID-19. Initially, lockdowns and supply chain disruptions led to reduced consumer demand and production delays. Remote work and limited travel suppressed car usage, affecting replacement tire sales. However, a subsequent surge in e-commerce and home deliveries boosted demand for commercial vehicle tires. As restrictions eased, pent-up demand resulted in a rebound, though uncertainties remained. The market adapted to changing preferences, emphasizing online sales and safety-related tire features. Overall, COVID-19 prompted a reshaping of Israel's tire sector, prompting flexibility and innovation to navigate the evolving landscape.
Israel Tire Market – By Demand Category
By demand category, Israel tire market is split into OEM and Replacement segments. These segments demarcate the primary avenues through which tires are integrated into the automotive landscape. The OEM segment dominates the Israel tire market by demand category. The OEM segment encompasses the tires that are directly incorporated into new vehicles during their manufacturing process. This category underscores the collaboration between automakers and tire manufacturers to ensure optimal performance and compatibility.
On the other hand, the replacement segment involves the tires that are purchased by vehicle owners to replace worn-out or damaged tires on existing vehicles. This segment is influenced by factors like vehicle maintenance, road conditions, and consumer preferences
Israel tire market is fiercely competitive. Major companies in the market include Michelin, Bridgestone, Goodyear, Continental, Pirelli, Hankook, Yokohama, Toyo Tires, Nokian Tyres, and Maxxis. 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 Israel tire market.
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