BERN: Research and Markets has announced the addition of the “Switzerland Tire Market Forecast & Opportunities, 2021” report to their offering.
The tire market in Switzerland is projected to grow at a CAGR of over 6% during 2016-2021. Furthermore, in 2015, passenger car tire segment dominated the country’s tire market, followed by two-wheeler vehicle tire and light commercial vehicle tire segments.
Increasing demand for tires in Switzerland can be attributed to expanding passenger car fleet size and rising construction activities. Automobile sales in the country increased from nearly 352 thousand units in 2011 to around 360 thousand units in 2015, and the same trend is anticipated to continue over the next five years as well.
Anticipated growth in automobile sales is being supported by rising disposable income levels, increasing urbanization, and growing infrastructure and construction sectors in the country. In Switzerland, replacement demand for tires is mainly addressed through imports, due to absence of domestic tire manufacturing facilities in the country. The country mainly imports tires from Germany, France, Italy, Japan and Romania.
