Tire Market in Denmark to Surpass € 380 Million by 2021: TechSci Research Report

NEW YORK, June 21, 2016 /PRNewswire/ --

Rising automobile sales, expansion of automobile fleet and favorable government policies to increase demand for tires in Denmark over next five years 

According to TechSci Research report, "Denmark Tire Market Forecast and Opportunities, 2021", tire market in Denmark is projected to cross € 380 Million ($ 435 Mn) by 2021 on the back of the country's reviving automobile sector, increasing automobile sales, expanding automobile fleet and implementation of favorable government policies. Moreover, rapidly growing construction industry in Denmark is expected to fuel demand for M&HCV & OTR vehicles over next five years, which is expected to positively influence the country's tire market over the next five years. In addition, anticipated increasing in demand for passenger cars on account of rising per capita income is also expected to augment demand for passenger car tires during 2016 - 2021.

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"Denmark Tire Market" 

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During 2011-2015, automobile sales in Denmark grew at a CAGR of around 15%, with unit sales in the country increasing from 0.21 million units in 2011 to 0.24 million units in 2015, resulting in expansion of the country's automotive fleet (including passenger cars & commercial vehicles) from 2.68 million units in 2011 to 2.83 million units in 2015. Among several global tire companies such as Continental, Michelin, Bridgestone, Yokohama, etc., selling their tires in the country, Continental accounted for the largest volume share in Denmark tire market in 2015, followed by Michelin.

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"Expanding vehicle fleet size in Denmark positively influenced demand for tires from replacement segment during 2011-2015. The passenger car tire segment is expected to be the fastest growing segment in the coming years and is anticipated to grow at a CAGR of more than 4% during the forecast period.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Denmark Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of Denmark tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Denmark tire market.

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