Portugal Tire Market Forecast to Surpass $460 Million by 2022: TechSci Research

New York, NY, April 30, 2017 --(PR.com)-- According to TechSci Research report, “Portugal Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, Competition Forecast & Opportunities, 2012-2022,” tire market in Portugal is projected to cross $ 463 million mark by 2022, on account of anticipated growth in fleet of passenger cars and resulting increase in demand for replacement tires over the course of next five years. Although, the country witnessed decline in vehicle fleet during 2012-2016 due to scrappage program for passenger cars and light commercial vehicle, the trend is expected to reverse in the coming years. Backed by several favorable economic policies that were implemented in the country, Portugal witnessed unceasing decline in the inflation rate, which contracted from an average of 3.65% in 2011 to 0.49% in 2015. Backed by a recovering economic climate and renewed infrastructure development, demand for passenger as well as commercial vehicle tires is expected to surge in the country through 2022.

Browse 13 market data Tables and 50 Figures spread through 120 Pages and an in-depth TOC on "Portugal Tire Market": https://www.techsciresearch.com/report/portugal-tire-market-forecast-opportunities/953.html

Increasing tire radialization is one of the major emerging trends in Portugal tire market. Radial tires offer numerous benefits such as total lower cost of ownership, lower fuel consumption, improved mileage and better handling. Enhanced utilization of digital platform by an increasing population of internet users is anticipated to boost online tire sales through 2022. Besides that, rising demand for hybrid, electric and alternate fuel cars is projected to increase demand for high performance tires in the country over the next five years.

“High growth potential offered by the country’s automotive sector, growing vehicle fleet size and supportive investment policies have made Portugal a prominent investment destination for various automotive companies such as Renault, Mazda, Volkswagen, etc. On account of such favorable factors, the country’s tire market is expected to witness a healthy growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Portugal Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of Portugal tire market and provides statistics and information on market structure, size, share and market trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities present in Portugal tire market.

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