Tire Manufacturing Industry in Turkey
Tires are essential to the vehicle as they are the single point of contact between the road and the vehicle. Technically, they assist with running, controlling, and handling a vehicle, enhancing the vehicle’s smooth ride. Thus, the turkey tire industry is gaining traction due to the improved modern automobiles, sports cars, and enhanced tires with robust features. Geographically, Turkey is seen as a conduit for trade relations across the Middle East, Asia-Pacific, and Europe. Thus, the leading tire manufacturers and automakers are making it a prominent hub for lucrative opportunities in the distribution of auto components and tires. Hence, the propelling tire segment with top-end technological development and production of high-caliber products created an exponential demand for tires in the nation.
Turkey Tire Market Growth Study
Besides, since the population of Turkey is relatively minimum, the demand for high-performance, durable, cost-effective, and upgraded tires is a primary concern of customers. However, the country leveraged itself as a valuable asset in the global supply chain due to its logistical advantage, low-cost labor, and compatible production capabilities. Further, the prominent automakers & tire manufacturers launched new vehicles with highly aesthetic designs that stimulated sales across the country and improved the overall market for tires. In fact, according to a recent report analysis by MarkNtel Advisors, the Turkey Tire Market is projected to grow at a CAGR of around 3.45% during 2022-27.
Further, Turkey’s government has enormous provisions for to expand their penetration across the Middle East, Asia-Pacific, and Europe. The supportive initiatives by the government entwined with memberships in European Customs Union are strengthening the trade relations and heightening the tire market.
Grabbing Million-Dollar Investments
Prometeon Tyre Group manufacturers are emerging manufacturers and sellers of tires for industry, transport of goods, passengers, and OTR (On the road) segments. Recently, the company invested $15 million to set up a research and development center in Turkey. Thus, the new R&D is the largest group’s facility committed to R&D worldwide. It majorly contributes to the development of innovative tire technologies that are able to reduce fuel consumption and CO2 emissions. Further, this center aims at achieving the current production levels with lower energy costs through leaner processes and minimizing fuel consumption by reducing the rolling resistance of products. Thus, the R&D investment corresponds to nearly 3% of the Prometeon tyre group revenues.
Top-End Technology: Vision of Futuristic Tires
Tire manufacturers are building strategic collaborations with vehicle designers with the vision of developing futuristic tires. As a result, some technically advanced tires are designed to drive through snowy, icy, and wet road conditions that have shown exceptional performance. Thus, the growing influx of automation in the production of vehicle tires increases productivity and efficiency. Further, the usage of advanced composite materials upgraded raw materials, and chemical compounds in tire manufacturing helps in producing top-end technologically performing tires.
Passenger Cars and Radial Tyres: Heightened Demand for the Combination
Turkey is exhibiting potential growth in the infrastructural developments of its commercial sectors such as highways, airports, complexes, and malls. In turn, it propelled the mounting demand for passenger cars and heavy vehicles like trucks, buses & vans. Thus passenger cars acquired great admiration due to personal vehicle ownership and the increasing migrant population. Thus, the availability & affordability of an extensive range of tires across the country positively impacted the tire industry in the country and across the Middle East, Asia-Pacific, and Europe.
Specifically, Radial tires are gaining swift traction in Turkey due to their specific benefits of lower fuel consumption, enhanced traction & flotation, better-cut resistance in the tread & cooler run. Hence, the prominent key player and tire manufacturers adopted digital platforms for customers to choose from an extensive range of tires as per their needs & vehicles.
Fabricating of Raw Material Posing a Major Challenge
The Fluctuating prices of upgraded raw materials impede the growth of the Turkey tire market. Thus, the availability of alternative market raw materials and components hinders organized suppliers and original equipment manufacturers from to cater the demand and supply chains. The raw materials and alternative market components are made up of inferior materials at affordable prices. Further, they lack OEM specifications, leading to system failure and mechanical errors.
Thus, tire manufacturing in Turkey is flourishing owing to the increasing need for ultra-modern cars, sports cars, and improved tires with exceptional features. In addition, the nation rapidly expanding construction activities and beneficial government initiatives like membership in the European Customs Union are driving the manufacturers to match consumer needs. Hence, the automotive, and tire industries launched several new products because of country’s young population.