New York – The French tire market is set to grow at a CAGR of over 6 percent through 2021, according to a recent report by market research firm TechSci Research.
Rising car sales and production as well as an improving macroeconomic outlook will be the drivers of the market, said the report published 23 Aug.
Increasing average selling prices of tires and growing vehicle fleet will also contribute to the growth.
With higher internet penetration, on-line retailing websites have been positively influencing the tire market with their attractive deals, the report added.
Region-wise, in 2015, northern France accounted for the largest volume share in the country's tire market, and a similar trend is anticipated to continue through 2021.
The passenger car segment is expected to dominate the market, due to rising car sales and increasing consumer purchasing power.
"The country's replacement tire demand is anticipated to grow at a higher pace in comparison to the OEM tire demand over the course of next five years," said Karan Chechi, research director with TechSci Research.