Hungary Tyre Market Set to Cross US$ 600 Million by 2014
Availability of cheap and skilled workforce, strategic geopolitical location and sophisticated logistics network continues to position Hungary as a preferred destination for automotive OEMs and investors
According to a recently published report by TechSci Research, “Hungary Tyre Market Forecast and Opportunities, 2019”, the tyre market in Hungary is forecast to surpass US$ 600 million by the year 2014. Hungary, a Central European automotive manufacturing hub, houses several major global automotive companies such as Daimler, Audi, GM, Suzuki, Hankook, Bridgestone and Continental. Hungary is an export driven OEM market and is largely benefited by its trade dynamics with CEE nations. Furthermore, the country is one of the top five exporters of automotive components to Russia and other CEE nations. Germany, Russia, Romania, Slovakia and the United Kingdom are some of the key export destinations for Hungary’s automotive products. FDI inflow by OEMs and easy availability of comparatively cheap and skilled workforce strengthens Hungary’s position as a vital destination for automotive production.
In 2013, passenger car tyres accounted for the largest share in the Hungary tyre market, followed by the commercial vehicle tyre segment. Two wheelers constitute the lowest market share, as they are not manufactured but only imported into the country. Leading OEMs such as Mercedes, DAF, Volvo, Knorr-Bremse, Volkswagen, Renault, Ford and MAN are driving growth in Hungary’s commercial vehicles market.
Among the country’s 19 counties, Budapest, Fejér and Komárom-Esztergom are the major hubs in terms of automotive manufacturing and tyre production. Budapest is a key center for hosting International auto shows, festivals and exhibitions every year. “Since 2007, key tyre manufacturers have undertaken special interest in Hungary’s growing automotive export market and are expected to continue expanding their tyre production capacities significantly over the next five years in order to address growing tyre demand.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Hungary Tyre Market Forecast and Opportunities, 2019” has evaluated the growth potential of Hungary tyre market and provides statistics and information on market structure, exports and future growth of the Hungary tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Hungary’s tyre market.
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