Serbia Tire Market to Cross US$ 230 Million by 2021
Stabilizing economy and growing volume sales of vehicles to
drive demand for tires in Serbia
According to TechSci
Research report, “Serbia Tire Market
Forecast & Opportunities, 2021”, tire market in Serbia is projected to surpass
US$ 230 million by 2021, predominantly due to expanding vehicle fleet in the
country. The country’s tire market is dominated by replacement segment on the
back of growing automotive sales, declining replacement period of tires,
expanding automotive fleet size and increasing online tire sales in the
country. Region-wise, Belgrade accounted for the largest volume share in Serbia’s
tire market in 2015, followed by Sumadija and Western Serbia; Vojvodina;
Southern and Eastern Serbia; and Kosovo.
Various largest global tire
manufacturing companies, such as Tigar Tyre d.o.o., which is a wholly owned
subsidiary of Michelin; The Cooper Tire & Rubber Company Serbia
d.o.o., a subsidiary of Cooper Tires, etc., operate their production facilities
in the country. Many of these companies plan to expand the production capacity
of their existing plants in the coming years. Demand for replacement tires in
Serbia is substantially higher than OEM tire demand, wherein, the OEM segment
accounted for a volume share of less than one-fourth of the overall tire sales
in 2015. Nevertheless, OEM tire demand is also growing on account of increasing
vehicle sales, which is being supported by availability of easy and affordable
automobile financing in the country.
“Increasing influx of
foreign investments in the Serbian automotive industry as well as growing
urbanization and rising disposable income are contributing significantly
towards the growth of the Serbia automotive industry. The country’s tire market
is completely dominated by the passenger car segment, and this trend is
expected to continue in the coming years. Besides that, consistent growth in
the other vehicle segments, including light commercial vehicles, two-wheeler,
medium & heavy commercial vehicles and Off-the-Road (OTR) vehicles is also
expected to benefit the country’s tire industry over the next five years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Serbia Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Serbia tyre market and provides statistics and information on
market structure, imports and trends of Serbia tyre market. 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
available in Serbia tyre market.