Croatia Tire Market to Grow at 7% through 2021
Increasing urbanization, reviving vehicle fleet size
coupled with growth in industrial and agricultural sector to drive Croatia tire
market during 2016-2021
According to TechSci Research report, “Croatia Tire Market Forecast & Opportunities, 2011-2021”,
the country’s tire market is projected to grow at a CAGR of over 7% during
2016-2021 on account of introduction of new vehicle models, expanding vehicle
fleet and increasing purchasing power. Passenger car tire segment, followed by
commercial vehicles and off-the-road vehicles, dominated Croatia tire market
with a cumulative volume share of over 90%, during 2011-2015. On account of
easy financing and growing tourism sector, demand for two-wheelers is
witnessing growth in the country. As a result, Croatia two-wheelers tire market
grew at a CAGR of more than 20% over the last five years.
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Tables and 26 Figures spread through 84
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Several government initiatives including Strategy for Development of
Entrepreneurship 2013–2020, to promote entrepreneurship and for sustained
development of SMEs in Croatia, are expected to aid revival of the country’s
economy in the coming years. As of
2015, Croatia Proper and Dalmatia region dominated the region’s tire market
with a combined volume share of over 75% in 2015. Widespread presence of
well-established network of dealers and distributors of leading global players
such as Bridgestone, Goodyear, Yokohama, Michelin, etc. is further increasing
the competition in the country’s tire market.
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Due to lack of manufacturing facilities, the
automotive sector in Croatia has been largely dependent on imports from other
countries. “Croatian is expected to attract huge foreign investments from
various countries across the European region in coming years. Moreover, government
spending in the construction and infrastructure sector of the country is also
expected to grow over the next five years. This is expected to significantly
boost demand for commercial vehicles
as well as commercial vehicle tires in Croatia during the forecast period.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Croatia Tire Market Forecast & Opportunities,
2021” has analyzed the potential of Croatia tire market and
provided statistics & information on market size, consumer behavior and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report identifies and analyzes emerging trends along
with essential drivers and key challenges faced by the industry.
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