Lithuania Tire Market to Grow at CAGR 9% till 2021
Increasing
sale of vehicles and expanding automotive fleet to drive Lithuania tire market
over the next five years
According to TechSci Research
report, “Lithuania
Tire Market Forecast and Opportunities,
2021”, tire market in Lithuania is
projected to grow at a CAGR of over 9% during 2016 - 2021. Growing vehicle
sales, expanding automobile fleet and increasing infrastructure development are
some of the major factors anticipated to boost demand for tires in the country
over the next five years. Moreover, with increasing purchasing power, which
grew at a CAGR of 7.25% during 2011-2014 as per the World Bank,
the tire market in Lithuania is expected to register healthy growth rate over
the next five years.
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Due to the absence of OEM vehicle
production in the country, Lithuania’s tire industry is entirely dependent on the
replacement tire market. In 2015, the passenger car tire segment
dominated Lithuania’s tire market, followed by commercial vehicles, OTR vehicles
and two-wheelers. Owing to easy financing options and growing purchasing power of
consumers, the adoption rate of passenger cars in the country is increasing at
a robust pace. As a result, the passenger car tire segment is anticipated to
maintain its dominance in the country’s tire market over the next five years as
well.
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With no tire manufacturing facility present in the
country, the domestic demand for tires is solely met through the import route. Leading global tire companies operating in Lithuania include
Continental, Goodyear, Michelin and Bridgestone, among others. Region wise, Vilnius County is the largest demand
generator for tire in the country, followed Kaunas, Klaipėda, Šiauliai and Panevėžys
counties. In 2015, these five counties cumulatively accounted for more than
three-fourths of the tire sales in the country.
“Market leaders are realigning their business strategies in order to
expand their customer base in Lithuania’s tire market. E-retailing is providing
customers with various advantages such as fast delivery, brand comparison,
lower price as compared to offline tire outlets; and these factors are
attracting an increasing number of consumers in Lithuania towards opting for
online purchase of tires.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Lithuania
Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Lithuania
tire market and provides statistics and information on market structure,
imports and trends of Lithuania
tire 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 Lithuania tire market.
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