Russia Tire Sales to Register CAGR 9% Growth till 2022
Recovering
automobile sales and expanding automotive fleet size in the country expected to
boost Russia tire market through 2022
According to TechSci Research report, “Russia
Tire Market Forecast & Opportunities, 2012-2022”, tire
market in Russia is projected to exhibit a CAGR of 9.3% in value terms during
2017-2022, on account of recovering automobile sales, expanding automobile
fleet size and consistently increasing tire prices in the country. Moreover, as
per the World Bank, Russia’s Gross National Income (GNI) per capita increased from
USD11,040 in 2011 to USD11,450 in 2015, which in turn has positively impacted
the purchasing power of consumers in the country. Moreover, with expanding population base, rising purchasing power and
growing infrastructural development, demand for tires in the country is
expected to grow through 2022.
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In 2016, Russia tire market was dominated by passenger
car tire segment, followed by two-wheelers, light commercial vehicle, medium
& heavy commercial vehicle and OTR vehicle tire segments. Few of the prominent tire
manufacturing companies in Russia include Nizhnekamskshina, Pirelli, Nokian, Cordiant, Continental,
among others. In 2016, Central Federal District accounted for the largest
market share in Russia tire market, followed by Privolzhsky Federal District, South
Federal District, Ural Federal District, Siberian
Federal District, North Caucasus Federal District, North-West
Federal District and Fareast Federal District.
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“Increasing per
capita income is the major factor fueling demand for passenger cars in Russia. Moreover,
increasing mining activities in the country are further boosting demand for OTR
tires in the country. Also, growing Chinese tire penetration, increasing share
of foreign tire manufacturers and rising online tire sales are expected to positively impact Russia tire market
during 2017-2022.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Russia Tire Market Forecast &
Opportunities, 2012-2022” has analyzed the potential of Russia tire market, and
provides information and statistics on market structure, imports and trends.
The report intends in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. The report
also identifies and analyzes emerging trends along with essential drivers and
key challenges faced by Russia tire market.
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