Press Release

Hungary Tire Market is Expected to Undergo Significant Growth in Next Five Years

Expanding automobile fleet size and increase manufacturing of automobiles in the country are some key factors propelling the growth of Hungary tire market.

According to TechSci Research report, “Hungary Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Hungary tire market is forecast to undergo 4.71% CAGR during the forecast period on account of expanding automobile fleet size and rising production of passenger cars and medium & heavy commercial vehicles in the country. Furthermore, growing demand for tires and increasing domestic tire production are anticipated to encourage new flagship tire manufacturers to enter the country in order to capitalize on the bolstering demand for tires in Hungary. The well-developed road infrastructure, growing demand for winter tires and presence of leading global automotive manufacturers also makes Hungary a profitable market for tire companies.

Additionally, rising disposable income of citizens, recovering economic conditions and rapid infrastructure developments are also anticipated to bolster growth in Hungary tire market in the coming years. Government of Hungary has initiated several commercial projects and developments, and this has propelled demand for commercial vehicles as well as related tires in the country. Apart from that, changing consumer preference and introduction of electric vehicles are poised to augment the growth of Hungry tire market in coming years.

Browse 86 Figures and 5 Tables spread through 155 Pages and an in-depth TOC on "Hungary Tire Market"

Hungary tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the passenger car tire segment accounted for 93.32% market share in 2019 owing to increasing sale of passenger cars and rise in demand for replacement tires. Moreover, the segment is expected to maintain its dominance during the forecast period and witness a market share of more than 93% by 2025. Based on region, a major in the demand for tires in the country emanates from Central Hungary.

Leading market players in Hungary tire market are Bridgestone Hungary Kft., Michelin Hungária Abroncsgyártó Kft., Hankook Tire Budapest Kereskedelmi Kft., Continental Hungaria Kft., Apollo Vredestein Kft., Kumho Tire Co., Inc, Goodyear Dunlop Tires Hungary Trading Limited Liability Co., Pirelli Hungary Tyre Trading and Services Ltd, Nokian Tyres P.L.C. and Cooper Tire & Rubber Co. Among them, Hankook, Bridgestone and Michelin operate their tire manufacturing plants in the country, while global tire companies like Goodyear, Pirelli, Continental, Vredestein, etc., operate through their sales offices in Hungary. Key growth strategies being undertaken by these leading tire manufacturers are production innovation, mergers & acquisitions, collaborations, partnerships and joint ventures.

“Hungary’s strategic geographical location in Central Europe, and supportive investment policies has made the country a prominent investment destination for various automotive companies. Robust growth in production of vehicles in the country is further forecast to boost the country’s automotive industry in the coming years. Further, rising penetration of internet and smartphones in the country is projected to drive sales of tires through online channels due to benefits such as availability of various flagship tire brands, discounts and other value-added features including fitment of tires at their preferred tire stores. These factors are anticipated to augur well for the country’s tire market through 2025.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Hungary Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Hungary tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide 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 Hungary tire market.


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Hungary Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By Region, Competition, Forecast & Opportunities,

Automotive | Oct, 2023

The major drivers for the Hungary Tire Market include robust economic growth, an expanding vehicle fleet, and consumer preferences for quality and safety, all of which contribute to increased demand for tires in Hungary.

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