Baltic Tire Market to reach USD 344.84 Million by 2026
Continuous growing demand of
passenger cars and increasing vehicle fleet to drive the growth of Baltic Tire
market through 2026.
According
to TechSci Research report, “Baltic Tire Market By Vehicle Type (Passenger
Car, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, OTR, Two-Wheeler),
By Demand Category (Replacement, OEM), By Tire Type (Radial, Bias), By Country
(Lithuania, Latvia, and Estonia,) Competition, Forecast & Opportunities,
2026”, Baltic tire market is anticipated to reach 2826.68
thousand units at a CAGR of 2.89% by 2026 because of continuous growing demand
of passenger cars and increasing vehicle fleet. Growth in demand of passenger
cars is influenced by increasing demand for personal transportation for daily
commuting on account of COVID-19. Due to the pandemic, sales of used and new
passenger cars are increasing in the Baltic countries which is influencing the
tire market in the region positively. The market share of passenger car tire in
the Baltic region is approximately 82%. Increasing vehicle fleet is also
enhancing the aftermarket sales of tires in Baltic countries. The sales of
tires depend upon the availability of dealers and distributors because it acts
as a suitable intermediary between manufacturing companies and the end users. Furthermore, because of the demand-supply gap in
the Baltic region, tire manufacturers find it more convenient to operate
through the designated sales channels, which includes dealers and distributors.
Companies are continually expanding their distribution channels, and new
players are entering the market as well. The region's tire market is likely to be driven by the
region's rapidly expanding distributor and dealership network. Furthermore, the
sales of tires are positively influenced by policy and regulations by the
governments in the Baltic countries. The majority of Baltic governments have set rigorous
restrictions and regulations requiring the usage of winter and snow tires on a
regular basis, which is driving the tire industry in the region due to the
requirement for tire replacement on a regular basis. According to government regulations in these nations,
car tires must be replaced on a regular basis and have a minimum tread pattern
depth of 3mm, resulting in increased tire demand in the replacement market. In
the coming years, it is predicted that countries in this area would be
subject to the same road regulation act, resulting in increased tire demand in
the replacement market over the projection period.
Browse more than 51 market data Figures spread through 86 Pages and an in-depth TOC on "Baltic Tire Market"
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Baltic Tire market can be segmented based on vehicle type, demand category,
tire type and countries. In vehicle type,
passenger car segment is dominating the tire market in Baltic countries and in
forecast period also it is expected to dominate the market. However, in terms
of growth, OTR tires are expected to grow at a higher CAGR than any other type
of vehicle. Based on demand category, replacement tires have acquired the total
tire market in the Baltic region and is forecast that the same trend will
continue in the near future. In the tire type segment, radial tires are
dominating the market with over 90% and it is expected that the trend will
continue in forecast period as well. The major factors influencing the radial
tire sales in Baltic countries are better control, high durability and better
fuel efficiency as well as enhanced load carrying capacity. In the country
segment, Lithuania has the share of over 47% in Baltic countries in 2020 and it
is expected that the share of Lithuania will increase in forecast period as
well due to increasing demand of personal vehicle and population in comparison
to other Baltic countries.
Bridgestone Europe NV/SA, Goodyear
Dunlop Tires Baltic OÜ, Compagnie Générale des Établissements Michelin, Continental
AG, Pirelli & S.P.A, are
among some
of the leading players operating in the Baltic tire market. Apart from these
companies, Hankook Tire Co., Ltd., Yokohama Europe Gmbh, Kumho
Tire Europe GmbH are the
key players developing advanced technologies and
launching new products to stay competitive in the market. Other competitive
strategies include mergers and acquisitions, new product developments and also increase their marketing activities and
enriching product portfolio globally to increase their customer outreach.
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“In 2020, Lithuania accounted for the largest share, i.e., 47.80% in Baltic
Tire market and it is expected to dominate in the forecast period as well. Lithuania
is leading the Baltic Tire market because of increasing demand of personal
vehicle in the country and also due to increasing population”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Baltic Tire Market By Vehicle Type (Passenger Car, Medium
& Heavy Commercial Vehicle, Light Commercial Vehicle, OTR, Two-Wheeler), By
Demand Category (Replacement, OEM), By Tire Type (Radial, Bias), By Country (Lithuania,
Latvia, and Estonia,) Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Baltic
Tire market and provides statistics & information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Baltic Tire market.
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