Hungary Tyre Market to Grow at over 8% until 2020

Growing disposable income, expansion of agriculture & construction sectors and increasing foreign direct investment to drive Hungary tyre market

According to TechSci Research report, “Hungary Tyre Market Forecast And Opportunities, 2020”, the country’s tyre market is projected to grow at over 8% during 2015 - 2020. Growth in the market is anticipated on account of increasing automobile sales, growing fleet size, favorable government policies and foreign investments in the automotive sector. In 2014, the passenger car tyres segment accounted for majority of the share in Hungary tyre market, followed by light commercial vehicle tyre, medium & heavy commercial vehicle tyre, two-wheeler tyre and OTR tyre segments.

Hankook, Bridgestone and Michelin operate their tyre manufacturing plants in the country, while global tyre companies like Goodyear, Pirelli, Continental, Vredestein, etc., operate through their sales offices in Hungary. Region-wise, in 2014, Central Hungary region accounted for the largest volume share in the country’s overall tyre sales, and this trend is expected to continue through 2020. Over the next five years, OEM tyre segment is expected witness higher growth compared to the replacement tyre market.

“Though OEM segment is forecast to grow faster in the coming years, Hungary retread tyre market is anticipated to pick up pace over the next five years, backed by various technological advancements in the manufacturing process, which are expected to boost consumer interest in employing these tyres. Considering this untapped potential, Bridges tone has already establishing its retread tyre manufacturing franchisee ‘Bandag’ in Mezőszilas, Hungary in 2011.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Hungary Tyre Market Forecast & Opportunities, 2020” has evaluated the future growth potential of tyre market in Hungary, and provides statistics and information on market structure, imports and trends. The report is intended 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 Hungary tyre market.