On account of Eurozone debt crisis in
2008-2009, Latvia was hit by weak economic conditions, which resulted in high
rate of unemployment, fiscal austerity, weak credit growth and high inflation,
consequently impacting the automotive industry of the country. With a GDP of
around USD31.28 billion in 2014, vehicle fleet (passenger cars & commercial
vehicles) of over 746,000 vehicles and vehicle motorization rate of around 373
vehicles per thousand people in 2014, Latvia’s tire market is poised to witness
moderate growth over the next five years. In 2015, the passenger cars and light
commercial vehicles collectively accounted for more than 80% of the total
automotive sales, followed by two-wheelers and medium & heavy commercial
vehicle sales in the country. This consequently led to highest volume sales of
passenger car tires, followed by light commercial vehicle tires. Due to lack of
automotive production in the country, demand for tires in the country is
entirely met through imports.
According to the TechSci Research
report, “Latvia Tire Market Forecast
& Opportunities, 2021”, Latvia tire market is anticipated to surpass
US$ 1 billion by 2021, on account of increasing volume sales of vehicles in the
country and rapidly expanding fleet size. The vehicle fleet of the country is
dominated by passenger car segment, followed by the commercial vehicle segment.
As a consequence, the passenger car tire segment held a major volume share in
the country’s tire market in 2015 and its dominance is anticipated to continue during
the forecast period as well. Leading global tire companies operating in Latvia
include Continental, Michelin, Pirelli, Bridgestone, Goodyear, Toyo, Hankook,
Nokian, and Kumho, among others. Rapid urbanization, expanding automobile fleet
and growing infrastructure development have been identified as the major
factors anticipated to boost demand for tires in the country over the next five
years. “Latvia Tire
Market Forecast & Opportunities, 2021” report
elaborates following aspects of tire market in Latvia:
- Latvia Tire Market Size, Share &
Forecast
- Segmental Analysis – Passenger Car
Tires, Medium and Heavy Commercial Tires, Light Commercial Vehicle Tires, OTR
Tires & Two Wheeler Tires
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging
Opportunities
- Competitive Landscape and Strategic
Recommendations
Why You Should Buy
This Report?
- To gain an in-depth understanding of
tire market in Latvia
- To identify the on-going trends and
segment wise anticipated growth in the coming years
- To help industry consultants, tire
companies and other stakeholders to align their market-centric strategies
- To obtain research based business
decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading
players
- To avail 10% customization in the report
without any extra charges and get the research data or trends added in the
report
as per the buyer’s specific needs.
Report
Methodology
The information contained in this report is
based on both primary and secondary sources. Primary research includes
interviews with tire companies and industry experts. Secondary research
includes an exhaustive search of relevant publications such as company annual
reports, financial reports and proprietary databases.