Latvia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025

Latvia tire market was valued USD 0.06 Billion in 2019 and is projected to be valued USD 0.08 Billion by 2025 on the back of reviving economic scenario and implementation of favourable government policies. The demand for tires in Latvia is met through tire imports from various countries due to absence of domestic tire manufacturing in the country. Moreover, increasing volume sales of vehicles in the country and rapidly expanding fleet size are some other key factors which are propelling the growth of Latvia tire market. In addition to this, with increasing foreign investments and rising per capita income, the country’s tire market is poised to grow significantly over the next five years.

Latvia 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 and two-wheeler. Among them, the passenger car segment is forecast to dominate the overall Latvia tire market over the next five years owing to expanding passenger car fleet size in the country and their rising import. The segment is further expected to hold more than 89% market share by 2025.

Major companies operating in Latvia tire market are Continental AG, Pirelli & C. S.p.A., Bridgestone Baltic SIA, Goodyear Dunlop Tires Baltic OÜ, Toyo Tire & Rubber Co., Ltd., Hankook Tire Company Ltd., Yokohama Scandinavia AB, Cooper Tire & Rubber Company, Kumho Tire Co., Inc. and Nokian Tyres PLC. In 2019, Continental grabbed a major portion of market share in the country's tire market, and the company's dominance is expected to continue through 2025. Leading tire manufacturers are undergoing growth strategies such as product innovation, collaborations, mergers & acquisitions and joint ventures in order to strengthen their position in Latvia tire market.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

• To analyze and forecast the market size of Latvia tire market.
• To classify and forecast Latvia tire market based on vehicle type, demand category, radial vs bias, company and region.
• To identify drivers and challenges for Latvia tire market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Latvia tire market.
• To identify and analyze the profile of leading players involved in the manufacturing tires in Latvia.

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To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of tire dealers operating in the country. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed product offerings, distribution channels and regional presence of all major tire suppliers across Latvia.

TechSci Research calculated the market size for Latvia tire using a bottom-up technique, wherein manufacturers’ volume sales data for different applications, was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, databases such as company websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Tire manufacturers, suppliers, distributors and other stakeholders
• Vehicle manufacturing companies
• Raw material suppliers
• Associations, organizations, forums and alliances related to tires
• Government bodies such as regulatory authorities and policy makers
• Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as vehicle manufacturers, distributors and dealers, and policy makers. The study would also help the stakeholders to target the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, Latvia tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below :

• Latvia Tire Market, By Vehicle Type:

• Passenger Car
• Two-Wheeler
• Medium & Heavy Commercial Vehicle
• Light Commercial Vehicle
• Off-The-Road Vehicle (OTR)
• Latvia Tire Market, By Demand Category:
• OEM
• Replacement

• Latvia Tire Market, By Tire Type:
• Radial vs Bias
• Latvia Tire Market, By Region:
• Kurzeme
• Zemgale
• Latgale
• Vidzeme

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Latvia tire market.

Available Customizations:

With the given market data, TechSci Research offers customizations according a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Profit Margin Analysis

• Profit margin analysis in case of direct and indirect sales channel.