Estonia Tire Market to Grow at 6% till 2021
Expanding vehicle
fleet size and increasing passenger car sales to drive Estonia tire market through
2021
According to TechSci Research
report, “Estonia
Tire Market Forecast and Opportunities,
2021”, the tire market in Estonia
is projected to grow at a CAGR of over 6% during 2016-2021. Rapid urbanization,
expanding automobile fleet and increasing infrastructural development are some
of the major factors anticipated to boost the demand for tires in the country
over the next five years. Due to the absence of OEM vehicle production in the country,
Estonia’s tire industry is entirely dependent on the replacement tire market.
As per the data published by International Organization
of Motor Vehicle Manufacturers (OICA), the country’s overall automobile fleet
size, which mainly comprises of passenger cars and commercial vehicles, was
around 773 thousand units in 2015. In 2015, passenger car dominated the overall
automobile fleet in Estonia, followed by commercial vehicle segment. Considering
Estonia’s expanding automotive fleet, which grew at a CAGR of 4.11% during
2011-2015, the demand for tires in the country is forecast to grow at a robust
pace over the next five years as well.
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Tire Market"
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Passenger car
segment is forecast to dominate the overall Estonia tire market over the next
five years owing to increasing purchasing power and growth in the number of
nuclear families in the country. Harju, Ida-Viru and Laane-Viru Region region
of the country accounted for the largest volume share in the country’s overall
tire sales in 2015, and the same trend is anticipated to continue through 2021.
Some of the major companies operating in Estonia tire market are Continental,
Michelin, Goodyear and Bridgestone, among others.
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“In Estonia, the government
made it mandatory for all vehicles in the country to use winter tires between 1st
December and 1st March of every year, as they are suitable for
driving in winter season. Moreover, it is forbidden to use studded tires in
vehicles within the period of 1st May to 1st October of
every year. Furthermore, winter tires used in vehicles should have at least 4
mm tread depth. Estonia government emphasis on deploying winter tires in all
the cars and buses weighing less than 3.5 ton, hence aiding the Estonia tire
market over the next five years.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Estonia
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth
potential of Estonia tire market and provides statistics and information on
market structure, imports and trends of Estonia tire market. The report intends
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 Estonia tire market.
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