Hungary Tire Market to Grow at 9% till 2021
Continuously expanding automobile
production and fleet size, coupled with growing sales of automobiles to drive
Hungary tire market through 2021
According to TechSci Research report, “Hungary
Tire Market Forecast and Opportunities, 2021”, Hungary tire market is forecast to
grow at a CAGR of over 9%, in value
terms, during 2016-2021, on account of growing automobile sales and expanding
automobile fleet size. Growing demand for tires and increasing vehicle fleet in
the country is anticipated to encourage new flagship tire manufacturers to
enter the country in order to capitalize on the bolstering demand for tires in Hungary.
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Tables and 44 Figures spread through 103 Pages and an in-depth TOC on "Hungary
Tire Market"
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In 2015, Hungary recorded GDP
per capita of around USD12,259. Government of Hungary has initiated several
infrastructural projects and developments and this has propelled demand for commercial
vehicles as well as related tires in the country. Moreover, growing demand for
radial tires in Hungary can be attributed to benefits such as high fuel efficiency,
improved mileage, etc. Few of the prominent tire manufacturing companies that have
a strong presence in the country include Michelin, Hankook, Continental, Goodyear,
Bridgestone, etc.
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“Hungary’s strategic geographical
location in Central Europe, and supportive investment policies has made the
country a prominent investment destination for various automotive companies. Robust
growth in production of vehicles in the country is further forecast to boost
the country’s automotive industry in the coming years. Further, rising
penetration of internet and smartphones in the country from 68% in 2011 to
about 72.8% in 2015 is projected to drive sales of tires through online
channels due to benefits such as availability of various flagship tire brands,
discounts and other value-added features including fitment of tires at their
preferred tire stores. These factors are anticipated to augur well for the country’s
tire market through 2021.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Hungary
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth potential of Hungary tire
market and provides statistics and 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 evaluation.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Hungary tire market.
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