Slovakia Tire Market to be Valued USD 0.88 Billion By 2025

Increasing production as well as sale of passenger cars are some key factors expected to drive the growth of Slovakia tire market in next five years.

According to TechSci Research report, “Slovakia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Slovakia tire market is forecast to witness 4.03% CAGR during the forecast period. Key factors driving the growth of Slovakia tire market are increasing demand for passenger cars owing to rise in per capita disposable income, rise in production as well as sale of passenger vehicles and favourable government policies. The presence of leading global automobile manufacturers and well developed road infrastructure are also boosting the growth of Slovakia tire market. Moreover, the presence of leading OEMs also makes the country a profitable market for tire manufacturers. Apart from that, introduction of advanced tires and increasing sale of electric cars are expected to augment the Slovakia tire market growth in next five years.

Additionally, tire companies are looking forward to expanding production facilities in the country which is another major factor behind the growth of Slovakia tire market. The growth in automobile sector and increasing demand for winter tires are further anticipated to propel the market growth in coming years.

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Slovakia 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, two-wheeler and three -wheeler. Among them, the passenger car tire segment is the most dominating segment in Slovakia tire market which held more than 91% of market share in 2019. Moreover, the segment is further expected to hold 91.15% market share by 2025 owing to expanding manufacturing facilities of passenger cars in the country. Based on demand category, Slovakia tire market can be split into replacement and OEM. Among them, the replacement segment is expected to dominate the market during the forecast period owing to improved average lifespan of vehicles.

Leading market players in Slovakia tire market are Compagnie Générale des Établissements Michelin, Continental AG, The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, Yokohama Rubber Co. Ltd., Hankook Tire Company Ltd., Nokian Renkaat Oyj, Apollo Tyres Limited and Sumitomo Rubber Industries Ltd., among others. Other key growth strategies being implemented by tire manufacturers are mergers & acquisitions, collaborations, joint ventures and product innovation in order to strengthen their position in Slovakia tire market.

“Slovakia is one of the fastest growing and developed economies in Europe. As the automobile and tire production is expanding at faster pace, export has been a prime focus of tire manufacturers in the country. Along with that, favourable government export policies are also encouraging tire manufacturers to increase their export share. The country is also experiencing high per capita GDP which is enabling consumers to spend on luxury and advanced passenger vehicles. This in turn is poised to create high demand for advanced tires in Slovakia over the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Slovakia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Slovakia tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Slovakia tire market.

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