Estonia Tire Market is Poised to Witness 3.60% CAGR During the Forecast Period
Rapid urbanization and expanding automobile fleet are
some key factors expected to drive the growth of Estonia tire market in coming
years.
According to TechSci Research report, “Estonia
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”, Estonia tire market is expected to witness a CAGR of
around 3.60% during the forecast period. Rapid urbanization, expanding
automobile fleet and increasing infrastructural development are some of the
major factors driving the growth of Estonia tire market. Though the country’s
economy is considered to be one of the stable economies among other Baltic
countries, owing to Eurozone Crisis, Estonia’s economy has been going through a
sluggish growth phase since 2013, which consequently, impacted the growth of
all the sectors, including the automotive sector.
As of 2015, Estonia’s tire market was entirely import driven as no tire
manufacturing facility was located in the country. However, expansion in the
vehicle fleet size coupled with increasing FDI inflows in the infrastructure
sector are expected to positively influence the country’s tire market over the
next five years. Furthermore, increasing penetration of winter tires and
Chinese tires are also aiding to the growth of Estonia tire market. The rising
internet penetration in the country is also leading to increasing sale of tires
on online platforms.
Browse 77 market data Figures and Tables
spread through 159 Pages and an in-depth TOC on "Estonia Tire Market"
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Estonia 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. In 2019,
passenger car segment dominated the overall automobile fleet in Estonia,
followed by light commercial vehicle and medium and heavy commercial vehicle segments.
The passenger car segment is forecast to further 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. Based on demand
category, Estonia tire market is segmented into replacement vs OEM. Due to the
absence of OEM vehicle production in the country, Estonia’s tire industry is
entirely dependent on the replacement tire market. The trend is poised to
remain same during the forecast period as well.
Leading market players in Estonia tire market are Bridgestone Baltic SIA,
Goodyear Dunlop Tires Baltic OÜ, Compagnie Generale des Etablissements Michelin,
Continental Aktiengesellschaft (AG), Pirelli & C. S.p.A., Toyo Tire &
Rubber Co., Ltd, Hankook Tire Company Ltd., Yokohama Scandinavia AB and Nokian
Tyres PLC. Manufacturers are undergoing growth strategies such as mergers &
acquisitions, partnerships, collaborations in order to strengthen their
position in Estonia tire market.
“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 in the coming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
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“Estonia
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 Estonia 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 Estonia tire market.
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