Hungary Tire Market is Expected to Undergo Significant Growth in Next Five Years
Expanding
automobile fleet size and increase manufacturing of automobiles in the country are
some key factors propelling the growth of Hungary tire market.
According to TechSci Research report, “Hungary
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”, Hungary tire market is forecast to undergo
4.71% CAGR during the forecast period on account of expanding automobile fleet
size and rising production of passenger cars and medium & heavy commercial vehicles
in the country. Furthermore, growing demand for tires and increasing domestic tire
production are anticipated to encourage new flagship tire manufacturers to
enter the country in order to capitalize on the bolstering demand for tires in
Hungary. The well-developed road infrastructure, growing demand for winter
tires and presence of leading global automotive manufacturers also makes
Hungary a profitable market for tire companies.
Additionally, rising disposable income of citizens,
recovering economic conditions and rapid infrastructure developments are also
anticipated to bolster growth in Hungary tire market in the coming years. Government
of Hungary has initiated several commercial projects and developments, and this
has propelled demand for commercial vehicles as well as related tires in the
country. Apart from that, changing consumer preference and introduction of
electric vehicles are poised to augment the growth of Hungry tire market in
coming years.
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Figures and 5 Tables spread through 155 Pages and an in-depth TOC on "Hungary Tire Market"
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Hungary 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 accounted for 93.32%
market share in 2019 owing to increasing sale of passenger cars and rise in
demand for replacement tires. Moreover, the segment is expected to maintain its
dominance during the forecast period and witness a market share of more than
93% by 2025. Based on region, a major in the demand for tires in the country
emanates from Central Hungary.
Leading market players in Hungary tire market are Bridgestone
Hungary Kft., Michelin Hungária Abroncsgyártó Kft., Hankook Tire Budapest
Kereskedelmi Kft., Continental Hungaria Kft., Apollo Vredestein Kft., Kumho
Tire Co., Inc, Goodyear Dunlop Tires Hungary Trading Limited Liability Co., Pirelli
Hungary Tyre Trading and Services Ltd, Nokian Tyres P.L.C. and Cooper Tire
& Rubber Co. Among them, Hankook, Bridgestone and Michelin operate their
tire manufacturing plants in the country, while global tire companies like
Goodyear, Pirelli, Continental, Vredestein, etc., operate through their sales
offices in Hungary. Key growth strategies being undertaken by these leading
tire manufacturers are production innovation, mergers & acquisitions,
collaborations, partnerships and joint ventures.
“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 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 2025.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“Hungary 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 Hungary 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 Hungary
tire market.
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