Lithuania Tire Market is Poised to Undergo 4.51% CAGR Through 2025

Growth in automotive industry and expanding vehicle fleet are some key factors expected to drive the growth of Lithuania tire market in coming years.

According to TechSci Research report, “Lithuania 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”, Lithuania tire market is forecast to undergo 4.51% CAGR during the forecast period. Despite being largely impacted by the Eurozone crisis, the country’s automotive sector managed to grow at a steady pace during 2011 - 2015. In Lithuania, automobile sales grew at a CAGR of around 4.23% CAGR during 2013 - 2019. Moreover, the country’s automotive industry is likely to perform better during the forecast period on account of anticipated increase in the Foreign Direct Investment (FDI) inflows in the Baltic States by the European Commission. This is further expected to support the growth of Lithuania tire market in the next five years.

Furthermore, the anticipated expansion in the country’s vehicle fleet coupled with rising disposable income, increasing urbanization and growing infrastructure sector are poised to positively influence tire market in Lithuania during the forecast period. As of 2019, Lithuania’s tire market was entirely import driven as no tire manufacturing facility was being operating in the country.

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Lithuania 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 held the lion’s share of over 86%  in the country’s tire market, in volume terms until 2019. This trend is expected to continue during the forecast period as well owing to rising sale of passenger cars in the country owing to improving standard of living.

Based on demand category, Lithuania tire market can be categorized into radial vs bias. The tire market in the country is completely dominated by replacement segment. The trend is forecast to continue during the forecast period as well. The reasons can be attributed to absence of any OEM in the country. Region wise, Vilnius County is the largest demand generator for tire in the country, followed Kaunas, Klaipėda, Šiauliai and Panevėžys counties.

Leading market players in Lithuania tire market are Bridgestone Baltic SIA, Continental Aktiengesellschaft, Pirelli & C. S.p.A., Goodyear Dunlop Tires Baltic OÜ, Hankook Tire Company Ltd., Toyo Tire & Rubber Co., Ltd, Yokohama Denmark A/S, Nokian Tyres plc, Compagnie Générale des Établissements Michelin and Belshina Open Joint Stock Company. These companies are also benefiting from the absence of any domestic manufacturing facility in the country. Moreover, market players are adopting growth strategies such as product innovation, collaboration, joint ventures and partnerships in order to increase their market share in Lithuania tire market.

“Market leaders are realigning their business strategies in order to expand their customer base in Lithuania's tire market. E-retailing is providing customers with various advantages such as fast delivery, brand comparison, lower price as compared to offline tire outlets; which is positively impacting the growth of the tire market in the country.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Lithuania 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 Lithuania 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 Lithuania tire market.

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