Latvia Tire Market is Poised to Witness 4.10% CAGR By 2025
Expanding automobile fleet and growing infrastructure
development are some key factors expected to drive the growth of Latvia tire
market in coming years.
According to TechSci Research report, “Latvia
Tire Market By Vehicle Type (Passenger Car, LCV,
M&HCV, OTR, and Two-Wheeler), By Demand Category (OEM Vs. Replacement), By
Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Latvia
tire market is forecast to undergo 4.10% CAGR during the forecast period. Rising
automobile sales, reviving economic scenario and implementation of favourable
government policies are some major factors propelling the growth of Latvia tire
market. Moreover, due to lack of automotive production in the country, demand
for tires in the country is entirely met through imports.. Despite slowdown in
2012, wherein, passenger car sales witnessed a Y-o-Y decline of around 3%,
sales of passenger cars in the country grew at a CAGR of nearly 6% during 2013-2015.
Consequently, the passenger car tire market also witnessed growth in volume
sales of tires, which grew at a CAGR of more than 8.5% during the same period.
Furthermore, rapidly expanding fleet size and economic development are some
other key factors driving the growth of Latvia tire market. The increasing
penetration of Chinese tires and entry of new market players are also expected
to fuel the Latvia tire market growth in next five years. With the monetary aid
provided by the European Union in 2015, the government of Latvia is planning to
extensively develop its network of roadways & railways in addition to
strengthening the country's energy sector. These investment initiatives are
expected to have a positive impact on the country's automobile industry and
ultimately the tire market over the course of next five years.
Browse 77 market data Figures and Tables
spread through 159 Pages and an in-depth TOC on "Latvia Tire Market"
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Latvia 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. The vehicle fleet of the
country is dominated by passenger car segment, followed by the commercial
vehicle segment. As a consequence, the passenger car tire segment held a major
volume share in the country’s tire market in 2019 and its dominance is
anticipated to continue during the forecast period as well. Based on demand
category, Latvia tire market can be split into replacement vs OEM. Due to
absence of OEMs in the country, the replacement segment holds 100% market share
in Latvia tire market and the trend is projected to continue during the
forecast period as well.
Leading market players in Latvia tire market are Continental AG, Pirelli
& C. S.p.A., Bridgestone Baltic SIA, Goodyear Dunlop Tires Baltic OÜ, Toyo
Tire & Rubber Co., Ltd., Hankook Tire Company Ltd., Yokohama Scandinavia AB,
Cooper Tire & Rubber Company, Kumho Tire Co., Inc. and Nokian Tyres PLC. Continental
grabbed a major portion of market share in the country's tire market, and the
company's dominance is expected to continue through 2025. Key growth strategies
being adopted by leading tire manufacturers in the country are product
innovation, collaborations, mergers & acquisitions and joint ventures.
“With increasing foreign investments and rising per capita income,
Latvia automotive industry is expected to witness growth in the coming years.
Backed by the dominance of passenger car sales in the Latvian automobile
market, the tire market of the country is dominated by passenger car tire
segment and the same trend is expected to continue during the forecast period
as well,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
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“Latvia
Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-Wheeler),
By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region,
Forecast & Opportunities, 2015- 2025” has analyzed the potential of Latvia 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 Latvia tire market.
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