Passenger Car segment to dominate the Baltic Tire Market
Increasing average life of
vehicles and rise in demand for high performance tires is expected to drive the
demand for Baltic tire market for the forecast period.
According to TechSci Research report, “Baltic
Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle,
Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and OTR) By
Demand Category (OEM Vs Replacement) By Radial vs. Bias, By Region, Company
Forecast & Opportunities, 2026”, The Baltic tire market is expected to
witness significant growth in the forecast period. Tires are an essential part
of the automobile industry and support the traction between tire and road while
providing a cushion to absorb road shock. Tires are manufactured using
materials such as carbon black, polyester, steel, silica, rayon, natural and
synthetic rubber. Tires are responsible for several functions such as the
transmission of brake and providing acceleration force to the ground, carrying
the weight of the vehicle, maneuver the vehicle direction, and absorb shock
from the ground. One of the significant factors responsible for the sale of
tires is the increasing demand for passenger vehicles. Rising security concerns
in addition to the implementation of stringent tire performance regulations,
for example, wet grip-related braking distance reduction and the invention of
fuel-efficient tires are expected to fuel the sales of the tire in the region.
Advancements in technology are increasing the average life of vehicles thereby
require the timely replacement of tires. Due to road construction and increased
accessibility to remote areas the demand for tires is witnessing a boost in
this region.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities in the Baltic region-imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Manufacturing units were temporarily shut down and
disruption in the supply of raw materials was observed. After the departure of
the first wave, companies are allowed to continue production with lower
resources and volume production. Vehicle owners stayed at home which aided in
delaying the tire replacement and maintenance and the shortage of cash crunch
and falling economy affected the tire market adversely. However, high cost of
raw materials and demand for retread tire is expected to restrain the market
growth.
Browse XX Figures spread
through XX Pages and an in-depth TOC on "Baltic Tire Market”.
https://www.techsciresearch.com/report/baltic-tire-market/7560.html
Baltic
tire market is segmented into vehicle type, demand category, regional
distribution, and company. Based on radial vs. bias, the radial segment is
expected to account for major market share in the forecast period, 2022-2026.
Radial tires have flexible sidewalls and reduce the consumption of fuel by the
vehicle owing to the presence of less rolling resistance. These tires are more
stable than the bias tire. Radial tire is smoother and has a longer lifespan
than the bias tire. Based on vehicle type, the market can be divided into
passenger car, light commercial vehicle, medium & heavy commercial vehicle,
two-wheeler, three-wheeler, and OTR. The passenger car segment is responsible
for major market share and is expected to dominate the tire market. The
presence of disposable income and increasing vehicle ownership are the two
significant drivers for this segment. The introduction of novel vehicles in the
market by the major players is expected to surge the sales of tires in the
region.
Bridgestone
Europe NV / SA, Continental AG, Cooper Tires, Goodyear Dunlop Tires Baltic OÜ,
Hankook Tires, Kumho Tires, Michelin, Pirelli, Toyo Tires, Yokohama are the
leading players operating in Baltic tire market. Manufacturers are increasingly
focusing on research and development process to fuel higher growth in the
market. To meet evolving customer demand with respect to better efficiency and
durability, several tire manufacturers are coming up with their technologically
advanced offerings.
Download
Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=7560
Customers can also
request for 10% free customization on this report.
“High-end
investments by major market players for research and development activities to
upgrade the existing infrastructure of tires and adoption of automation
technology to produce different tires such as rimless tires, green tires, among
others are expected to boost the demand for tires in the Baltic region. The use
of lightweight elastomers and metals containing alloys or composite material of
manganese bronze, nickel aluminum bronze, among others to increase the
efficiency and performance of tires is expected to surge the sales of the tire.
Majority of the Baltic tire market is import-driven therefore the use of
attractive marketing campaigns and the production of quality tires is expected
to propel the tire market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Baltic Tire Market By
Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy
Commercial Vehicle, Two-Wheeler, Three-Wheeler and OTR) By Demand Category (OEM
Vs Replacement) By Radial vs. Bias, By Region, Company Forecast &
Opportunities, 2026” has evaluated the future growth potential of Baltic tire
market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of Baltic tire market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website : https://www.techsciresearch.com