Latvia Tire (Tyre) Market Size, Share, Growth & Forecast 2021

Summary

Report Description

On account of Eurozone debt crisis in 2008-2009, Latvia was hit by weak economic conditions, which resulted in high rate of unemployment, fiscal austerity, weak credit growth and high inflation, consequently impacting the automotive industry of the country. With a GDP of around USD31.28 billion in 2014, vehicle fleet (passenger cars & commercial vehicles) of over 746,000 vehicles and vehicle motorization rate of around 373 vehicles per thousand people in 2014, Latvia’s tire market is poised to witness moderate growth over the next five years. In 2015, the passenger cars and light commercial vehicles collectively accounted for more than 80% of the total automotive sales, followed by two-wheelers and medium & heavy commercial vehicle sales in the country. This consequently led to highest volume sales of passenger car tires, followed by light commercial vehicle tires. Due to lack of automotive production in the country, demand for tires in the country is entirely met through imports.

According to the TechSci Research report, “Latvia Tire Market Forecast & Opportunities, 2021”, Latvia tire market is anticipated to surpass US$ 1 billion by 2021, on account of increasing volume sales of vehicles in the country and rapidly expanding fleet size. 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 2015 and its dominance is anticipated to continue during the forecast period as well. Leading global tire companies operating in Latvia include Continental, Michelin, Pirelli, Bridgestone, Goodyear, Toyo, Hankook, Nokian, and Kumho, among others. Rapid urbanization, expanding automobile fleet and growing infrastructure development have been identified as the major factors anticipated to boost demand for tires in the country over the next five years. “Latvia Tire Market Forecast & Opportunities, 2021” report elaborates following aspects of tire market in Latvia:

Latvia Tire Market Size, Share & Forecast
Segmental Analysis – Passenger Car Tires, Medium and Heavy Commercial Tires, Light Commercial Vehicle Tires, OTR Tires & Two Wheeler Tires
Policy & Regulatory Landscape
Changing Market Trends and Emerging Opportunities
Competitive Landscape and Strategic Recommendations

Why You Should Buy This Report?

To gain an in-depth understanding of tire market in Latvia
To identify the on-going trends and segment wise anticipated growth in the coming years
To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
To obtain research based business decision and add weight to presentations and marketing material
To gain competitive knowledge of leading players
To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer’s specific needs.

Report Methodology

The information contained in this report is based on both primary and secondary sources. Primary research includes interviews with tire companies and industry experts. Secondary research includes an exhaustive search of relevant publications such as company annual reports, financial reports and proprietary databases.

Table of content

1. Research Methodology

2. Analyst View

3. Product Overview

4. Latvia Tire Market Outlook

4.1. Market Size & Forecast

4.1.1. By Value & Volume

4.2. Market Share & Forecast

4.2.1. By Vehicle Type (Passenger Car (PC), OTR, LCV, M&HCV and 2W)

4.2.2. By Company

4.2.3. By Region

5. Latvia Passenger Car (PC) Tire Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1. By Vehicle Type (SUV & MPV, Small & Compact Car, Sedan and Others)

6. Latvia Light Commercial Vehicle (LCV) Tire Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value & Volume

6.2. Market Share & Forecast

6.2.1. By Vehicle Type (Vans and Pickups)

7. Latvia Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Vehicle Type (HCV and MCV)

8. Latvia Off-the-Road (OTR) Tire Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Vehicle Type (Industrial Equipment Vehicles and Agricultural Equipment Vehicles)

9. Latvia Two-Wheeler Tire Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & Volume

9.2. Market Share & Forecast

9.2.1. By Vehicle Type (Mopeds and Motorcycles)

10. Import-Export Analysis

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Growth in Domestic Retread Tire Market

12.2. Increasing Penetration of Winter Tires

12.3. Rising Automotive Sales

12.4. Increasing Internet Penetration Leading to Higher Online Tire Sales

12.5. Growing Volume of Imported Passenger Car Tires

13. Policy & Regulatory Landscape

14. Latvia Economic Profile

15. Competitive Landscape

15.1. Continental AG

15.2. Pirelli & C. S.p.A.

15.3. Bridgestone Baltic SIA

15.4. Goodyear Dunlop Tires Baltic OÜ

15.5. Toyo Tire & Rubber Co., Ltd

15.6. Hankook Tire Company Ltd.

15.7. Yokohama Scandinavia AB

15.8. Cooper Tire & Rubber Company

15.9. Kumho Tire Co., Inc.

15.10. Nokian Tyres PLC

16. Strategic Recommendations

Figures and Tables

List of Figures

Figure 1: Latvia Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 2: Latvia Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 3: Latvia Tire Market Share, By Company, By Volume, 2015-2021F

Figure 4: Latvia Tire Market Share, By Region, By Volume, 2015 & 2021F

Figure 5: Latvia Tire Market Share, By Region, By Volume, 2015-2021F

Figure 6: Latvia Passenger Car Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 7: Latvia Passenger Car Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 8: Latvia Light Commercial Vehicle (LCV) Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 9: Latvia Light Commercial Vehicle Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 10: Latvia Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 11: Latvia Medium & Heavy Commercial Vehicle Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 12: Latvia Off-The-Road (OTR) Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 13: Latvia Off-The-Road (OTR) Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 14: Latvia Two-Wheeler Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2011-2021F

Figure 15: Latvia Two-Wheeler Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

Figure 16: Latvia Passenger Car Tire Imports, By Value, 2011-2015 (USD Million)

Figure 17: Latvia Commercial Vehicle Tire Imports, By Value, 2011-2015 (USD Million)

Figure 18: Latvia Off-The-Road Tire Imports, By Value, 2011-2015 (USD Million)

Figure 19: Latvia Two-Wheeler Tire Imports, By Value, 2011-2015 (USD Million)

Figure 20: Latvia Tire Import Share, By Vehicle Type, By Value, 2015

Figure 21: Latvia Passenger Car Tire Exports, By Value, 2011-2015 (USD Million)

Figure 22: Latvia Commercial Vehicle Tire Exports, By Value, 2011-2015 (USD Million)

Figure 23: Latvia Off-The-Road Tire Exports, By Value, 2011-2015 (USD Million)

Figure 24: Latvia Two-Wheeler Tire Exports, By Value, 2011-2015 (USD Million)

Figure 25: Latvia Tire Export Share, By Vehicle Type, By Value, 2015

Figure 26: Internet Users in Latvia (per 100 people), 2011-2014 (%)

List of Tables

Table 1: Latvia Automotive Sale, By Volume, 2011–2015 (Units)

Table 2: Latvia Passenger Car Sales, By Volume, 2011-2015 (Units)

Table 3: Latvia Automobile Fleet, By Vehicle Type, By Volume, 2011-2015 (Thousand Units)

Table 4: Latvia Retread Tire Imports, By Volume, 2011-2015 (in Million Units)

Table 5: Latvia Automobile Sales, By Vehicle Type, By Volume, 2011-2015 (Units)

Table 6: Latvia Passenger Car Tire Imports, By Country, By Volume, 2011-2015 (Units)

Table 7: Latvia Passenger Car Tire Exports, By Country, By Volume, 2011-2015 (Units)

Table 8: List of Import Duty on Tires, By HS Code, By Vehicle Type, 2015

Frequently asked questions

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Press Release

Latvia Tire Market to Cross $ 1 Billion by 2021

Mar, 2016

Rising automobile sales, favorable government policies and expanding fleet size to drive Latvia tire market through 2021

Latvia Tire Market Forecast and Opportunities, 2021

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