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.
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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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