Rapid urbanization and expanding automobile fleet are some key factors expected to drive the growth of Estonia tire market in coming years.
According to TechSci Research report, “Estonia 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”, Estonia tire market is expected to witness a CAGR of around 3.60% during the forecast period. Rapid urbanization, expanding automobile fleet and increasing infrastructural development are some of the major factors driving the growth of Estonia tire market. Though the country’s economy is considered to be one of the stable economies among other Baltic countries, owing to Eurozone Crisis, Estonia’s economy has been going through a sluggish growth phase since 2013, which consequently, impacted the growth of all the sectors, including the automotive sector.
As of 2015, Estonia’s tire market was entirely import driven as no tire manufacturing facility was located in the country. However, expansion in the vehicle fleet size coupled with increasing FDI inflows in the infrastructure sector are expected to positively influence the country’s tire market over the next five years. Furthermore, increasing penetration of winter tires and Chinese tires are also aiding to the growth of Estonia tire market. The rising internet penetration in the country is also leading to increasing sale of tires on online platforms.
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Estonia 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. In 2019, passenger car segment dominated the overall automobile fleet in Estonia, followed by light commercial vehicle and medium and heavy commercial vehicle segments. The passenger car segment is forecast to further dominate the overall Estonia tire market over the next five years owing to increasing purchasing power and growth in the number of nuclear families in the country. Based on demand category, Estonia tire market is segmented into replacement vs OEM. Due to the absence of OEM vehicle production in the country, Estonia’s tire industry is entirely dependent on the replacement tire market. The trend is poised to remain same during the forecast period as well.
Leading market players in Estonia tire market are Bridgestone Baltic SIA, Goodyear Dunlop Tires Baltic OÜ, Compagnie Generale des Etablissements Michelin, Continental Aktiengesellschaft (AG), Pirelli & C. S.p.A., Toyo Tire & Rubber Co., Ltd, Hankook Tire Company Ltd., Yokohama Scandinavia AB and Nokian Tyres PLC. Manufacturers are undergoing growth strategies such as mergers & acquisitions, partnerships, collaborations in order to strengthen their position in Estonia tire market.
“In Estonia, the government made it mandatory for all vehicles in the country to use winter tires between 1st December and 1st March of every year, as they are suitable for driving in winter season. Moreover, it is forbidden to use studded tires in vehicles within the period of 1st May to 1st October of every year. Furthermore, winter tires used in vehicles should have at least 4 mm tread depth. Estonia government emphasis on deploying winter tires in all the cars and buses weighing less than 3.5 ton, hence aiding the Estonia tire market in the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Estonia 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 Estonia 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 Estonia tire market.
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