Expanding automobile fleet and favorable government policies are some key factors propelling the growth of Romania tire market.
According to TechSci Research report, “Romania 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”, Romania tire market is forecast to witness 4.12% CAGR during the forecast period. Key factors propelling the growth of Romania tire market are rise in vehicle motorization rate, increasing sale of passenger vehicles and rising per capita disposable income of the country. In terms of geographical area, Romania is one of the largest countries among Balkan Peninsula nations. With five manufacturing plants involved in the production of passenger cars and commercial vehicles, Romania is one of the leading automobile manufacturers in the Central and Eastern Europe (CEE) region. This provides huge growth opportunities for tire manufacturers in the country. Moreover, in Romania, overall motorization rate (passenger car and commercial vehicles) increased from 251 per 1,000 inhabitants in 2013 to almost 264 per 1,000 inhabitants by 2014. With the country’s automobile fleet size expanding at a faster pace on account of growing economy and increasing purchasing power, demand for tires is also anticipated to grow over the next five years. Additionally, changing consumer behaviour and rising industrialization are boosting the growth of automobile industry which in turn is supporting the growth of Romania tire market.
Browse 77 market data Figures and Tables spread through 159 Pages and an in-depth TOC on “Romania Tire Market”
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Romania 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. Among them, passenger car segment is forecast to dominate the overall Romania tire market over the next five years owing to increasing purchasing power and growth in the number of nuclear families in the country. The segment is expected to hold more than 90% market share by 2025. Regionally, North-West & Central Region of the country accounted for the largest volume share in the country’s overall tire sales in 2019, and the same trend is anticipated to continue through 2025.
Leading market players in Romania tire market are SC Continental Automotive Products S.R.L., Michelin Romania S.A., S.C. Pirelli Tyres Romania S.r.l., Eurotire Plant SA, Goodyear Dunlop Tires Romania S.R.L., Bridgestone România S.R.L., Toyo Tire Europe GmbH, Hankook Tyre Co. Ltd., Yokohama Rubber Co. Ltd. and Nokian Tyres PLC. Furthermore, key growth strategies being adopted by leading companies are product innovation, collaborations, mergers & acquisitions, partnerships and investment on production expansion.
“Improving economic condition of Romania acts as a favourable factor for Romania tire market. Moreover, as per the National Bank of Romania, the country received Foreign Direct Investments (FDI) worth USD 6 Billion in 2019. Government of Romania plans to invest this FDI amount in the development of various sectors, such as construction, logistics, real estate, etc. in the country. Due to proactive government initiatives coupled with increasing automobile production, the tire market in Romania is anticipated to register healthy growth rate over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Romania 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 Romania 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 Romania tire market.
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