Increasing demand for passenger cars & commercial vehicles and improving economy are some key factors expected to drive the growth of Serbia tire market in coming years.
According to TechSci Research report, “Serbia 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”, Serbia tire market is forecast to witness 4.82% CAGR during the forecast period. Key factors driving the growth of Serbia tire market are the country’s recovering economy and increasing demand for both passenger and commercial vehicles. The rise in sale volume of vehicles in the country is leading to expanding fleet size which in turn is generating high demand for tires. Moreover, Serbia is a candidate for membership of European Union and is one of the developing countries of the Balkan region. This also makes the country a profitable market for tire manufacturers in the coming years.
Furthermore, increase in vehicle sales is being supported by declining interest rates leading to affordable automobile financing in the country. The presence of most of the leading global automotive OEMs is also acting as a major growth factor for Serbia tire market.
Browse 77 market data Figures and Tables spread through 155 Pages and an in-depth TOC on “Serbia Tire Market”
Serbia 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, the passenger car segment held more than 90% of market share in Serbia tire market until 2019. The trend is likely to continue during the forecast period and the segment is expected to hold more than 92% market share by 2025 owing to rising per capita income of the consumers which is leading to increasing sale of passenger cars like sedans, hatchbacks, SUVs and luxury cars. Based on demand category, Serbia tire market is split into replacement vs OEM. Among the two, the replacement segment is expected to hold lion’s share in Serbia tire market during the forecast period. Due to continuing rise in the country’s overall vehicle fleet, the replacement tire segment is anticipated to hold more than 85% market share by 2025.
Leading market players in Serbia tire market are Tigar Tyres d.o.o., Cooper Tire & Rubber Company Serbia d.o.o., Goodyear Dunlop Sava Tires d.o.o, Elastika Pirelli S.A, The Yokohama Rubber Co., Ltd., Private Joint Stock Company ROSAVA, Nokian Tyres PLC, Toyo Tire Europe GmbH, Bridgestone Europe NV/SA and Continental AG. Moreover, key growth strategies being adopted by tire manufacturers are product innovation, mergers & acquisitions, collaborations and joint ventures.
“Most of the leading global automotive OEMs such as Fiat, Nissan, Skoda, Renault, Mercedes, etc., are engaged in selling their automobiles in Serbia which is benefitting the growth of tire market. Tire manufacturers are also focusing on increasing their production capacity in order to increase export and strengthen their position in European tire market. Due to regulations, vehicle owners need to invest in winter tires and summer tires as winter tires are mandatory in country during snow season coupled with entry of new tire manufacturers are positively influencing the growth of the market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Serbia 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 Serbia 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 Serbia tire market.
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