According to TechSci Research report, “Serbia 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, 2016-2026”, Serbia tire market was valued at USD0.15 billion in 2020 and it is expected to witness 5.79%, in value terms, CAGR during the forecast period and reach USD0.21 billion in 2026. 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 the membership of the 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 the Serbia tire market. Moreover, one of the main factors driving the automotive tire market in Serbia is high tire replacement ratio. Average life of the automobiles across the region has been increasing due to technological advancements and competition, resulting in higher replacement rate. As most of the population in Serbia prefers to travel by personal vehicles instead of public transport, it directly results in generating high demand for replacement tires.
In 2020, the market witnessed a significant slowdown, owing to the spread of COVID-19. According to a data published by the European Tire and Rubber Manufacturers’ Association (ETRMA), when the pandemic began to cause lockdowns across Europe, the first quarter of 2020 saw a substantial slowdown in sales. Furthermore, the full effect became more evident in the second quarter. In the first half of 2020, passenger car tires witnessed a decline of 22%, while two-wheeler tires market declined by 23%. Medium & heavy commercial vehicle sales were impacted by -14% and OTR tires saw a decline of 9%. After having been shut for an average of 33 days due to COVID-19, all tire manufacturers in Europe slowly resumed their production in May when most European countries eased their lockdowns.
Browse 43 market data Figures and 3 market Tables spread through 97 Pages and an in-depth TOC on “Serbia Tire Market”
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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 almost 90% of the market share in Serbia tire market until 2020. The trend is likely to continue during the forecast period and the segment is expected to hold around 90% market share by 2026 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 2026.
Leading market players in Serbia tire market are Cooper Tire & Rubber Company Serbia d.o.o., Toyo Tire Serbia LLC, Bridgestone Corporation, Continental AG, Hankook Tire d.o.o., Goodyear Dunlop Sava Tires, doo, ELASTIKA PIRELLI SA, The Yokohama Rubber CO., LTD., Nokian Tyres PLC and Michelin Tires. Moreover, key growth strategies being adopted by tire manufacturers are product innovation, mergers & acquisitions, collaborations and joint ventures.
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“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 the tire market. Tire manufacturers are also focusing on increasing their production capacity in order to increase export and strengthen their position in the European tire market. Due to regulations, vehicle owners need to invest in winter tires and summer tires as winter tires are mandatory in the 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.
“Serbia 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, 2016- 2026” 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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