Romania Tire Market, By Tire Type (Radial Tires, Bias Tires); By Rim Size (Below 15 inches, 15–20 inches, Above 20 inches); By Application (On-road Tires, Off-road Tires, Agricultural Tires), Others (including Industrial Tires & Aviation Tires), Trend Ana
Description
Romania Tire Market, By Tire Type (Radial Tires, Bias Tires); By Rim Size (Below 15 inches, 15–20 inches, Above 20 inches); By Application (On-road Tires, Off-road Tires, Agricultural Tires), Others (including Industrial Tires & Aviation Tires), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Romania Tire Market Size Set to Grow at Steady CAGR of 5.87% to Cross USD 710.09 Million by 2029
Romania tire market is flourishing due to the significant potential for joint ventures and partnerships with global tire manufacturers and increasing government support & incentives for the local tire manufacturing industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Romania tire market size at USD 479.85 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Romania tire market size to grow at a significant CAGR of 5.87% reaching a value of USD 710.09 million by 2029. The expanding automobile fleet, increasing people's purchasing power, and the sale of passenger vehicles are major factors driving Romania tire market. Also, changing consumer behavior and rising industrialization are propelling the country's automotive industry forward, which is propelling the tire market forward. Aside from that, Romania's well-developed road infrastructure and the presence of five-passenger car and commercial vehicle manufacturing plants provide tire manufacturers with lucrative growth opportunities.
Romania Tire Market – Overview
A round, rubber-based car tire covers the rim of the wheel on the outside. The tire's primary function is to transmit tractive force from the vehicle to the road surface while protecting the wheel rim. The flexibility and cushioning properties of rubber reduce the effect of vibrations and absorb vehicle shock. A rubber tire consists of the tread, jointless cap piles, and beads, as well as synthetic rubber, carbon black, and fabric.
Impact of COVID-19 on Romania Tire Market
The expansion of the Romanian tire market was delayed by an unforeseen COVID-19 pandemic. The production and distribution of the raw materials required to make tires were impeded by the government's statewide quarantine imposed to restrict the virus's spread. Also, the outbreak made it necessary for many people to work from home and remain at home, which decreased the need for solitary movement. The nation's economic unrest also affected consumer purchasing power. These elements worked together to significantly reduce Romania's demand for car tires, which had an impact on the market's overall growth.
Romania Tire Market - By End Use
On basis of the end use, Romania tire market is divided into On-road tires, Off-road Tires, Agricultural Tires, and other (including Industrial Tires and Aviation Tires) segments. Off-road tire market is growing as mechanization in industries such as agriculture, mining, and construction increases. These tires have substantial threads that improve traction on a variety of terrain, including loose gravel, mud, and dirt, making them suitable for extreme weather conditions and uneven roads. Their deeper and wider grooves also penetrate sand and dirt surfaces, increasing rolling turbulence and stability.
Competitive Landscape
Competition in Romania tire market is intense. Major players in the market include Michelin, Continental, Goodyear, Pirelli, Bridgestone, Dunlop, Hankook Tire, Yokohama, Nokian Tires, Giti Tire, Trelleborg Wheel Systems, and Balkrishna Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Romania Tire Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Romania Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Romania Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Romania Tire Market Size Set to Grow at Steady CAGR of 5.87% to Cross USD 710.09 Million by 2029
Romania tire market is flourishing due to the significant potential for joint ventures and partnerships with global tire manufacturers and increasing government support & incentives for the local tire manufacturing industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Romania tire market size at USD 479.85 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Romania tire market size to grow at a significant CAGR of 5.87% reaching a value of USD 710.09 million by 2029. The expanding automobile fleet, increasing people's purchasing power, and the sale of passenger vehicles are major factors driving Romania tire market. Also, changing consumer behavior and rising industrialization are propelling the country's automotive industry forward, which is propelling the tire market forward. Aside from that, Romania's well-developed road infrastructure and the presence of five-passenger car and commercial vehicle manufacturing plants provide tire manufacturers with lucrative growth opportunities.
Romania Tire Market – Overview
A round, rubber-based car tire covers the rim of the wheel on the outside. The tire's primary function is to transmit tractive force from the vehicle to the road surface while protecting the wheel rim. The flexibility and cushioning properties of rubber reduce the effect of vibrations and absorb vehicle shock. A rubber tire consists of the tread, jointless cap piles, and beads, as well as synthetic rubber, carbon black, and fabric.
Impact of COVID-19 on Romania Tire Market
The expansion of the Romanian tire market was delayed by an unforeseen COVID-19 pandemic. The production and distribution of the raw materials required to make tires were impeded by the government's statewide quarantine imposed to restrict the virus's spread. Also, the outbreak made it necessary for many people to work from home and remain at home, which decreased the need for solitary movement. The nation's economic unrest also affected consumer purchasing power. These elements worked together to significantly reduce Romania's demand for car tires, which had an impact on the market's overall growth.
Romania Tire Market - By End Use
On basis of the end use, Romania tire market is divided into On-road tires, Off-road Tires, Agricultural Tires, and other (including Industrial Tires and Aviation Tires) segments. Off-road tire market is growing as mechanization in industries such as agriculture, mining, and construction increases. These tires have substantial threads that improve traction on a variety of terrain, including loose gravel, mud, and dirt, making them suitable for extreme weather conditions and uneven roads. Their deeper and wider grooves also penetrate sand and dirt surfaces, increasing rolling turbulence and stability.
Competitive Landscape
Competition in Romania tire market is intense. Major players in the market include Michelin, Continental, Goodyear, Pirelli, Bridgestone, Dunlop, Hankook Tire, Yokohama, Nokian Tires, Giti Tire, Trelleborg Wheel Systems, and Balkrishna Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Romania Tire Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Romania Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Romania Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
240 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Romania Tire Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rise in disposable income levels of consumers, allowing them to invest in expensive vehicles
- 3.2.1.2. Growing focus on road infrastructure development
- 3.2.1.3. Growing tourism industry in Romania
- 3.2.2. Restraints
- 3.2.2.1. Dependence on imports of raw materials
- 3.2.2.2. Limited manufacturing capacity and technological limitations
- 3.2.3. Opportunities
- 3.2.3.1. Potential for joint ventures and partnerships with global tire manufacturers
- 3.2.3.2. Increasing government support and incentives for the local tire manufacturing industry
- 3.2.4. Challenges
- 3.2.4.1. Limited availability of skilled labor and resources
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Romania Tire Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.1.2. Market Share and Forecast
- 4.1.3. By Tire Type
- 4.1.3.1. Radial Tires
- 4.1.3.2. Bias Tires
- 4.1.4. By Rim Size
- 4.1.4.1. Below 15 inches
- 4.1.4.2. 15-20 inches
- 4.1.4.3. Above 20 inches
- 4.1.5. By Application
- 4.1.5.1. On-road Tires
- 4.1.5.2. Off-road Tires
- 4.1.5.3. Agricultural Tires
- 4.1.5.4. Others (including Industrial Tires and Aviation Tires)
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. Romania Tire Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid-19 on Romania Tire Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Michelin
- 7.2. Continental
- 7.3. Goodyear
- 7.4. Pirelli
- 7.5. Bridgestone
- 7.6. Dunlop
- 7.7. Hankook Tire
- 7.8. Yokohama
- 7.9. Nokian Tyres
- 7.10. Giti Tire
- 7.11. Trelleborg Wheel Systems
- 7.12. Balkrishna Industries
- 7.13. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information in case of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
- List of Figures
- Figure 1 Romania Tire Segmentation
- Figure 2 Romania Tire Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Romania Tire Market Size, By Value (USD Million), 2019–2029
- Figure 5 Romania Tire Market Share, By Tire Type, By Value, 2019–2029
- Figure 6 Romania Tire Market Share, By Rim Size, By Value, 2019–2029
- Figure 7 Romania Tire Market Share, By Application, By Value, 2019–2029
- List of Tables
- Table 1 Romania Tire Market Size, By Value (USD Million), 2019–2029
- Table 2 Romania Tire Market Size, By Tire Type, By Value, 2019–2029
- Table 3 Romania Tire Market Size, By Rim Size, By Value, 2019–2029
- Table 4 Romania Tire Market Size, By Application, By Value, 2019–2029
- Table 5 Michelin Company Overview
- Table 6 Michelin Financial Overview
- Table 7 Continental Company Overview
- Table 8 Continental Financial Overview
- Table 9 Goodyear Company Overview
- Table 10 Goodyear Financial Overview
- Table 11 Pirelli Company Overview
- Table 12 Pirelli Financial Overview
- Table 13 Bridgestone Company Overview
- Table 14 Bridgestone Financial Overview
- Table 15 Dunlop Company Overview
- Table 16 Dunlop Financial Overview
- Table 17 Hankook Tire Company Overview
- Table 18 Hankook Tire Financial Overview
- Table 19 Yokohama Company Overview
- Table 20 Yokohama Financial Overview
- Table 21 Nokian Tyres Company Overview
- Table 22 Nokian Tyres Financial Overview
- Table 23 Giti Tire Company Overview
- Table 24 Giti Tire Financial Overview
- Table 25 Trelleborg Wheel Systems Company Overview
- Table 26 Trelleborg Wheel Systems Financial Overview
- Table 27 Balkrishna Industries Company Overview
- Table 28 Balkrishna Industries Financial Overview
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