Baltic Tire Market, By Vehicle Type (Passenger Car, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, OTR, Two-Wheeler), By Demand Category (Replacement, OEM), By Tire Type (Radial, Bias), By Country, Competition, Forecast & Opportunities, 2026
Baltic tire market is anticipated to grow at a CAGR of 2.89% through the forecast period to reach 2826.68 thousand units by 2026 because of growing demand for passenger cars and increasing vehicle fleet across the Baltic region. The expanding fleet size of Baltic countries is one of the primary reasons driving the automobile tire industry. Owing to technical developments and competition, the average life of automobiles in the region has been improving, assisting the country's fleet size expansion. Furthermore, the expansion of the fleet is assisted significantly by rising automotive sales. The majority of the people in the region prefer to travel by personal automobile rather than via public transportation, hence there is a strong need for replacement tires throughout the region. Due to COVID-19, almost all automobile manufacturing, showrooms, and workshops were shut, and sales plummeted. According to a research released by the European Automobile Manufacturers Association in October 2020, output losses in the European Union due to factory closures were at least 4,024,036 motor cars between January 1 and September 30, 2020 (including passenger cars, trucks, vans, buses, and coaches for the 27 EU countries and the UK). This figure also reflects a sharp drop in automotive sales in the Baltic region, which has a direct influence on the region's OEM tire industry.
Baltic Tire market can be divided into four categories: vehicle type, demand category, tire type, and country. In terms of vehicle type, the passenger car segment dominates the tire market in the Baltic region, and is projected to continue to do so in the future. OTR tires, on the other hand, are predicted to grow at a faster rate than any other vehicle type. In terms of demand category, replacement tires have taken over the overall tire market in the Baltic region, and given that no OEMs are expected to open in the forecast period.
Based on tire type, radial tires hold a market share of over 90% and this trend is likely to continue throughout the forecast period. Better control, superior durability, and improved fuel efficiency, as well as increased weight carrying capability, are the main factors affecting radial tire sales in the Baltic region. Based on country, Lithuania has a market share of approximately 47% in Baltic countries in 2020, and it is predicted to grow in the forecast period due to increased demand for personal vehicles and population compared to other Baltic countries.
Major players operating in the Baltic Tire market are Bridgestone Europe NV/SA, Goodyear Dunlop Tires Baltic OÜ, Compagnie Générale des Établissements Michelin, Continental AG, Pirelli & S.P.A., Hankook Tire Co., Ltd., Yokohama Europe Gmbh, Kumho Tire Europe GmbH are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
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