Latvia Tire Market Forecast and Opportunities, 2021
On account of Eurozone debt crisis in 2008-2009, Latvia was hit by weak economic conditions, which resulted in high rate of unemployment, fiscal austerity, weak credit growth and high inflation, consequently impacting the automotive industry of the country. With a GDP of around USD31.28 billion in 2014, vehicle fleet (passenger cars & commercial vehicles) of over 746,000 vehicles and vehicle motorization rate of around 373 vehicles per thousand people in 2014, Latvia’s tire market is poised to witness moderate growth over the next five years. In 2015, the passenger cars and light commercial vehicles collectively accounted for more than 80% of the total automotive sales, followed by two-wheelers and medium & heavy commercial vehicle sales in the country. This consequently led to highest volume sales of passenger car tires, followed by light commercial vehicle tires. Due to lack of automotive production in the country, demand for tires in the country is entirely met through imports.
According to the TechSci Research report, “Latvia Tire Market Forecast & Opportunities, 2021”, Latvia tire market is anticipated to surpass US$ 1 billion by 2021, on account of increasing volume sales of vehicles in the country and rapidly expanding fleet size. The vehicle fleet of the country is dominated by passenger car segment, followed by the commercial vehicle segment. As a consequence, the passenger car tire segment held a major volume share in the country’s tire market in 2015 and its dominance is anticipated to continue during the forecast period as well. Leading global tire companies operating in Latvia include Continental, Michelin, Pirelli, Bridgestone, Goodyear, Toyo, Hankook, Nokian, and Kumho, among others. Rapid urbanization, expanding automobile fleet and growing infrastructure development have been identified as the major factors anticipated to boost demand for tires in the country over the next five years. “Latvia Tire Market Forecast & Opportunities, 2021” report elaborates following aspects of tire market in Latvia:
1. Continental AG
2. Pirelli & C. S.p.A.
3. Bridgestone Baltic SIA
4. Goodyear Dunlop Tires Baltic OÜ
5. Toyo Tire & Rubber Co., Ltd
6. Hankook Tire Company Ltd.
7. Yokohama Scandinavia AB
8. Cooper Tire & Rubber Company
9. Kumho Tire Co., Inc.
10. Nokian Tyres PLC
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