BURNABY, Canada, January 18, 2016 /PRNewswire/ --
Increasing government focus on non-oil sectors coupled with rising foreign investments to drive Azerbaijan tyre market through 2020
Fluctuations in oil prices across the global is one of the major factors increasing the government focus in Azerbaijan on diversifying its investment budget and attracting foreign direct investment (FDI) in non-oil sectors such as agriculture, infrastructure, transportation & tourism, industrial and alternate renewable energy sectors. Increasing government focus on non-oil sectors is propelling growth in the construction and infrastructure sectors in the country, thereby driving demand for OTR and commercial vehicles, which is expected to translate into higher demand for OTR and commercial vehicle tyre market in the country during 2015 - 2020.
According to TechSci Research report "Azerbaijan Tyre Market Forecast & Opportunities, 2020", the country's tyre market is projected to grow at a CAGR of over 5% during 2015 - 2020. In 2014, passenger car segment dominated Azerbaijan tyre market, followed by medium & heavy commercial vehicle segment. Azerbaijan tyre market is solely dependent on replacement demand, due to absence of any OEM manufacturing facility in the country. Furthermore, due to lack of rubber production in the country, there are no tyre production facilities in Azerbaijan, and consequently, majority of the overall demand for tyres in the country is addressed through imports.
"Increasing diversification into non-oil sectors and rising number of infrastructural projects in the country such as development of the Khazar Island is anticipated to boost demand for OTR and medium and heavy commercial vehicles in the coming years. Robust growth in the country's tourism sector is also anticipated to pump growth in demand for LCVs in the country for public transportation, thereby driving growth in Azerbaijan tyre market through 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Azerbaijan Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Azerbaijan tyre market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Azerbaijan tyre market.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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