LONDON, June 2, 2016 /PRNewswire/ -- 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:
- Latvia Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car Tires, Medium and Heavy Commercial Tires, Light Commercial Vehicle Tires, OTR Tires & Two Wheeler Tires
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tire market in Latvia
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs.
The information contained in this report is based on both primary and secondary sources. Primary research includes interviews with tire companies and industry experts. Secondary research includes an exhaustive search of relevant publications such as company annual reports, financial reports and proprietary databases.
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