BURNABY, Canada, April 4, 2016 /PRNewswire/ --
Rising automobile sales, favorable government policies and expanding fleet size to drive Latvia tire market through 2021
According to TechSci Research report, "Latvia Tire Market Forecast & Opportunities, 2021", tire market in Latvia is projected to surpass sales of US$ 1 billion by 2021 on the back of rising automobile sales, reviving economic scenario and implementation of favorable government policies. Demand for tires in Latvia is met through tire imports from various countries due to absence of domestic tire manufacturing in the country. Despite slowdown in 2012, wherein, passenger car sales witnessed a Y-o-Y decline of around 3%, sales of passenger cars in the country grew at a CAGR of nearly 6% during 2011-2015. Consequently, the passenger car tire market also witnessed growth in volume sales of tires, which grew at a CAGR of more than 8.5% during the same period.
In 2015, Continental grabbed the largest share in the country's tire market, and the company's dominance is expected to continue through 2021. Other major tire players operating in Latvia includes Pirelli, Bridgestone, Goodyear, Toyo, Hankook, Yokohama, etc. Lack of investments in the country's construction and industrial sectors have been restricting the growth of Latvian automobile industry over the last few years, however, with the recent monetary aid provided by the European Union in 2015, the government of Latvia is planning to extensively develop its network of roadways & railways in addition to strengthening the country's energy sector. These investment initiatives are expected to have a positive impact on the country's automobile industry over the course of next five years.
"With increasing foreign investments and rising per capita income, Latvia automotive industry is expected to witness growth in the coming years. Backed by the dominance of passenger car sales in the Latvian automobile market, the tire market of the country is dominated by passenger car tire segment and the same trend is expected to continue during the forecast period as well." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Latvia Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Latvia tire market and provides statistics and information on market structure, imports and trends of Latvia tire market. The report intends 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 Latvia tire 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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SOURCE TechSci Research