Lithuania Tire Market to Grow at CAGR 9% Till 2021, Says TechSci Research

Aug 19, 2016, 10:30 ET from TechSci Research

NEW YORK, August 19, 2016 /PRNewswire/ --

Increasing Sale of Vehicles and Expanding Automotive Fleet to Drive Lithuania Tire Market Over the Next Five Years  

According to TechSci Research report, "Lithuania Tire Market Forecast and Opportunities, 2021", tire market in Lithuania is projected to grow at a CAGR of over 9% during 2016 - 2021. Growing vehicle sales, expanding automobile fleet and increasing infrastructure development are some of the major factors anticipated to boost demand for tires in the country over the next five years. Moreover, with increasing purchasing power, which grew at a CAGR of 7.25% during 2011-2014 as per the World Bank, the tire market in Lithuania is expected to register healthy growth rate over the next five years.

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Browse 14 market data Tables and 23 Figures spread through 102 Pages and an in-depth TOC on "Lithuania Tire Market"

Due to the absence of OEM vehicle production in the country, Lithuania's tire industry is entirely dependent on the replacement tire market. In 2015, the passenger car tire segment dominated Lithuania's tire market, followed by commercial vehicles, OTR vehicles and two-wheelers. Owing to easy financing options and growing purchasing power of consumers, the adoption rate of passenger cars in the country is increasing at a robust pace. As a result, the passenger car tire segment is anticipated to maintain its dominance in the country's tire market over the next five years as well.

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With no tire manufacturing facility present in the country, the domestic demand for tires is solely met through the import route. Leading global tire companies operating in Lithuania include Continental, Goodyear, Michelin and Bridgestone, among others. Region wise, Vilnius County is the largest demand generator for tire in the country, followed Kaunas, Klaipėda, Šiauliai and Panevėžys counties. In 2015, these five counties cumulatively accounted for more than three-fourths of the tire sales in the country.

"Market leaders are realigning their business strategies in order to expand their customer base in Lithuania's tire market. E-retailing is providing customers with various advantages such as fast delivery, brand comparison, lower price as compared to offline tire outlets; and these factors are attracting an increasing number of consumers in Lithuania towards opting for online purchase of tires.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Lithuania Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Lithuania tire market and provides statistics and information on market structure, imports and trends of Lithuania 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 Lithuania tire market.

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