NEW YORK, July 29, 2016 /PRNewswire/ --
Expanding vehicle fleet size and increasing passenger car sales to drive Estonia tire market through 2021
According to TechSci Research report, "Estonia Tire Market Forecast and Opportunities, 2021", the tire market in Estonia is projected to grow at a CAGR of over 6% during 2016-2021. Rapid urbanization, expanding automobile fleet and increasing infrastructural development are some of the major factors anticipated to boost the demand for tires in the country over the next five years. Due to the absence of OEM vehicle production in the country, Estonia's tire industry is entirely dependent on the replacement tire market.
As per the data published by International Organization of Motor Vehicle Manufacturers (OICA), the country's overall automobile fleet size, which mainly comprises of passenger cars and commercial vehicles, was around 773 thousand units in 2015. In 2015, passenger car dominated the overall automobile fleet in Estonia, followed by commercial vehicle segment. Considering Estonia's expanding automotive fleet, which grew at a CAGR of 4.11% during 2011-2015, the demand for tires in the country is forecast to grow at a robust pace over the next five years as well.
Browse 12 market data Tables and 31 Figures spread through 112 Pages and an in-depth TOC on "Estonia Tire Market"
Passenger car segment is forecast to dominate the overall Estonia tire market over the next five years owing to increasing purchasing power and growth in the number of nuclear families in the country. Harju, Ida-Viru and Laane-Viru Region region of the country accounted for the largest volume share in the country's overall tire sales in 2015, and the same trend is anticipated to continue through 2021. Some of the major companies operating in Estonia tire market are Continental, Michelin, Goodyear and Bridgestone, among others.
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"In Estonia, the government made it mandatory for all vehicles in the country to use winter tires between 1st December and 1st March of every year, as they are suitable for driving in winter season. Moreover, it is forbidden to use studded tires in vehicles within the period of 1st May to 1st October of every year. Furthermore, winter tires used in vehicles should have at least 4 mm tread depth. Estonia government emphasis on deploying winter tires in all the cars and buses weighing less than 3.5 ton, hence aiding the Estonia tire market over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Estonia Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of Estonia tire market and provides statistics and information on market structure, imports and trends of Estonia 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 Estonia tire market.
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