DUBLIN, August 30, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Latvia Tire Market Forecast and Opportunities, 2021" report to their offering.

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.

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.

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 discusses:

• 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

Market Trends & Developments

• Growth in Domestic Retread Tire Market
• Increasing Penetration of Winter Tires
• Rising Automotive Sales
• Increasing Internet Penetration Leading to Higher Online Tire Sales
• Growing Volume of Imported Passenger Car Tires

Companies Mentioned

• Bridgestone Baltic SIA
• Continental AG
• Cooper Tire & Rubber Company
• Goodyear Dunlop Tires Baltic OÜ
• Hankook Tire Company Ltd.
• Kumho Tire Co., Inc.
• Nokian Tyres PLC
• Pirelli & C. S.p.A.
• Toyo Tire & Rubber Co., Ltd
• Yokohama Scandinavia AB

For more information about this report visit http://www.researchandmarkets.com/research/hht75z/latvia_tire

Related Topics: Automotive Tires

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SOURCE Research and Markets