NEW YORK, June 9, 2016 /PRNewswire/ --
Reviving Economic Conditions Coupled With Growing Automobile Production and Sales to Drive Romania Tire Market Through 2021
According to recently released TechSci Research report, "Romania Tire Market Forecast & Opportunities, 2021", tire market in Romania is anticipated to grow at a CAGR of over 7% during 2016-2021. 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. Moreover, presence of various global tire manufacturers, such as SC Continental Automotive Products S.R.L., Michelin Romania S.A. and S.C. Pirelli Tyres Romania S.r.l., is further anticipated to boost the tire market in the country over the next five years.
Browse 22 market data Tables and 20 Figures spread through 108 Pages and an in-depth TOC on
"Romania Tire Market"
Passenger car segment is forecast to dominate the overall Romania tire market over the next five years owing to increasing purchasing power and growth in the number of nuclear families in the country. North-West & Central 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 Romania tire market are SC Continental Automotive Products S.R.L., Michelin Romania S.A., and S.C. Pirelli Tyres Romania S.r.l., among others.
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During the forecast period, automobile production in Romania is anticipated to grow at a CAGR of over 6%, thereby triggering the demand for tires. Moreover, as per the National Bank of Romania, the country received Foreign Direct Investments (FDI) worth USD360 million in 2015. Government of Romania plans to invest this FDI amount in the development of various sectors, such as construction, logistics, real estate, etc. in the country. Due to proactive government initiatives coupled with increasing automobile production, the tire market in Romania is anticipated to register healthy growth rate over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Romania Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of tyre market in Romania, and provides statistics and information on market structure, imports and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in Romania tyre market.
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