NEW YORK, January 18, 2017 /PRNewswire/ --
Recovering automobile sales and expanding automotive fleet size in the country expected to boost Russia tire market through 2022
According to TechSci Research report, "Russia Tire Market Forecast & Opportunities, 2012-2022", tire market in Russia is projected to exhibit a CAGR of 9.3% in value terms during 2017-2022, on account of recovering automobile sales, expanding automobile fleet size and consistently increasing tire prices in the country. Moreover, as per the World Bank, Russia's Gross National Income (GNI) per capita increased from USD11,040 in 2011 to USD11,450 in 2015, which in turn has positively impacted the purchasing power of consumers in the country. Moreover, with expanding population base, rising purchasing power and growing infrastructural development, demand for tires in the country is expected to grow through 2022.
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"Russia Tire Market"
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In 2016, Russia tire market was dominated by passenger car tire segment, followed by two-wheelers, light commercial vehicle, medium & heavy commercial vehicle and OTR vehicle tire segments. Few of the prominent tire manufacturing companies in Russia include Nizhnekamskshina, Pirelli, Nokian, Cordiant, Continental, among others. In 2016, Central Federal District accounted for the largest market share in Russia tire market, followed by Privolzhsky Federal District, South Federal District, Ural Federal District, Siberian Federal District, North Caucasus Federal District, North-West Federal District and Fareast Federal District.
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"Increasing per capita income is the major factor fueling demand for passenger cars in Russia. Moreover, increasing mining activities in the country are further boosting demand for OTR tires in the country. Also, growing Chinese tire penetration, increasing share of foreign tire manufacturers and rising online tire sales are expected to positively impact Russia tire market during 2017-2022." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Russia Tire Market Forecast & Opportunities, 2012-2022" has analyzed the potential of Russia tire market, and provides information and statistics on market structure, imports and trends. The report intends in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Russia tire market.
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