BURNABY, Canada, September 30, 2014 /PRNewswire/ --
Large existing automobile fleet and growing automobile sales to continue propelling tyre demand in Russia during 2014-19
Russia is one of the largest emerging economies in the world and is also the second largest automobile market in Europe. Increasing urbanization, rising disposable income and low vehicle density continue to boost the country's automotive market. During the last 2-3 years, the automobile industry in Russia witnessed a significant increase in demand for passenger cars, and it is projected that by 2020, Russia would become the largest automobile market in Europe and fifth largest automobile market across the globe. In 2013, around 3 million motor vehicles were sold in Russia, of which, around 2.5 million were passenger cars. With such a large share held by passenger cars in overall automobile fleet, Russia's passenger car tyre market continues to dominate the country's tyre market.
According to "Russia Tyre Market Forecast and Opportunities, 2019", the country's tyre market is expected to cross USD6 billion in 2014. Russian tyre market is mainly dominated by replacement tyre market, which accounts for majority of the market share in the country's tyre market. However, the replacement tyre market is expected to witness marginal increase in its value share through 2019. In contrast to various European countries, there are no mandatory rules and regulations for use of summer and winter tyres in Russia. Nevertheless, winter tyres currently account for two-thirds of replacement market tyre sales in Russia.
"Growing automobile industry is likely to increase the size of Russian tyre market over the next five years. Russia tyre market is dominated by passenger car tyre segment, which held a volume share of more than 70% in 2013. It is projected that the passenger car tyres will continue to dominate the country's tyre industry through 2019," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Russia Tyre Market Forecast and Opportunities, 2019" has evaluated the future growth potential of the Russia tyre industry and provides statistics and information on market structure, exports and future growth of the country's tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the tyre industry in Russia.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research