BURNABY, Canada, March 17, 2016 /PRNewswire/ --
Stabilizing Economy and Growing Volume Sales of Vehicles to Drive Demand for Tires in Serbia
According to TechSci Research report, "Serbia Tire Market Forecast & Opportunities, 2021", tire market in Serbia is projected to surpass US$ 230 million by 2021, predominantly due to expanding vehicle fleet in the country. The country's tire market is dominated by replacement segment on the back of growing automotive sales, declining replacement period of tires, expanding automotive fleet size and increasing online tire sales in the country. Region-wise, Belgrade accounted for the largest volume share in Serbia's tire market in 2015, followed by Sumadija and Western Serbia; Vojvodina; Southern and Eastern Serbia; and Kosovo.
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Various largest global tire manufacturing companies, such as Tigar Tyre d.o.o., which is a wholly owned subsidiary of Michelin; The Cooper Tire & Rubber Company Serbia d.o.o., a subsidiary of Cooper Tires, etc., operate their production facilities in the country. Many of these companies plan to expand the production capacity of their existing plants in the coming years. Demand for replacement tires in Serbia is substantially higher than OEM tire demand, wherein, the OEM segment accounted for a volume share of less than one-fourth of the overall tire sales in 2015. Nevertheless, OEM tire demand is also growing on account of increasing vehicle sales, which is being supported by availability of easy and affordable automobile financing in the country.
"Increasing influx of foreign investments in the Serbian automotive industry as well as growing urbanization and rising disposable income are contributing significantly towards the growth of the Serbia automotive industry. The country's tire market is completely dominated by the passenger car segment, and this trend is expected to continue in the coming years. Besides that, consistent growth in the other vehicle segments, including light commercial vehicles, two-wheeler, medium & heavy commercial vehicles and Off-the-Road (OTR) vehicles is also expected to benefit the country's tire industry over the next five years.," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Serbia Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Serbia tyre market and provides statistics and information on market structure, imports and trends of Serbia tyre 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 Serbia tyre market.
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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