The Russian tyre market is witnessing an increase in the number of tyre manufacturing facilities being set up by the foreign manufacturers.
(PRWEB) October 31, 2013
Russia is one of the largest emerging economies in Europe and is the second largest automotive market in the region, behind Germany. The increasing urbanization, rising disposable income and low density of vehicles are contributing significantly to the country’s automotive market. During the last 2-3 years, the automotive industry in Russia witnessed a significant increase in the demand for passenger cars. It is expected that by 2020, Russia would become the largest automotive market in Europe and fifth largest automotive market in the world.
According to a recently published report by TechSci Research “Russia Tyre Market Forecast and Opportunities 2018”, the tyre market in Russia is expected to grow at the CAGR of 13% in terms of volume during 2013-2018. The passenger car segment accounts for the majority share in the country’s tyre market. The Russian tyre market is witnessing an increase in the number of tyre manufacturing facilities being set up by the foreign manufacturers. Major global tyre manufacturers such as Nokian, Bridgestone, Yokohama, Goodyear, etc. are either expanding their existing production capacities in Russia or setting up new production units in the country.
As a result of Russia’s accession to WTO, the tyre market in Russia witnessed steep increase in the total number of imported tyres. The Russian tyre market is becoming increasingly competitive and there is a stiff competition between the major players.
“The market for passenger cars and commercial vehicles would continue to dominate the tyre market in Russia. In addition, the increasing mining activities in the country are adding to the demand for OTR tyres. The continual growth in Russia’s automotive market is significantly contributing to the growth of replacement tyre segment, which would eventually enhance the overall industry sales during the forecasted period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Russia Tyre Market Forecast & Opportunities, 2018” has analyzed the potential of the tyre market in Russia and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by the industry.