Latvia Tire Market to Hit USD 1 Billion Mark, Expects TechSci Research in Its New Report Available at MarketPublishers.com27 Apr 2016 • by Natalie Aster
LONDON – Latvia was adversely impacted by weak economic conditions caused by the Eurozone debt crisis. This led to an increase in a rate of unemployment in the country, high inflation and weak credit growth. The local automotive industry suffered, as well.
In 2014, the country’s GDP was approximately USD 31.3 billion, and the local vehicle fleet (including passenger cars as well as commercial vehicles) was around 750,000 vehicles in the same years. In the meantime, a vehicle modernization rate was estimate at slightly over 370 vehicles per 1,000 people in 2014.
On account of these facts, the local market for tires is set to experience moderate growth in the years to come. As of 2015, a combined share of passenger cars and light commercial vehicles in total automotive sales was more than 80 percent. As a result, a similar trend was observed in tire sales.
There is a lack of automotive production in Latvia, and that is why the tire demand is fully satisfied by imports. Online tire sales are currently gaining momentum due to increasing internet penetration.
The Latvian tire marketplace is forecast to be worth more than USD 1 billion by 2021, with its growth ignited by growing volume sales of different vehicles and rapid expansion of the fleet size.
New research report “Latvia Tire Market Forecast and Opportunities, 2021” developed by TechSci Research offers comprehensive examination of the tire marketplace in Latvia. The study starts with an all-round overview of this market, it contains an estimation of its sizing, data on shares and forecast figures.
The report focuses on performance of each market segment and throws light on export-import dynamics. The research study explores trends of this marketplace and delves deep into its developments.
It investigates the policy and regulatory landscape and contains an economic profile of the country. Valuable data on market competitors and strategic recommendations are on hand in the research report, too.
More new studies by this publisher are available at TechSci Research page.