TECHSCI RESEARCH PUBLISHES HUNGARY TYRE MARKET REPORT

Time: Jan 18th  2017   Copy editor: Tyrefull

According to TechSci Research report, “HungaryTire Market Forecast and Opportunities, 2021”, Hungary tyre market is estimated to grow at a CAGR of over 9%, in value terms, during 2016-2021, on account of growing automobile sales and expanding automobile fleet size. Growing demand for tires and increasing vehicle fleet in the country is anticipated to encourage new flagship tyre manufacturers to enter the country in order to capitalize on the bolstering demand for tyres in Hungary.

In 2015, Hungary recorded GDP per capita of around USD12,259. Government of Hungary has initiated several infrastructural projects and developments and this has propelled demand for commercial vehicles as well as related tires in the country. Moreover, growing demand for radial tyres in Hungary can be attributed to benefits such as high fuel efficiency, improved mileage, etc. Few of the prominent tyre manufacturing companies that have a strong presence in the country include Michelin, Hankook, Continental, Goodyear, Bridgestone, said TechSci.

“Hungary’s strategic geographical location in Central Europe, and supportive investment policies has made the country a prominent investment destination for various automotive companies. Robust growth in production of vehicles in the country is further forecast to boost the country’s automotive industry in the coming years. Further, rising penetration of internet and smartphones in the country from 68% in 2011 to about 72.8% in 2015 is projected to drive sales of tyres through online channels due to benefits such as availability of various flagship tyre brands, discounts and other value-added features including fitment of tyres at their preferred tyre stores. These factors are anticipated to augur well for the country’s tyre market through 2021.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

” Hungary Tire Market Forecast and Opportunities, 2021 ” has evaluated the future growth potential of Hungary tyre market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Hungary tyre market,” added the publisher of the report.

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