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Russian tyre market to top 6 billion dollars this year
The high demand for replacement tyres in the Russian market is examined in a new report forecasting requirements for the next 5 years.
Replacement tyres rather than new car manufacturing has dominated the demand for tyres in the Russian market and is continuing to do so. Higher vehicle ownership throughout the country has resulted in a market volume during 2014 which is expected to hit the 6 billion US dollar mark.
The country is seeing rising sales of passenger cars, motorcycles and commercial vehicles with the increased economic power of the population as well as improved awareness of tyre safety and an ingrained habit of changing from winter to summer tyres and vice versa every season. The country’s future expected accession into the World Trade Organizaton is expected to reduce import duties and thus provide additional impetus to the market.
Certain aspects specific to the Russian market are examined within the report including the increasing predominance of Chinese tyres in the market and the effect this has on the outlook for other foreign manufacturers as well as those that traditionally have a stronghold in Russia such as local manufacturer, Nizhnekamskshina and Scandinavian winter tyre specialist, Nokian.
The retread market is also examined within the country as well as new technology trends such as the use of Tyre Pressure Monitoring Systems (TPMS) and the increased expected use of such technology within the five-year outlook of the report.
The report can be purchased directly from Research and Markets here: “Russia Tyre Market Forecast and Opportunities”