Hungary’s tire market to inflate 9% up to 2021

Pharma

The Hungarian tire market is seen expanding by 9% through 2021, chiefly boosted by continuously expanding automobile production and fleet size, according to a detailed TechSci Research report entitled “Hungary Tire Market Forecast and Opportunities, 2021.”

Growing demand for tires and the increasing vehicle fleet in the country is anticipated to encourage new flagship tire manufacturers to enter the country in order to capitalize on the bolstering demand for tires in Hungary, according to the findings of the report by TechSci Research, a leading global market research firm publishing premium market research reports.

A summary presenting the findings of the study notes that Hungarian GDP per capita came to around USD 12,259, while the Hungarian government has initiated several infrastructural projects and developments, propelling demand for commercial vehicles as well as related tires in the country. According to the report, growing demand for radial tires in the country has been gauged, which is attributed to benefits such as high fuel efficiency and improved mileage, among others. Among prominent tire manufacturing companies with a strong presence in the country are Michelin, Hankook, Continental, Goodyear and Bridgestone.

“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,” said Karan Chechi, Research Director at TechSci Research. 

“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 tires through online channels due to benefits such as availability of various flagship tire brands, discounts and other value-added features. These factors are anticipated to augur well for the country’s tire market through 2021,” Chechi added.

The report evaluates the future growth potential of the Hungary tire market and provides statistics and information on market size, structure and future market growth, as well as aiming to identify and analyze emerging trends along with essential drivers, challenges and opportunities in the Hungarian tire market.

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