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Press release content from Business Wire. The AP news staff was not involved in its creation.

Serbia Tire Market (2021 to 2027) - Featuring Toyo Tire Serbia, Continental and Nokian Tyres Among Others - ResearchAndMarkets.com

December 17, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Dec 17, 2021--

The “Serbia Tire Market, By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.

The Serbian Tire Market was valued $0.15 billion in 2020 and is projected to be valued $0.21 billion by 2026 on the back of increasing vehicle sales due to declining interest rates, which is leading to affordable automobile financing in the country.

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Companies Mentioned

  • Cooper Tire & Rubber Company Serbia d.o.o.
  • Toyo Tire Serbia LLC
  • Bridgestone Corporation
  • Continental AG
  • Hankook Tire d.o.o.
  • Goodyear Dunlop Sava Tires, doo
  • ELASTIKA PIRELLI SA
  • The Yokohama Rubber Co., Ltd.
  • Nokian Tyres plc
  • Michelin Tyres plc

Furthermore, Serbia is a candidate for membership in the European Union and is one of the developing countries of the Balkan region. This is making the country a lucrative market for tire manufacturers. In addition to this, presence of most of the leading global automotive OEMs is also acting as a major growth factor for the Serbian Tire Market.

Moreover, most of the governments in the European countries, including Serbia, have imposed strict rules and regulations regarding the periodical use of winter tires and snow tires, which is strongly driving the tire market across the region due to the need for periodical change of tires. As per the government norms in Serbia, the automotive tires need to be changed in a periodical manner and must having minimum depth of the tread pattern of at least 4mm, which results in generating more tire demand in the replacement market.

The market is also witnessing several innovations in terms of technology and environment. For instance, rising awareness and concerns among people about environment is boosting the adoption of green tires. An increasing number of automobile owners are preferring to use green tires in their vehicles instead of conventional tires, and this trend is expected to gain higher traction in the Serbian Tire Market in the coming years.

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However, the spread of novel COVID-19 pandemic has created both a public health crisis and an economic crisis in Serbia. Due to the declaration of lockdown to stop the spreading of pandemic, almost all the automotive factories, showrooms and workshops were closed, witnessing a massive sales decline. According to Statistical Office of the Republic of Serbia (SORS), in April 2020, overall industrial production dropped by 17.6% and manufacturing by 20%. However, automobile market in Serbia has witnessed revival with an increase in the production and sales in third quarter of 2020 after a huge decline in first two quarters of 2020 due to COVID-19. This further resulted in increasing demand for tires from OEM as well as replacement market segments with an increasing number of people starting to travel more frequently and many offices resuming work from office premises from the third quarter of 2020.

The Serbian Tire Market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, and two-wheeler. The Serbian Tire Market was dominated by the passenger car tire segment until 2020 which accounted around 90% of the tire sales in the country, followed by light commercial vehicle, Off-the-Road (OTR) and medium & heavy commercial vehicle segment.

Objective of the Study:

  • To analyze the historical growth and the market size of the Serbian Tire Market from 2016 to 2020.
  • To estimate and forecast the market size of the Serbian Tire Market from 2021 to 2026.
  • To classify and forecast the Serbian Tire Market based on vehicle type, demand category, radial vs bias, company and region.
  • To identify drivers and challenges for the Serbian Tire Market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Serbian Tire Market.
  • To identify and analyze the profile of leading players involved in the manufacturing tires in Serbia.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Voice of Customer

3.1. Factors Influencing Purchase Decision

3.2. Influencer of Purchase

3.3. Aided/ Unaided Brand Recall

4. Serbia Tire Production Overview

5. Executive Summary

6. Serbia Tire Market Outlook

7. Serbia Passenger Car Tire Market Outlook

8. Serbia Light Commercial Vehicle (LCV) Tire Market Outlook

9. Serbia Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Outlook

10. Serbia Two-Wheeler Tire Market Outlook

11. Serbia Off-The-Road (OTR) Tire Market Outlook

12. Import-Export Analysis

13. Impact of COVID-19 on Serbia Tire Market

14. Market Dynamics

14.1. Drivers

14.2. Challenges

15. Market Trends and Developments

16. Policy and Regulatory Landscape

17. Serbia Economic Profile

18. Competitive Landscape

19. Strategic Recommendations

20. About the Publisher & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/y66rv2

View source version on businesswire.com:https://www.businesswire.com/news/home/20211217005310/en/

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KEYWORD: SERBIA EUROPE

INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 12/17/2021 09:03 AM/DISC: 12/17/2021 09:03 AM

http://www.businesswire.com/news/home/20211217005310/en