Market Forcast By Origin(Local Manufacturing,Imports), By Types(Radial Tires, Bias Tires), By End Users(OEM, Replacement), By Vehicle Types(Trucks, Light Trucks, Two-Wheelers, Passenger Cars) and Competitive Landscape
Product Code: ETC001619 | Publication Date: Mar 2020 | Updated Date: Sep 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Hungary Tire Market registered a growth of 11.67% in value shipments in 2021 as compared to 2020 and an increase of 3.61% CAGR in 2021 over a period of 2017. In Tire Market Hungary is becoming more competitive as the HHI index in 2021 was 1036 while in 2017 it was 1156. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Hungary has reportedly relied more on domestic production to meet its growing demand in Tire Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Tire Market in 2021 was 0.34 while in 2017 it was 0.31. Germany, Belgium, Romania, Slovakia and Czechia were among the top players of the market in 2021, where Germany acquired the largest market share of 22.14% with a shipment value of 121.18 million USD in 2022 Germany also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Tire Market. In 2017 Germany had the largest market share of 26.17% with the shipment value of 107.41 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Germany offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the Hungary Tire Market in 2017.
Growth in the Hungary tire market is driven by an increase in automobile production, expanding vehicle fleet, and growing sales of automobiles in the country. Growing demand for commercial vehicles, as the government of Hungary has introduced numerous infrastructural projects and developments would lead to a surge in demand for the tires market over the forthcoming years.
According to 6Wresearch, the Hungary Tire Market size is anticipated to grow during 2020-2026. Hungary’s planned geographical location in Central Europe and government supportive investment policies have made the country an eminent investment destination for numerous automotive companies which would result in a surge in demand for tires over the coming years. Furthermore, rising per capita income and increasing standard of living is also propelling the demand for tires in the Hungary Tire Market.
The demand for the radial tire segment is growing across Hungary as they offer numerous benefits such as high fuel-saving, improved mileage better puncture resistance, flexible sidewalls, lower life-cycle cost, and others. Various technological modernization in tire manufacturing procedures has led to the development of radial tires. Vigorous growth in the production of vehicles in the country is further forecast to increase the country’s automotive industry in the coming years. With a huge population, Hungary offers various economic advantages such as low-interest rate scenario, near-zero inflation, and government policies for expansion of agriculture and construction sector tires market in Hungary are expected to register high growth over the next six years
Hungary Tire market report thoroughly covers the market by origin, types, vehicle types, and end-users. Hungary Tire market outlook provides an unbiased and detailed analysis of the on-going Hungary Tire market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Hungary tire market is anticipated to gain traction in the coming years on the back of the rising growth of the automotive industry which is focusing towards bringing in technological advancements in the tire. Further, backed by the increase in the government policies towards the growth and development of the construction and agriculture sector is expected to highly benefit the automotive industry seek the benefit of growth and is anticipated to trigger the potential growth of the tire market in the country in the coming timeframe. Economic advantages such as zero-inflation interest rates, cheap maintenance, and easy fiancé facilities for automotive are further, expected to be the potential drivers of the Hungary tire market in the foreseeable future.
Key Highlights of the Report
Markets Covered:
The Hungary Tire Market report provides a detailed analysis of the following market segments:
1. Executive Summary |
2. Introduction |
2.1 Report Description |
2.2 Key Highlights |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3. Hungary Tire Market Overview |
3.1 Country Indicators |
3.2 Hungary Tire Market Revenues and Volume, 2016-2026F |
3.3 Hungary Tire Market Revenue Share, By Origin, 2019 & 2026F |
3.4 Hungary Tire Market Revenue Share, By Types,2019 & 2026F |
3.5 Hungary Tire Market Revenue Share, By End Users, 2019 & 2026F |
3.6 Hungary Tire Market Revenue Share, By Vehicle Types, 2019 & 2026F |
3.7 Hungary Tire Market - Industry Life Cycle |
3.8 Hungary Tire Market - Porter’s Five Forces |
4. Hungary Tire Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5. Hungary Tire Market Trends |
6. Hungary Tire Market Overview, By Vehicle Types |
6.1 Hungary Passenger Car Tire Market Revenues and Volume, 2016-2026F |
6.2 Hungary Light Trucks Tire Market Revenues and Volume, 2016-2026F |
6.3 Hungary Trucks Tire Market Revenues and Volume, 2016-2026F |
6.4 Hungary Two-Wheeler Tire Market Revenues and Volume, 2016-2026F |
7. Hungary Tire Market Overview, By Types |
7.1 Hungary Tire Market Revenue and Volume, By Biased Tire, 2016-2026F |
7.2 Hungary Tire Market Revenue and Volume, By Radial Tire, 2016-2026F |
8. Hungary Tire Market Overview, End Users |
8.1 Hungary Tire Market Revenue and Volume, By Replacement, 2016-2026F |
8.2 Hungary Tire Market Revenue and Volume, By OEM, 2016-2026F |
9. Hungary Tire Market Overview, Origin |
9.1 Hungary Tire Market Revenue and Volume, By Local Manufacturing, 2016-2026F |
9.2 Hungary Tire Market Revenue and Volume, By Imports, 2016-2026F |
10. Hungary Tire Market Key Performance Indicators |
11. Hungary Tire Market Opportunity Assessment |
11.1 Hungary Tire Market Opportunity Assessment, By Vehicle Types, 2026F |
11.2 Hungary Tire Market Opportunity Assessment, By Types 2026F |
11.3 Hungary Tire Market Opportunity Assessment, By Origin, 2026F |
11.4 Hungary Tire Market Opportunity Assessment, By End Users, 2026F |
12. Hungary Tire Market Competitive Landscape |
12.1 Hungary Tire Market Revenue Share, By Companies, 2019 |
12.2 Hungary Tire Market Competitive Benchmarking, By Operating Parameters |
13. Company Profiles |
14. Key Strategic Recommendations |
15. Disclaimer |