Estonia Tire Market Size Set to Grow at Steady CAGR of 5.5% to Reach USD 99.3 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Estonia tire market size at USD 68.47 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Estonia Tire Market size is to grow at a significant CAGR of 5.54% reaching a value of USD 99.27 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Estonia tire market size at USD 68.47 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Estonia Tire Market size is to grow at a significant CAGR of 5.54% reaching a value of USD 99.27 million by 2029. The growth of the Estonia tire market is driven by rising disposable income, rapid urbanization, and the nation's expanding infrastructure sector. Also, as the fleet of vehicles grows as a result of higher auto sales, the Estonia tire market benefits. Expansion of winter tires is a key component in the growth of the tire market. Estonian tire market is expanding because it is import-driven and because of FDI inflows into the infrastructure sector.
Estonia Tire Market – Overview
A circular, rubber-based automotive tire is used to cover the rim of the wheel. The primary function of the tire is to provide tractive force between the vehicle and the road surface while protecting the wheel rim. Because it is made of rubber, it also provides a flexible cushion, reducing vibrations and absorbing vehicle shock. A rubber tire is made up of tread, jointless cap heaps, beads, and other materials such as synthetic rubber, carbon black, and fabric. The demand for tires is increasing exponentially as the demand for vehicle production rises to meet the surge in demand for automobiles across all segments.
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Impact of COVID-19 on Estonia Tire Market
Unprecedented COVID-19 pandemic hampered the expansion of the Estonian tire market. The government's statewide quarantine imposed to prevent the virus's spread, hampered the production and supply of raw materials required to make tires. Also, many workers worked from home and individuals stayed at home during the pandemic, reducing the need for personal mobility. Also, consumer purchasing power has been impacted as a result of the nation's economic crisis. All of these factors contributed to a sharp drop in demand for car tires in Estonia, affecting the market's overall growth.
Estonia Tire Market - By Size
On basis of the vehicle type, Estonia Tire Market is divided into 10”–12”, 13”–15”, 16”–18”, 19”–21”, and >21 inches. Among them, the 13"–15" segment holds the highest market share. During the forecast period, it is expected to grow at a significant CAGR. The tire is available in a variety of sizes in the Estonia tire market. Different tire sizes are available for various vehicle types and configurations. With rising concerns about pollution and climate change, rising fuel prices, and a shift in consumer preference toward electric vehicles, the demand for tires is growing day by day.
Estonia tire market is fiercely competitive. Major companies in the market include Apollo Tires Ltd., Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries, Ltd., Pirelli Tire S.p.A., and Yokohama Tire Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Estonia tire market.
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