Romania Tire Market Size Set to Grow at Steady CAGR of 5.87% to Cross USD 710.09 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Romania tire market size at USD 479.85 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Romania tire market size to grow at a significant CAGR of 5.87% reaching a value of USD 710.09 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Romania tire market size at USD 479.85 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Romania tire market size to grow at a significant CAGR of 5.87% reaching a value of USD 710.09 million by 2029. The expanding automobile fleet, increasing people's purchasing power, and the sale of passenger vehicles are major factors driving Romania tire market. Also, changing consumer behavior and rising industrialization are propelling the country's automotive industry forward, which is propelling the tire market forward. Aside from that, Romania's well-developed road infrastructure and the presence of five-passenger car and commercial vehicle manufacturing plants provide tire manufacturers with lucrative growth opportunities.
Romania Tire Market – Overview
A round, rubber-based car tire covers the rim of the wheel on the outside. The tire's primary function is to transmit tractive force from the vehicle to the road surface while protecting the wheel rim. The flexibility and cushioning properties of rubber reduce the effect of vibrations and absorb vehicle shock. A rubber tire consists of the tread, jointless cap piles, and beads, as well as synthetic rubber, carbon black, and fabric.
Impact of COVID-19 on Romania Tire Market
The expansion of the Romanian tire market was delayed by an unforeseen COVID-19 pandemic. The production and distribution of the raw materials required to make tires were impeded by the government's statewide quarantine imposed to restrict the virus's spread. Also, the outbreak made it necessary for many people to work from home and remain at home, which decreased the need for solitary movement. The nation's economic unrest also affected consumer purchasing power. These elements worked together to significantly reduce Romania's demand for car tires, which had an impact on the market's overall growth.
Romania Tire Market - By End Use
On basis of the end use, Romania tire market is divided into On-road tires, Off-road Tires, Agricultural Tires, and other (including Industrial Tires and Aviation Tires) segments. Off-road tire market is growing as mechanization in industries such as agriculture, mining, and construction increases. These tires have substantial threads that improve traction on a variety of terrain, including loose gravel, mud, and dirt, making them suitable for extreme weather conditions and uneven roads. Their deeper and wider grooves also penetrate sand and dirt surfaces, increasing rolling turbulence and stability.
Competition in Romania tire market is intense. Major players in the market include Michelin, Continental, Goodyear, Pirelli, Bridgestone, Dunlop, Hankook Tire, Yokohama, Nokian Tires, Giti Tire, Trelleborg Wheel Systems, and Balkrishna Industries. 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 Romania Tire Market.
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