Latvia Tire Market Size Expands at Steady 6.6% CAGR to Reach USD 107 Million by 2029

Published | 17 March 2023

Latvia tire market is flourishing due to increasing sales of automobiles, spurring demand for tires to replace worn ones, and the rapid adoption of advancements in tire technology.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Latvia tire market size at USD 69.02 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Latvia tire market size to grow at a significant CAGR of 6.59% reaching a value of USD 106.75 million by 2029. The country's rising vehicle sales volume and rapid fleet size expansion are major factors driving Latvia's tire market growth. Latvia imports tires from several countries to meet its demand for tires due to a lack of domestic tire production. The country's tire market is also expected to expand rapidly during the next five years due to rising per capita income and increasing international investments.

Latvia Tire Market – Overview

Tire is used in passenger cars, two-wheelers, three-wheelers, off-the-road (OTR), and light, medium, and heavy commercial vehicles. This is because it is widely available and has a low rolling resistance. It is produced using a variety of synthetic and natural materials, including steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black. It has a bead, bead filler, belts, body ply, inner liner, sidewall, and tread and is widely accessible in tubed and tubeless tires. It helps to deal with forces that are acting on the vehicle while it is moving, supports the load of the vehicle, and provides shock-absorbent cushions. It helps to improve a vehicle's performance, mileage, and passenger safety. It offers grip, enhances vehicle handling on steep roads, and makes stopping easier.

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Impact of COVID-19 on Latvia Tire Market

Due to lockdowns in various countries, the COVID-19 pandemic breakout caused a serious dilemma for the tire industry. Several manufacturing facilities briefly stopped operating, and social isolation and lockout led to a downscaling of production, which momentarily halted overall output. Due to a workforce shortage and a disruption in the supply of raw materials, operational capacity was also reduced. Also, the closure of warehouses and construction projects brought on by the slowdown in the economy and supply-side problems reduced the demand for tires from several end-user industries, including construction, industrial, agriculture, and mining. Also, the pandemic endangered logistics and transportation operations, and limitations on on-road travel had an immediate influence on tire supply, which restrained the market's expansion.

Segmental Information

Latvia Tire Market – By Demand Category

On basis of demand category, Latvia tire market is divided into OEM (original equipment manufacturers) and Replacement segments. As there are no tire manufacturing facilities in Latvia, it is expected that demand for replacement tires will increase quickly and take the largest share of the market through 2029. Another clear indicator of the rising demand for replacement tires across the country is the simple accessibility of numerous brands with a range of price points. Rising consumer awareness of the advantages and significance of timely tire repairs and replacements is spurring replacement tire sales and boosting the market's overall growth.

Competitive Landscape

Latvia tire market is fiercely competitive with major global companies including Bridgestone, Michelin, Goodyear, Continental, Pirelli, Pirelli, Continental, Dunlop, Yokohama, BF Goodrich, Cooper Tire, and Firestone. 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 Latvia tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Latvia Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Latvia Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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