Report Overview

Hungary Tire Market - Trends & Forecast Report, 2029

Hungary tire market size was estimated at USD 625.48 million in 2022. During the forecast period between 2023 and 2029, Hungary tire market size is expected to grow at a significant CAGR of 5.09% reaching a value of USD 881.86 million by 2029. Major factors driving the growth of the Hungary tire market include the country's growing auto industry and rising production of both medium and heavy commercial vehicles, as well as passenger automobiles, there is an increased demand for tires in Hungary from both the OEM and replacement segments. In the coming years, it is also projected that increased disposable income among the populace, improved economic conditions, and quick infrastructure development will support market expansion in Hungary.

Hungary Tire Market - Overview

Rubber-based, circular automotive tire is used to externally cover the rim of the wheel. The tire's primary job is to provide tractive force between the vehicle and the road surface while also protecting the wheel rim. Because it is made of rubber, it also offers a flexible cushion, decreasing the impact of vibrations and absorbing vehicle shock. The components of a rubber tire are tread, jointless cap heaps, beads, and other materials including synthetic rubber, carbon black, and fabric. Due to the rise in demand for vehicle production to meet the spike in demand for automobiles across all segments, the need for tires is increasing exponentially.

Growth Drivers

Rising Disposable Income Driving Automobile Sales

In the coming years, it is projected that increased disposable income among the populace, improved economic conditions, and quick infrastructure development will support the tire market expansion in Hungary. The demand for commercial vehicles and associated tires has increased in Hungary as a result of various commercial initiatives and advancements that the government has launched. Also, shifting consumer preferences and the development of electric vehicles (EVs) are expected to accelerate the expansion of the Hungry tire market in the coming years.

Restraints

Fluctuations in Raw Material Prices

Price volatility of raw materials, growing input costs spurred on by a shortage of natural rubber, and rising oil prices are all factors limiting the Hungarian tire sector. As practically all raw materials are made from crude, crude oil affects their prices. The primary raw materials used in the production of tires are synthetic and natural rubber, which account for the majority of the cost. Crude oil prices have recently considerably climbed across the nation. Therefore, it is projected that the cost of synthetic rubber and other raw materials required to make tires would rise.

Impact of COVID-19 on Hungary Tire Market

Covid-19 pandemic, which also affected Hungary tire market, hampered the growth of various industries. To prevent the spread of the pandemic, the government imposed severe mobility restrictions, lockdowns, and cross-border trade restrictions, presenting the market with previously unheard-of challenges. Because imports are the primary source of tires in Hungary, trade restrictions have a significant impact on tire availability throughout the country.

Hungary Tire Market

Segmental Coverage

Hungary Tire Market - By Vehicle Type

On basis of the vehicle type, Hungary tire market is divided into Passenger Car, Two-Wheeler, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, Off-The-Road Vehicle (OTR), and Three-Wheeler segments. The Hungary tire market has been dominated by passenger cars, and this trend is expected to last for the foreseeable future. The growing fleet of passenger automobiles is mostly attributable to the rising demand for private vehicle ownership. To meet the rising consumer demand for passenger automobiles, automakers are expanding their production and import capacities. Tire manufacturing, distribution, accessibility, and cost are all benefiting from increased demand across Hungary. Also, as a result of the nation's substantial share of the population being cost-conscious, used passenger car sales are gaining pace nationwide and pushing the tire industry.

Hungary Tire Market - By Tire Type

On basis of tire type, Hungary tire market is split into Radial and Bias segments. In terms of income, a sizeable share of the Hungarian tire market was made up of the radial section, which also includes the tubeless tire market segment. Due to their low rolling resistance and slow rate of deflation, tubeless tires are typically found on bicycles. As tube tires use more fuel than tubeless tires, the demand for tubeless tires is anticipated to rise throughout Hungary.

Hungary Tire Market – By Demand Category

On basis of the demand category, Hungary tire market is bifurcated into OEM and Replacement segments. The replacement demand for tires in Hungary is expected to grow at a faster CAGR during the forecast period. It primarily reflects the country's over-reliance on tire imports as a result of a lack of automobile and tire manufacturing facilities, demonstrating the lack of OEMs (Original Equipment Manufacturers). However, benefits such as the ease of finding a wide variety of tires for all vehicle types at various price points are likely to encourage the replacement market's growth. Furthermore, increasing consumer awareness of the importance of proper tire replacement and maintenance is expected to drive replacement demand throughout the forecast period.

Competitive Landscape

Major players in the Hungary tire market are Bridgestone, Michelin, Goodyear, Continental, Pirelli, Continental, Dunlop, Yokohama, BF Goodrich, Cooper Tire, and Firestone. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In 2021 - Goodyear introduced a new ElectricDrive all-season tire along with two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The product primarily targets crossover utility vehicles & commuter touring sedans, fundamentally equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Also, the tire demonstrates excellent handling capabilities in different weather scenarios owing to its asymmetric tread pattern. In 2022, the brand announced its plans to further expand its product portfolio with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.

Scope of the Report

By Vehicle Type

• • Passenger Car

  • Two-Wheeler

  • Medium & Heavy Commercial Vehicle

  • Light Commercial Vehicle

  • Off-The-Road Vehicle (OTR)

  • Three-Wheeler

By Tire Type

• • Radial

  • Bias

By Demand Category

• OEM

• Replacement

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Hungary Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Surging demand for tires in replacement market
         2. Increasing disposable income
         3. Improving country’s economy
      2. Restraints
         1. Decline in production and delivery amid COVID-19
      3. Opportunities
         1. Growing infrastructure developments across the country.
         2. International government’s support for infrastructure projects
      4. Challenges
         1. Volatility in prices of raw material
   3. Technology Advancements/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Hungary Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Passenger Car
         2. Two-Wheeler
         3. Medium & Heavy Commercial Vehicle
         4. Light Commercial Vehicle
         5. Off-The-Road Vehicle (OTR)
         6. Three-Wheeler
      2. By Tire Type
         1. Radial
         2. Bias
      3. By Demand Category
         1. OEM
         2. Replacement
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. Hungary Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on Hungary Tire Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Bridgestone
   2. Michelin
   3. Goodyear
   4. Pirelli
   5. Continental
   6. Dunlop
   7. Yokohama
   8. BF Goodrich
   9. Cooper Tire
   10. Firestone
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures                                                                                           

Figure 1       Hungary Tire Market Segmentation

Figure 2       Hungary Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Hungary Tire Market Size, By Value (USD Million), 2019–2029

Figure 5       Hungary Tire Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       Hungary Tire Market Share, By Tyre Type, By Value, 2019–2029

Figure 7       Hungary Tire Market Share, By Demand Category, By Value, 2019–2029

List of Tables

Table 1        Hungary Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 2        Hungary Tire Market Size, By Tyre Type, By Value, 2019–2029

Table 3        Hungary Tire Market Size, By Demand Category, By Value, 2019–2029

Table 4        Bridgestone Company Overview

Table 5        Bridgestone Financial Overview

Table 6        Michelin Company Overview

Table 7        Michelin Financial Overview

Table 8        Goodyear Company Overview

Table 9        Goodyear Financial Overview

Table 10      Pirelli Company Overview

Table 11      Pirelli Financial Overview

Table 12      Continental Company Overview

Table 13      Continental Financial Overview

Table 14      Dunlop Company Overview

Table 15      Dunlop Financial Overview

Table 16      Yokohama Company Overview

Table 17      Yokohama Financial Overview

Table 18      BF Goodrich Company Overview

Table 19      BF Goodrich Financial Overview

Table 20      Cooper Tire Company Overview

Table 21      Cooper Tire Financial Overview

Table 22      Firestone Company Overview

Table 23      Firestone Financial Overview