Report Overview

Romania Tire Market – Industry Trends & Forecast Report, 2029

Romania tire market size was estimated at USD 479.85 million in 2022. During the forecast period between 2023 and 2029, Romania tire market size is expected to grow at a CAGR of 5.87% reaching a value of USD 710.09 million by 2029. Major factors driving the growth of Romania tire market include the increasing size of automobile fleet, people's purchasing power, and the sale of passenger vehicles. Also, changing consumer behavior and rising industrialization are driving rapid growth in the country's automotive industry, 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 lucrative growth opportunities for tire manufacturers.

Romania Tire Market - Overview

Externally, the rim of the wheel is covered by a round, rubber-based car tire. The fundamental function of the tire is to transmit tractive force from the vehicle to the road surface while safeguarding the wheel rim. Rubber's flexibility and ability to provide a cushion reduce the effect of vibrations and absorb vehicle shock. The tread, jointless cap piles, beads, as well as synthetic rubber, carbon black, and fabric, are all parts of a rubber tire.

Growth Drivers

Increasing Manufacturing Vehicles

With increased urbanization and industrial activities, it is expected that automobile demand in developing regions will skyrocket in the coming years. Because of the rising demand for automobiles in these countries, automakers are expanding their operations and establishing manufacturing facilities there. Automotive manufacturing in developing countries has increased as a result of factors such as supportive government policies, rising GDP, and rising consumer expenditure.

Restraints

High Fluctuations in Raw Material Prices

Natural and synthetic rubbers, sulfur, carbon black, and other chemicals are used to make automotive tires. The production of vehicle tires necessitates a large quantity of these raw materials. The prices of these raw materials, however, fluctuate frequently due to a variety of factors. One of these factors is the availability of resources such as natural rubbers. Also, throughout the region, the government prohibits excessive cutting down of rubber trees. Consequently, it would affect the profit margin of Romanian tire market.

Impact of COVID-19 on Romania Tire Market

Unexpected COVID-19 pandemic outbreak hampered the growth of the Romania tire market. The government's nationwide quarantine imposed to stop the virus's spread hampered the availability and manufacture of the raw materials needed to make tires. Also, the pandemic forced many people to work from home and stay at home, reducing the demand for individual movement. Consumer purchasing power was also impacted by the country's economic turmoil. These factors combined to cause a significant drop in Romania's demand for automobile tires, affecting the market's overall expansion.

Romania Tire Market

Segmental Coverage

Romania Tire Market - By Tire Type

On basis of tire type, Romania tire market is split into Radial Tires and Bias Tires segments. The radial tire segment, which also includes the tubeless division, holds a significant market share in the Romania tire market. Bicycles frequently have tubeless tires because of their low rolling resistance and gradual deflation. Since tube tires use more gasoline than tubeless tires, the demand for tubeless tires is expected to grow throughout Romania.

Romania Tire Market - By Rim Size

On basis of the rim size, Romania Tire Market is divided into Below 15 inches, 15-20 inches, Above 20 inches. The Below 15 inches rim size tire segment has the highest market share. It is expected to expand at a considerable CAGR during the period in analysis. The tire comes in a range of sizes. For various vehicle types and configurations, multiple tire sizes are available. The demand for tires has increased as a result of growing worries about pollution and climate change, rising fuel prices, and a movement in customer preference toward electric vehicles.

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. The off-road tire segment is growing, as the 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.

Competitive Landscape

Major players in the Romania Tire Market are Michelin, Continental, Goodyear, Pirelli, Bridgestone, Dunlop, Hankook Tire, Yokohama, Nokian Tires, Giti Tire, Trelleborg Wheel Systems, Balkrishna Industries, and Other Prominent Players. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To expand 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 Tire Type

• Radial Tires

• Bias Tires

By Rim Size

• Below 15 inches

• 15–20 inches

• Above 20 inches

By Application

• On-road Tires

• Off-road Tires

• Agricultural Tires

• Others (including Industrial Tires and Aviation Tires)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Romania Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rise in disposable income levels of consumers, allowing them to invest in expensive vehicles
         2. Growing focus on road infrastructure development
         3. Growing tourism industry in Romania
      2. Restraints
         1. Dependence on imports of raw materials
         2. Limited manufacturing capacity and technological limitations
      3. Opportunities
         1. Potential for joint ventures and partnerships with global tire manufacturers
         2. Increasing government support and incentives for the local tire manufacturing industry
      4. Challenges
         1. Limited availability of skilled labor and resources
   3. Technology Advancements/Recent Developments
   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. Romania Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
      2. Market Share and Forecast
      3. By Tire Type
         1. Radial Tires
         2. Bias Tires
      4. By Rim Size
         1. Below 15 inches
         2. 15-20 inches
         3. Above 20 inches
      5. By Application
         1. On-road Tires
         2. Off-road Tires
         3. Agricultural Tires
         4. Others (including Industrial Tires and Aviation Tires)
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Romania Tire Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Romania Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Michelin
   2. Continental
   3. Goodyear
   4. Pirelli
   5. Bridgestone
   6. Dunlop
   7. Hankook Tire
   8. Yokohama
   9. Nokian Tyres
   10. Giti Tire
   11. Trelleborg Wheel Systems
   12. Balkrishna Industries
   13. 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, By Region
   5.  Assumptions & Limitations

*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       Romania Tire Segmentation

Figure 2       Romania Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

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

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

Figure 6       Romania Tire Market Share, By Rim Size, By Value, 2019–2029

Figure 7       Romania Tire Market Share, By Application, By Value, 2019–2029

List of Tables

Table 1        Romania Tire Market Size, By Value (USD Million), 2019–2029

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

Table 3        Romania Tire Market Size, By Rim Size, By Value, 2019–2029

Table 4        Romania Tire Market Size, By Application, By Value, 2019–2029

Table 5        Michelin Company Overview

Table 6        Michelin Financial Overview

Table 7        Continental Company Overview

Table 8        Continental Financial Overview

Table 9        Goodyear Company Overview

Table 10      Goodyear Financial Overview

Table 11      Pirelli Company Overview

Table 12      Pirelli Financial Overview

Table 13      Bridgestone Company Overview

Table 14      Bridgestone Financial Overview

Table 15      Dunlop Company Overview

Table 16      Dunlop Financial Overview

Table 17      Hankook Tire Company Overview

Table 18      Hankook Tire Financial Overview

Table 19      Yokohama Company Overview

Table 20      Yokohama Financial Overview

Table 21      Nokian Tyres Company Overview

Table 22      Nokian Tyres Financial Overview

Table 23      Giti Tire Company Overview

Table 24      Giti Tire Financial Overview

Table 25      Trelleborg Wheel Systems Company Overview

Table 26      Trelleborg Wheel Systems Financial Overview

Table 27      Balkrishna Industries Company Overview

Table 28      Balkrishna Industries Financial Overview