Research and Markets has announced the addition of the “Russia Tyre Market Forecast & Opportunities, 2018” report to their offering.
Russia is the one of the best performing economies in Europe and the country’s disposable income is increasing fast. However, the vehicle density in Russia is very low, with only 290 cars per 1000 people during 2012. The low density of vehicles in the country indicates scope for growth. As a result, several foreign automobile manufacturers are focusing on setting up new plants in Russia or expanding their existing production capacity. The growth in the country’s automotive industry would directly boost the tyre market.
According to Russia Tyre Market Forecast & Opportunities, 2018, the tyre market in Russia is expected to grow at the CAGR of approximately 13%, in terms of volume. The tyre market growth will continue to be driven by the passenger car segment, which accounted for the majority share in Russia’s tyre market during 2012. The tyre market is also witnessing high growth in the OTR segment as a result of growth in Russia’s mining industry.
Source: Business Wire
Published: 29 Jan 2014