Hungary Tire Market Size Grows at Steady CAGR of 5.1% to Reach USD 882 Million by 2029

Published | 21 March 2023

Hungary tire market is flourishing due to increase in automobile production and sales, growth in vehicle fleet in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Hungary tire market size at USD 625.48 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Hungary tire market size 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 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 increasing 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.

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Impact of COVID-19 on Hungary Tire Market

Covid-19 pandemic, which also affected the Hungary tire market, hampered the growth of most industries. To prevent the spread of 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 – By Tire Type

On basis of tire type, Hungary tire market is split into Radial and Bias segments. The radial segment hods sizeable share of the Hungarian tire market, the segment 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.

Competitive Landscape

Hungary tire market is fiercely competitive. Major companies in the market include 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 Hungary tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Hungary Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Hungary 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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