Azerbaijan Tire Market
Azerbaijan Tire Market, By Vehicle Type (Passenger Cars, Two-Wheelers, Medium & Heavy Commercial Vehicles (M&HCVs), Light Commercial Vehicles (LCVs), Off-The-Road (OTR) Vehicles, Three-Wheelers); By Tire Type (Radial (Tube, Tubeless), Bias); By Demand Category (OEM, Replacement), Competitive Landscape & Forecast, 2019–2029
- Published Date: September 2023
- Report ID: BWC23752
- Available Format: PDF
- Page: 200
Report Overview
Rising vehicle ownership, urbanization, infrastructural developments, increasing demand for passenger and commercial vehicles, expanding automotive industry, and improving road networks are driving the expansion of Azerbaijan Tire Market during the forecast period between 2023 and 2029.Azerbaijan Tire Market – Industry Trends & Forecast Report, 2029
Azerbaijan tire market size was estimated at USD 206.25 million in 2022. During the forecast period between 2023 and 2029, the size of Azerbaijan tire market is projected to grow at a CAGR of 5.2% reaching a value of USD 294.1 million by 2029. The growth of the Azerbaijan tire market is propelled by rising vehicle ownership due to improving economic conditions and urbanization is driving tire demand. Infrastructure development, including road expansion and modernization, increases replacement needs. Changing consumer preferences towards high-performance and durable tires fuel market expansion. Also, increasing awareness of road safety and the need for better traction and fuel efficiency are pushing tire upgrades. Further, a growing aftermarket for tires and a surge in the automotive industry contribute to sustained market growth.
Azerbaijan Tire Market - Overview
A tire is a circular, rubber-based component used in vehicles to provide traction, support, and cushioning. It surrounds the wheel's rim and is filled with air, supporting the vehicle's weight and absorbing road shocks. Tires come in various types, including all-season, summer, and winter variants, each designed for specific weather conditions. Tread patterns and rubber compounds differ to optimize grip on diverse surfaces. Proper tire maintenance, such as inflation and rotation, is crucial for safety, fuel efficiency, and longevity. Tires play a vital role in driving performance, road safety, and overall vehicle functionality.
Growth Drivers
Accelerating Infrastructure Development
Azerbaijan's expanding infrastructure projects, including road networks, urbanization, and industrial zones, are propelling the demand for tires. As the country invests in modernizing its transportation and logistics sectors, the need for high-quality tires for vehicles, construction equipment, and commercial fleets has surged. This growth driver is further boosted by increased automobile ownership and a flourishing tourism industry. With a focus on durability, efficiency, and safety, tire manufacturers and distributors are witnessing a robust market demand, making Azerbaijan's tire sector a key beneficiary of the nation's economic progress.
Restraints
Economic Vulnerability
Azerbaijan's tire market faces a significant restraint in the form of economic dependence. The country's heavy reliance on oil exports has led to vulnerability in the face of volatile oil prices and global market shifts. This economic fragility constrains the ability of the tire industry to diversify, invest in technological advancements, and establish a robust domestic manufacturing base. The lack of diversified revenue sources limits the market's potential for growth and innovation, potentially impeding the development of a resilient and competitive tire industry in Azerbaijan.
Impact of COVID-19 on Azerbaijan Tire Market
The COVID-19 pandemic significantly affected the Azerbaijan tire market. Lockdowns, supply chain disruptions, and reduced consumer spending led to decreased vehicle usage and deferred tire replacements. This resulted in a substantial drop in tire demand, impacting manufacturers, retailers, and distributors. The market experienced a shift toward online sales and contactless services. As restrictions ease, a gradual recovery is anticipated, with a focus on health and safety measures. Overall, the pandemic prompted a temporary contraction in the Azerbaijan tire market, emphasizing the market's adaptability and the importance of evolving business strategies in response to unforeseen challenges.
Azerbaijan Tire Market
Segmental Coverage
Azerbaijan Tire Market – By Vehicle Type
Based on vehicle type, Azerbaijan tire market is divided into Passenger Cars, Two-Wheelers, Medium & Heavy Commercial Vehicles (M&HCVs), Light Commercial Vehicles (LCVs), Off-The-Road (OTR) Vehicles, and Three-Wheelers segments. The passenger cars segment stands as the largest. With a focus on tires for personal vehicles, this segment caters to the extensive demand for passenger cars in Azerbaijan. The country's growing urbanization and increasing disposable income have contributed to the prominence of this segment. Further, as the automotive industry continues to expand, the passenger cars segment is expected to sustain its significance in the Azerbaijani tire market, driving economic growth and technological advancements in the industry.
Azerbaijan Tire Market – By Tire Type
By tire type, Azerbaijan tire market is divided into Radial (Tube, Tubeless) and Bias segments. The Radial category stands as the larger segment. This category encompasses tires designed with radial ply construction, offering improved stability, enhanced fuel efficiency, and a smoother ride. It further sub-divides into tube and tubeless options, with the latter gaining prominence due to its advantageous features like reduced chances of sudden deflation. Conversely, the bias segment, while important, trails behind the radial category. Bias tires have a different internal structure that lends itself to certain specialized applications. Despite their importance, they haven't witnessed the same level of growth and adoption as the Radial segment in the Azerbaijani market.
Azerbaijan Tire Market – By Demand Category
By demand category, Azerbaijan tire market is divided into OEM and Replacement segments. These segments define the primary purposes for which tires are utilized. The OEM segment involves tires installed by manufacturers on new vehicles, while the replacement segment comprises tires purchased separately to replace worn-out or damaged tires on existing vehicles. These segments reflect distinct consumer needs and purchasing behaviors, contributing to the overall dynamics of the Azerbaijani tire market.
Competitive Landscape
Major players in the Azerbaijan tire market include Michelin, Bridgestone, Continental, Goodyear, Pirelli, Hankook, Nokian Tyres, Yokohama, Kumho Tires, and Lassa Tyres. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Recent Developments
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In April 2021 - JK Tire announced its partnership with JBM Auto to supply radial tires for JBM Auto’s CITYLIFE CNG and ECOLIFE electric buses.
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In March 2021 - Nokian Tyres PLC increased its production capacity for passenger car tires at the Finnish factory by about 30%.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Azerbaijan |
Product/ Service Segmentation |
Vehicle Type, Tire Type, Demand Category. |
Key Players |
Michelin, Bridgestone, Continental, Goodyear, Pirelli, Hankook, Nokian Tyres, Yokohama, Kumho Tires, Lassa Tyres |
By Vehicle Type
-
Passenger Cars
-
Two-Wheelers
-
Medium & Heavy Commercial Vehicles (M&HCVs)
-
Light Commercial Vehicles (LCVs)
-
Off-The-Road (OTR) Vehicles
-
Three-Wheelers
By Tire Type
-
Radial
-
Tube
-
Tubeless
-
Bias
By Demand Category
-
OEM
-
Replacement
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Azerbaijan Tire Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rising awareness of the importance of tire maintenance and safety
- Improving country’s economy
- Growth of tourism and transportation industries
- Restraints
- Economic fluctuations and uncertainties
- Changing regulations related to vehicle safety standards and environmental concerns
- Opportunities
- Demand for environmentally friendly and fuel-efficient tires
- Developing domestic tire manufacturing capabilities
- Challenges
- Volatility in prices of raw material
- Lack of Skilled Workforce
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Azerbaijan Tire Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- Passenger Cars
- Two-Wheelers
- Medium & Heavy Commercial Vehicles (M&HCVs)
- Light Commercial Vehicles (LCVs)
- Off-The-Road (OTR) Vehicles
- Three-Wheelers
- By Tire Type
- Radial
- Tube
- Tubeless
- Bias
- Radial
- By Demand Category
- OEM
- Replacement
- By Vehicle Type
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Range
- Azerbaijan Tire Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Impact of COVID-19 on Azerbaijan Tire Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Michelin
- Bridgestone
- Continental
- Goodyear
- Pirelli
- Hankook
- Nokian Tyres
- Yokohama
- Kumho Tires
- Lassa Tyres
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Country
- Assumption & Limitation
- Qualitative Research
*Financial information 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 Azerbaijan Tire Market Segmentation
Figure 2 Azerbaijan Tire Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Azerbaijan Tire Market Size, By Value (USD Million), 2019–2029
Figure 5 Azerbaijan Tire Market Share, By Vehicle Type, By Value, 2019–2029
Figure 6 Azerbaijan Tire Market Share, By Tire Type, By Value, 2019–2029
Figure 7 Azerbaijan Tire Market Share, By Demand Category, By Value, 2019–2029
List of Tables
Table 1 Azerbaijan Tire Market Size, By Vehicle Type, By Value, 2019–2029
Table 2 Azerbaijan Tire Market Size, By Tire Type, By Value, 2019–2029
Table 3 Azerbaijan Tire Market Size, By Demand Category, By Value, 2019–2029
Table 4 Michelin Company Overview
Table 5 Michelin Financial Overview
Table 6 Bridgestone Company Overview
Table 7 Bridgestone Financial Overview
Table 8 Continental Company Overview
Table 9 Continental Financial Overview
Table 10 Goodyear Company Overview
Table 11 Goodyear Financial Overview
Table 12 Pirelli Company Overview
Table 13 Pirelli Financial Overview
Table 14 Hankook Company Overview
Table 15 Hankook Financial Overview
Table 16 Nokian Tyres Company Overview
Table 17 Nokian Tyres Financial Overview
Table 18 Yokohama Company Overview
Table 19 Yokohama Financial Overview
Table 20 Kumho Tires Company Overview
Table 21 Kumho Tires Financial Overview
Table 22 Lassa Tyres Company Overview
Table 23 Lassa Tyres Financial Overview
Market Segmentation
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