Report Overview

Estonia Tire Market - Trends & Forecast Report, 2029

Estonia tire market size was estimated at USD 68.47 million in 2022. During the forecast period between 2023 and 2029, Estonia tire market size is expected to grow at a significant CAGR of 5.54% reaching a value of USD 99.27 million by 2029. Increasing disposable income, rapid urbanization, and the country's expanding infrastructure sector are key factors driving the growth of the Estonia tire market. Also, increased automobile sales lead to an increased automobile fleet, which benefits the Estonia tire market. Increasing penetration of winter tires and Chinese tires is a major factor driving tire market growth. The market is entirely import-driven, and rising FDI inflows into the infrastructure sector are thus supporting the growth of Estonia's tire market.

Estonia Tire Market - Overview

A circular, rubber-based automotive tire is used to cover the rim of the wheel. The primary function of the tire is to provide tractive force between the vehicle and the road surface while protecting the wheel rim. Because it is made of rubber, it also provides a flexible cushion, reducing vibrations and absorbing vehicle shock. A rubber tire is made up of tread, jointless cap heaps, beads, and other materials including synthetic rubber, carbon black, and fabric. The demand for tires is increasing exponentially as the demand for vehicle production rises to meet the surge in demand for automobiles across all segments.

Growth Drivers

Increasing Disposable Income

It is expected that better economic conditions, faster infrastructural development, and rising disposable income among the population will all boost market expansion in Estonia in the years to come. As a result of several business efforts and improvements that the government has implemented, the demand for commercial vehicles and the associated tires has surged in Estonia. Also, it is expected that the growth of electric vehicles and changing consumer tastes would hasten the expansion of the Estonia tire market in the coming years.

Restraints

Fluctuations in Raw Material Prices

Natural and synthetic rubbers, sulfur, carbon black, and other chemicals are used to make automotive tires. A large number of these raw materials are required for the production of vehicle tires. However, the prices of these raw materials frequently fluctuate for a variety of reasons. Some of these factors include the availability of resources such as natural rubbers. Also, excessive cutting down of rubber trees is prohibited by the government throughout the region. The fluctuation in raw material pricing limits the growth of the Estonia tire market.

Impact of COVID-19 on Estonia Tire Market

COVID-19 pandemic had a detrimental effect on the expansion of the Estonian tire market. The government's statewide quarantine, established to stop the virus's spread, hampered the production and supply of the raw materials needed to make tires. Also, during the pandemic, many workers worked from home and individuals stayed at home, which reduced the need for personal mobility. Also, as a result of the nation's economic crisis, consumer purchasing power was impacted. All of these elements led to a sharp decline in the demand for car tires in Estonia, which affected the market's overall growth.

Estonia Tire Market

Segmental Coverage

Estonia Tire Market - By Tire Type

On basis of tire type, Estonia tire market is split into Radial and Bias segments. The radial segment, including the tubeless tire market segment, holds a higher market share. Due to their low rolling resistance and slow rate of deflation, tubeless tires are typically found on bicycles. Since tube tires use more fuel than tubeless tires, the demand for tubeless tires is expected to rise throughout Estonia.

Estonia Tire Market - By Size

On basis of the size, Estonia tire market is divided into 10”–12”, 13”–15”, 16”–18”, 19”–21”, and >21 inch size segments. Amongst them, the 13”–15” size segment holds the highest market share. During the forecast period, it is expected to grow at a significant CAGR. The tire is available in a variety of sizes in the Estonia tire market. Different tire sizes are available for various vehicle types and configurations. With rising concerns about pollution and climate change, rising fuel prices, and a shift in consumer preference toward electric vehicles, the demand for tires has risen.

Estonia Tire Market - By Sales Channel

On basis of the sales channel, Estonia tire market is bifurcated into offline and online segments. Because of the trend of increased sales via e-commerce platforms, such as Amazon, eBay, and YepGarage.com, the online segment accounts for higher market share. Also, tire manufacturers are developing their web portals to sell tires online.

Estonia Tire Market – By End Use

On basis of the end use, Estonia tire market is divided into OEM and Replacement segments. The replacement demand for tires in Estonia is expected to grow at a faster rate 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. Also, increasing consumer awareness of the importance of proper tire replacement and maintenance is expected to drive replacement demand throughout the forecast period.

Estonia Tire Market – By Vehicle Type

Estonia tire market by vehicle type is segmented Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Two-Wheeler, and Off-The-Road (OTR) vehicles. Passenger automobiles have dominated the Estonia tire market, and this trend is expected to continue for some time. The expanding demand for private vehicle ownership is primarily responsible for the expanding fleet of passenger cars. Automakers are increasing their production and import capacities to keep up with the growing consumer demand for passenger cars. Demand for tires has increased across the country, which has positive effects on tire production, distribution, accessibility, and pricing. Also, due to the nation's large proportion of cost-conscious citizens, sales of secondhand passenger cars are accelerating nationwide and driving the tire sector.

Competitive Landscape

Major players in Estonia tire market are Apollo Tyres Ltd., Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries, Ltd., Pirelli Tyre S.p.A., and Yokohama Tire Corporation. 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 Type

• Radial

• Bias

By Rim Size

• 10”-12”

• 13”-15”

• 16”-18”

• 19”-21”

• >21 inches

By Distribution Channel

• Online

• Offline

By End Use

• OEM

• Replacement

By Vehicle Type

• • Passenger Cars

  • Light Commercial Vehicles

  • Medium & Heavy Commercial Vehicles

  • Two-Wheelers

  • Off-The-Road (OTR)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Estonia Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Demand from the Automotive Sector
         2. Growing Investment Toward Automobile Production Activities
      2. Restraints
         1. High Price of Tires
      3. Opportunities
         1. Product Development
      4. Challenges
         1. Impact on Supply Chain Due to Covid
   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. Estonia Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Radial
         2. Bias
      2. By Size
         1. 10”-12”
         2. 13”-15”
         3. 16”-18”
         4. 19”–2 1”
         5. >21 inches
      3. By Distribution Channel
         1. Online
         2. Offline
      4. By End Use
         1. OEM
         2. Replacement
      5. By Vehicle Type
         1. Passenger Cars
         2. Light Commercial Vehicles
         3. Medium and Heavy Commercial Vehicles
         4. Two-Wheeler
         5. Off-The-Road (OTR)
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Estonia Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Estonia Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Apollo Tyres Ltd.
   2. Michelin
   3. Bridgestone Corporation
   4. Continental Aktiengesellschaft
   5. Sumitomo Rubber Industries, Ltd.
   6. Pirelli Tyre S.p.A.
   7. Yokohama Tire Corporation
   8. 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 of 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       Estonia Tire Segmentation

Figure 2       Estonia Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

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

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

Figure 6       Estonia Tire Market Share, By Sizes, By Value, 2019–2029

Figure 7       Estonia Tire Market Share, By Distribution Channel, By Value, 2019–2029

Figure 8       Estonia Tire Market Share, By End Use, By Value, 2019–2029

Figure 9       Estonia Tire Market Share, By Vehicle Type, By Value, 2019–2029

List of Tables

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

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

Table 3        Estonia Tire Market Size, By Sizes, By Value, 2019–2029

Table 4        Estonia Tire Market Size, By Distribution Channel, By Value, 2019–2029

Table 5        Estonia Tire Market Size, By End Use, By Value, 2019–2029

Table 6        Estonia Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 7        Apollo Tyres Ltd. Company Overview

Table 8        Apollo Tyres Ltd. Financial Overview

Table 9        Michelin Company Overview

Table 10      Michelin Financial Overview

Table 11      Bridgestone Corporation Company Overview

Table 12      Bridgestone Corporation Financial Overview

Table 13      Continental Aktiengesellschaft Company Overview

Table 14      Continental Aktiengesellschaft Financial Overview

Table 15      Sumitomo Rubber Industries, Ltd. Company Overview

Table 16      Sumitomo Rubber Industries, Ltd. Financial Overview

Table 17      Pirelli Tyre S.p.A. Company Overview

Table 18      Pirelli Tyre S.p.A. Financial Overview

Table 19      Yokohama Tire Corporation Company Overview

Table 20      Yokohama Tire Corporation Financial Overview