ERJ staff report (BC)
Dublin – According to the report “Russia Tyre Market Forecast & Opportunities, 2018” from Research and Markets, this market is expected to grow at a CAGR of approximately 13 percent by volume.
Tire market growth will continue to be driven by the passenger car segment, which accounted for the majority share in Russia’s tire market during 2012 according to the report.
The tire market is also witnessing high growth in the OTR segment as a result of growth in Russia’s mining industry, says Research and Markets, with several companies such as Bridgestone, Belshina, Yokohama, Nizhnekamskshina increasing their focus on this segment.
Russia is the one of the best performing economies in Europe, notes the report, with rapidly growing disposable income. However, vehicle density is very low, with only 290 cars per 1000 people during 2012. This low density is taken as indicating 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 tire market, concludes the report.
· Altai Tyre Company
· Bridgestone CIS
· Continental Tires
· Goodyear Russia
· JSC Cordiant
· JSC Nizhnekamskshina
· Michelin Russia Tyre
· Nokian Tyre
· Yokohama Russia
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Further details from Research and Markets