Croatia Tyre Market to Exhibit a Moderate Growth Through 2020 Says TechSci Research

Burnaby, British Columbia,, Canada, October 22, 2015 --(PR.com)-- According to TechSci Research report, “Croatia Tyre Market Forecast & Opportunities, 2020”, the tyre market in Croatia is forecast to witness a moderate growth during 2015-20. Anticipated revival in the country’s macroeconomic scenario, growth in automobile sales and expansion of automobile fleet is expected to boost tyre sales in Croatia during the forecast period. Pirelli, Bridgestone, Goodyear, Yokohama, Continental, Fulda, Hankook, Nokian and Toyo are few of the major tyre manufacturers operating in the country.

Croatia’s tyre market is an import driven tyre market as there are no automobile OEMs operating in the country. Passenger car sales declined at a CAGR of over 3% during 2010-2014. Decline in passenger car sales, resulted in a decline in tyre sales in Croatia during 2010-2014. As the Croatian economy recovers from recession due to restricted spending by the government to manage deficits, automobile sector in the country is forecast to recuperate in the coming years. Revival of the automobile sector is projected to drive tyre market in Croatia over the next five years.

“Croatia is expected to witness a phase of economic recovery over the next couple of years. This is expected to revive the demand for automobiles as well as automotive products such as tyres in the coming years. Recovery in vehicle sales and expanding fleet size are the key factors expected to drive the tyre market in Croatia,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.