Summary

Serbia tire market was valued USD0.15 billion in 2020 and is projected to be valued USD0.21 billion by 2026 on the back of increasing vehicle sales due to declining interest rates, which is leading to affordable automobile financing in the country. Furthermore, Serbia is a candidate for membership in the European Union and is one of the developing countries of the Balkan region. This is making the country a lucrative market for tire manufacturers. In addition to this, presence of most of the leading global automotive OEMs is also acting as a major growth factor for Serbia tire market. Moreover, most of the governments in the European countries, including Serbia, have imposed strict rules and regulations regarding the periodical use of winter tires and snow tires, which is strongly driving the tire market across the region due to the need for periodical change of tires. As per the government norms in Serbia, the automotive tires need to be changed in a periodical manner and must having minimum depth of the tread pattern of at least 4mm, which results in generating more tire demand in the replacement market.

The market is also witnessing several innovations in terms of technology and environment. For instance, rising awareness and concerns among people about environment is boosting the adoption of green tires. An increasing number of automobile owners are preferring to use green tires in their vehicles instead of conventional tires, and this trend is expected to gain higher traction in Serbian tire market in the coming years.
However, the spread of novel COVID-19 pandemic has created both a public health crisis and an economic crisis in Serbia. Due to the declaration of lockdown to stop the spreading of pandemic, almost all the automotive factories, showrooms and workshops were closed, witnessing a massive sales decline. According to Statistical Office of the Republic of Serbia (SORS), in April 2020, overall industrial production dropped by 17.6% and manufacturing by 20%. However, automobile market in Serbia has witnessed revival with an increase in the production and sales in third quarter of 2020 after a huge decline in first two quarters of 2020 due to COVID-19. This further resulted in increasing demand for tires from OEM as well as replacement market segments with an increasing number of people starting to travel more frequently and many offices resuming work from office premises from the third quarter of 2020.
Serbia tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, and two-wheeler. Serbia tire market was dominated by the passenger car tire segment until 2020 which accounted around 90% of the tire sales in the country, followed by light commercial vehicle, Off-the-Road (OTR) and medium & heavy commercial vehicle segment.
Major companies operating in the Serbia tire market are Cooper Tire & Rubber Company Serbia d.o.o., Toyo Tire Serbia LLC, Bridgestone Corporation, Continental AG, Hankook Tire d.o.o., Goodyear Dunlop Sava Tires, doo, ELASTIKA PIRELLI SA, The Yokohama Rubber CO., LTD., Nokian Tyres PLC, and Michelin Tires, among others.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
• To analyze the historical growth and the market size of Serbia tire market from 2016 to 2020.
• To estimate and forecast the market size of Serbia tire market from 2021 to 2026.
• To classify and forecast Serbia tire market based on vehicle type, demand category, radial vs bias, company and region.
• To identify drivers and challenges for Serbia tire market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Serbia tire market.
• To identify and analyze the profile of leading players involved in the manufacturing tires in Serbia.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of tire dealers operating in the country. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed product offerings, distribution channels and regional presence of all major tire suppliers across Serbia.
TechSci Research calculated the market size for Serbia tire using a bottom-up technique, wherein manufacturers’ volume sales data for different applications, was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, databases such as company websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
• Tire manufacturers, suppliers, distributors and other stakeholders
• Vehicle manufacturing companies
• Raw material suppliers
• Associations, organizations, forums and alliances related to tires
• Government bodies such as regulatory authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as vehicle manufacturers, distributors and dealers, and policy makers. The study would also help the stakeholders to target the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Serbia tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Serbia Tire Market, By Vehicle Type:
o Passenger Car
o Two-Wheeler
o Medium & Heavy Commercial Vehicle (MH&CV)
o Light Commercial Vehicle (LCV)
o Off-The-Road Vehicle (OTR)
• Serbia Tire Market, By Demand Category:
o OEM
o Replacement
• Serbia Tire Market, By Radial Vs Bias:
o Radial
o Bias
• Serbia Tire Market, By Region:
o Grad Beograd
o Vojvodine
o Summative I Zapadne Srbije
o Južne I Istočne Srbije
o Kosovo I Metohija
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Serbia tire market.
Available Customizations:
With the given market data, TechSci Research offers customizations according a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.

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