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TechSci Research Predicts Hungary Tyre Market to Surpass $600M by 2014 [Travel & Leisure Close - Up](Travel & Leisure Close - Up Via Acquire Media NewsEdge) According to a recently published report by TechSci Research, "Hungary Tyre Market Forecast & Opportunities, 2019", the tyre market in Hungary is forecast to surpass US$ 600 million by the year 2014. Hungary, a Central European automotive manufacturing hub, houses several major global automotive companies such as Daimler, Audi, GM, Suzuki, Hankook, Bridgestone and Continental. Hungary is an export driven OEM market and is largely benefited by its trade dynamics with CEE nations. Furthermore, the country is one of the top five exporters of automotive components to Russia and other CEE nations. Germany, Russia, Romania, Slovakia and the United Kingdom are some of the key export destinations for Hungary's automotive products. FDI inflow by OEMs and easy availability of comparatively cheap and skilled workforce strengthens Hungary's position as a vital destination for automotive production. In 2013, passenger car tyres accounted for the largest share in the Hungary tyre market, followed by the commercial vehicle tyre segment. Two wheelers constitute the lowest market share, as they are not manufactured but only imported into the country. Leading OEMs such as Mercedes, DAF, Volvo, Knorr-Bremse, Volkswagen, Renault, Ford and MAN are driving growth in Hungary's commercial vehicles market. "Hungary Tyre Market Forecast & Opportunities, 2019" has evaluated the growth potential of Hungary tyre market and provides statistics and information on market structure, exports and future growth of the Hungary tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Hungary's tyre market. ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |