With the changing living standards & improving purchasing power of people, automobiles are becoming more of a necessity than a luxury today. This efficient mode of transportation is gaining swift momentum across Poland and leading to a growing number of private vehicle ownerships. In addition, mounting awareness about the need for timely inspections & maintenance of vehicles & components is another reason behind the steady expansion of the tire industry in Poland.
The Poland Tire Market is projected to grow at a CAGR of around 3% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the increasing vehicle sales in Poland, owing to the swift improvement in the country's economy, growing purchasing power, and greater inclination of people toward private ownership of vehicles.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Kumho, Nokian, Apollo Vresdestein, Others|
|Unit Denominations||USD Million/Billion|
With favorable government policies & increasing investments, Poland is a prominent manufacturer of commercial vehicles across Central & Eastern Europe and plays a crucial role in stimulating the demand for tires in the region. The mounting government focus on infrastructural developments across the country is leading to the accelerating construction & development projects, i.e., soaring the demand for commercial vehicles and driving the tire market.
Moreover, intending to bring green mobility to reduce carbon emissions, the government of Poland is encouraging the adoption of Electric Vehicles (EVs), which, as a result, is surging the demand for EV compatible tires and boosting the growth of the market.
Impact of Covid-19 on the Poland Tire Market
The Covid-19 pandemic in 2020 had a drastic impact on most industries across Poland, and the automotive & tire sectors were no exception. With stringent movement restrictions & frequent lockdowns imposed by the government to curb the spread of this dreadful disease, the country witnessed several unprecedented challenges associated with the production & distribution of tires across the country, which caused massive revenue losses for the leading players in the market.
Moreover, there were disruptions in the supply chain & unavailability of raw materials & labor, which, in turn, hampered the tire production and resulted in a decline in the market growth amidst the crisis. Besides, travel restrictions further affected the transportation & logistics in the country, which caused severe difficulties in the deliveries of pre-produced tires, and declined the overall market growth.