Finland: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Finland

The Finnish truck and bus tyre market declined rapidly to $X in 2022, which is down by -30.6% against the previous year. Over the period under review, consumption saw a abrupt descent. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Tyres For Buses Or Lorries in Finland

In value terms, truck and bus tyre production surged to $X in 2022 estimated in export price. Over the period under review, production, however, faced a precipitous setback. Truck and bus tyre production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Finland

For the third consecutive year, Finland recorded growth in overseas shipments of tyres for buses or lorries, which increased by 41% to X units in 2022. In general, exports, however, continue to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by 57% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, truck and bus tyre exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a drastic downturn. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X units), Norway (X units) and the United States (X units) were the main destinations of truck and bus tyre exports from Finland, together comprising 72% of total exports. Canada, Germany, Estonia, the Czech Republic, Russia, France, Poland, Switzerland and Italy lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +15.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), Sweden ($X) and Canada ($X) were the largest markets for truck and bus tyre exported from Finland worldwide, together comprising 71% of total exports.

Canada, with a CAGR of +8.1%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, declining by -9.9% against the previous year. Overall, the export price saw a mild curtailment. The growth pace was the most rapid in 2013 an increase of 13%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+3.0%), while the prices for the other major destinations experienced a decline.

Imports of Tyres For Buses Or Lorries

Imports into Finland

In 2022, truck and bus tyre imports into Finland shrank modestly to X units, almost unchanged from the year before. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +13.8% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 26%. Over the period under review, imports reached the peak figure at X units in 2021, and then shrank slightly in the following year.

In value terms, truck and bus tyre imports totaled $X in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 22%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Russia (X units) constituted the largest truck and bus tyre supplier to Finland, with a 34% share of total imports. Moreover, truck and bus tyre imports from Russia exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Sweden (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.4% per year) and Sweden (+29.3% per year).

In value terms, Russia ($X), Sweden ($X) and Belgium ($X) constituted the largest truck and bus tyre suppliers to Finland, together comprising 41% of total imports. China, Vietnam, South Korea, Thailand, Spain, Japan, Slovakia, the Czech Republic, Romania and Serbia lagged somewhat behind, together accounting for a further 40%.

Vietnam, with a CAGR of +296.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average truck and bus tyre import price stood at $X per unit in 2022, picking up by 12% against the previous year. In general, the import price, however, saw a perceptible shrinkage. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Serbia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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