Lithuania: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Lithuania

The Lithuanian truck and bus tyre market stood at $X in 2022, picking up by 4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +72.9% against 2015 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Exports of Tyres For Buses Or Lorries

Exports from Lithuania

In 2022, overseas shipments of tyres for buses or lorries increased by 3.5% to X units, rising for the third year in a row after two years of decline. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 74%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, truck and bus tyre exports skyrocketed to $X in 2022. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 83%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Poland (X units), Germany (X units) and Latvia (X units) were the main destinations of truck and bus tyre exports from Lithuania, with a combined 56% share of total exports. The Czech Republic, the Netherlands, Belgium, Estonia, Slovakia, France, Bulgaria, Ukraine and Russia lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +83.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Germany ($X) and Latvia ($X) were the largest markets for truck and bus tyre exported from Lithuania worldwide, together accounting for 60% of total exports. The Czech Republic, the Netherlands, Belgium, France, Estonia, Slovakia, Ukraine, Bulgaria and Russia lagged somewhat behind, together accounting for a further 31%.

In terms of the main countries of destination, Slovakia, with a CAGR of +91.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, surging by 17% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, truck and bus tyre export price increased by +95.7% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Russia ($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 France (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Lithuania

In 2022, after two years of growth, there was decline in purchases abroad of tyres for buses or lorries, when their volume decreased by -3.3% to X units. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.1% 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 +31.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. As a result, imports reached the peak of X units, and then dropped slightly in the following year.

In value terms, truck and bus tyre imports expanded significantly to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +71.8% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 31%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Poland (X units), Estonia (X units) and Latvia (X units) were the main suppliers of truck and bus tyre imports to Lithuania, with a combined 56% share of total imports. China, Vietnam, Russia, Thailand, Germany, India, Belgium, Turkey and Slovakia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +141.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Poland ($X) and Latvia ($X) were the largest truck and bus tyre suppliers to Lithuania, together comprising 63% of total imports. China, Vietnam, Russia, Germany, Thailand, India, Belgium, Turkey and Slovakia lagged somewhat behind, together comprising a further 31%.

Among the main suppliers, India, with a CAGR of +152.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, increasing by 17% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform