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Nokian Tyres SWOT & PESTLE Analysis

ID : 52607853| Sep 2020| 15 pages

COMPANY PROFILE -Nokian Tyres

Business Sector :Automotive

Operating Geography :Nordic countries, Russia, Central Europe and North America

About Nokian Tyres :

Nokian Tyres was founded in Finland in 1988. But the roots of the company stretch even further back, to 1898 when Suomen Gummitehdas Osakeyhtiö was set up in Helsinki. This company made galoshes for consumers and for industry customers, it manufactured technical rubber products. Nokian today is the northernmost tyre manufacturer in the world. The company manufactures high quality tyres for various vehicle types: cars, trucks and vans. The company is best known for its winter tyres, which constitute two-thirds of sales. It is listed on Nasdaq Helsinki and employs 4,800 people. It is currently headquartered in Nokia, Finland. Its products are sold in 62 countries.

Nokian Tyres Revenue :


EUR 1,595.6 million (FY 2018) (1.5% increase YoY)
EUR 1,572.5 million (FY 2017)

Competitive Analysis of Nokian Tyres

SWOT
PESTLE
The SWOT analysis for Nokian Tyres is presented below:
Strengths
Weaknesses
1. Premium quality tyres trusted by customers and suited for all conditions
2. High focus on R&D for regularly churning out safe and innovative products
3. Pioneer in winter tire technologies
1. High inventories negatively impacting sales in Central Europe
Opportunities
Threats
1. Growing market for all-season tyres worldwide, led by USA
2. Opportunities for tire manufacturers in the ultra-high performance segment
1. Impact of electricity price changes
2. Impact of liquidity and funding risks
3. Credit risks from customers receivables and bank transactions
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Detailed SWOT Analysis of Nokian Tyres

 

Strength

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Weakness

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Opportunity

1. Growing market for all-season tyres worldwide, led by USA: As per research by Technavio, the worldwide all-season tyre market is expected to grow at a CAGR of 5% during 2019-2023. The major growth driver is the superior performance and safe driving experience provided by these tyres in extreme climates. Also, companies are changing the tread patterns to lower the noise and increase traction on different kinds of surfaces. North America was the market leader in 2018, followed by Asia-Pacific, Europe, Middle East-Africa and South America. In North America, countries like US and Canada have high demand for these tyres due to a mix of different climates throughout the year. Overall, the US tyre market is expected to grow at 5.4% CAGR during 2019-2024 to reach $75.4 billion in 2024. Among the 3 types of tyres: winter, summer and all-season, it is the all-season type that held the largest share of the US market in 2018. The demand for all-season tyres is expected to continue the market domination due to the climate vagaries. After the introduction of all-season tyres, the demand for season-specific tyres has decreased significantly in USA. Nokian is taking advantage of the growing all-season tyre demand by opening a new factory in Tennessee to double North American sales within 5 years, especially by increasing the sales of all-season tyres in this region. This marks a shift from the company’s traditional focus on winter tyre sales in Russia and Europe to the larger all-season market in North America.

1. Opportunities for tire manufacturers in the ultra-high performance segment: The ultra-high performance tyre market worldwide is expected to grow at a CAGR of 9.8% during 2018-2023 and reach $43.4 billion by 2023. The growth driver is the rising demand for high performance vehicles. Nokian Powerproof summer tyre product is an attempt to cater to this segment. It has been awarded the TUV SUD performance mark which means this tyre is better than the competitors in quality and performance. This tyre has been rated as 100% in dry braking, dry handling, wet braking and wet handling. This rating is more than the industry average in these parameters. The Powerproof’s noise level is also 64.3 dB, slightly less than the industry average of 64.6 dB. The product has been rated superior to similar products of major competitors like Continental, Dunlop, Goodyear, Michelin and Pirelli.

Threat

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References used in Nokian Tyres SWOT & PESTLE Analysis Report

1. Nokian Tyres Annual Report 2017 - https://dc602r66yb2n9.cloudfront.net/pub/web/attachments/publications/NokianTyres_AnnualReview2017.pdf?d=attachment

2. Nokian Tyres Financial review 2018 - https://dc602r66yb2n9.cloudfront.net/pub/web/attachments/publications/Nokian+Tyres+Financial+Review+2018.pdf?d=attachment

3. Nokian Tyres Company Website - https://www.nokiantyres.com/

4. Electric Models To Dominate Car Sales By 2040, Wiping Out 13m Barrels A Day Of Oil Demand - https://www.forbes.com/sites/mikescott/2019/06/10/electric-models-to-dominate-car-sales-by-2040-wiping-out-13m-barrels-a-day-of-oil-demand/#676682b1342e

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SWOT & PESTLE.com (2021). Nokian Tyres SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/nokian-tyres/ [Accessed 31 Jul, 2021].

In-text: (SWOT & PESTLE.com, 2021)

Copyrights and Disclaimer

Nokian Tyres SWOT and PESTLE analysis has been conducted by Nipunn V and reviewed by senior analysts from Barakaat Consulting.

Copyright of Nokian Tyres SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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