Expanding automobile fleet size and presence of leading automobile manufacturers to drive Europe tire market through 2025
According to TechSci Research report, “Europe Tire Market By Vehicle Type (PC, LCV, M&HCV, 2W & OTR), By Online Vs Offline, By Radial Vs Bias, By Demand Category (OEM Vs Replacement), By Country, Competition, Forecast & Opportunities, 2025”, Europetire market was valued USD 409.53 Billion in 2019 and is expected to grow at CAGR of 6.14% during the forecast period on account of surge in vehicle sales, growing motorization rate and implementation of favorable policies including car scrappage incentive policies. In addition, disposable income level of Europeans has increased in the past few years, which is fueling the demand for passengers’ cars; consequently, driving the demand for tire in the region through 2025.
Browse 152 Figures spread through 243 Pages and an in-depth TOC on“Europe Tire Market”
Europetire market can be segmented based on vehicle type, online vs offline, radial vs bias, and demand category. In terms of vehicle type, market can be segregated into passenger car (PC), light commercial vehicle (LCV), medium & heavy commercial vehicle (M&HCV), two-wheeler and OTR. Among these, passenger car dominated the market with share of 82.17% in 2019. The growth of the segment can be attributed to surge in demand for personal transportation for daily commuting amid COVID-19, rise in sales of used and new passenger car, thereby, driving the demand for passenger car tire through 2025.
Germany accounts for the largest share in the region’s tire market, primarily due to large existing fleet of passenger cars in the country. Being one of the major exporting hubs for automobile producers, Germany’s automotive industry is known worldwide for its high-quality automobile manufacturing. Moreover, the country is the fourth largest in terms of total vehicle production, globally, after China, US, and Japan. High vehicle ownership coupled with moderate growth in new vehicle sales is expected to continue boosting tire sales in Germany in the coming years.
Compagnie Générale des Établissements Michelin, Goodyear Dunlop Tires Europe B.V., Continental Aktiengesellschaft, Bridgestone Europe NV/SA, Pirelli & C. S.p.A., Nokian Tyres Plc, Yokohama Europe GmbH, Hankook Reifen Deutschland GmbH, Apollo Vredestein B.V., and Cooper Tire & Rubber Company Europe Limitedare the leading players operating in Europetire market.Tire manufacturers are increasingly focusing on developing and manufacturing high-tech tires for automobiles in Europe. To meet evolving customer demand with respect to better ride comfort, safety, higher fuel efficiency and durability, several tire manufacturers are coming up with their technologically advanced new tire offerings.
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“In 2019, online sales channel captured a market share of around 14.09% of the region’s tire market. Due to the outbreak of COVID-19 pandemic, complete and partial lockdown were imposed in several countries of Europe to stop the virus spread, which had resulted in halt of sales of automotive tires through offline sales channel, and post lockdown, consumers are increasingly opting for online sales channel, which has resulted in online sales channel segment witnessing a massive growth across the region. It is expected that due to ease of purchasing through online sales channel, continuous increase in internet penetration across the region and short delivery period with availability of wider options to choose from a large product portfolio, the market share of online sales channel segment will be more than 18% of total Europe tire market by the end of 2025.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Tire Market By Vehicle Type (PC, LCV, M&HCV, 2W & OTR), By Online Vs Offline, By Radial Vs Bias, By Demand Category (OEM Vs Replacement), By Country, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Europetire market and provided statistics &information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Europe tire market.
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