(MENAFN- GlobeNewsWire - Nasdaq)
New Delhi, June 17, 2022 (GLOBE NEWSWIRE) -- Europe Tire Market is growing at a steady rate owing to the growing new technologies, such as electric and autonomous vehicles along with the changing preferences of younger generation consumers coupled with solid domestic production also tends to boom the market…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that Europe Tire Market was worth USD 42.3 billion in the year 2021. It is estimated to grow at a CAGR of 3.9%, earning revenues of around USD 54.7 billion by the end of 2028. The lucrative growth of the Europe Tire Market is attributed to stringent regulations about the replacement of tires after a certain period and must have a minimum depth of the tread pattern of at least 3mm. This is due to changing weather conditions which wear-out tires frequently, and the affordability of tires as well as cost savings in the long term that results in driving the demand for tires in the region. Additionally, the high consumer living standards supported by their increasing per capita expenditures on luxury cars have propelled the demand for advanced and premium-quality tires. Furthermore, Europe Tire Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising cost of raw materials such as natural rubber and other chemicals acts as a major restraining factor for the growth of the Europe Tire Market.
Based on tire construction type, the Europe Tire Market is categorized into Radial and Bias. The radial segment accounts for the largest market share owing to the global trend of radial tires in vehicles and thus, the shares for radial tires are witnessed to be increasing across Europe. This results in bolstering the growth of the Europe Tire Market during the forecast period (2022-2028). Moreover, based on rim size, the Europe Tire Market is segmented into Up to 19”, 20”-25”, and Above 25”. The up to 19'' segment accounts for the largest market share owing to the most of the passenger car tires and two-wheeler tires size is up to 19”. And the dominance of this category of tires size which is up to 19” is expected to fuel the market growth in the future.
Request for Sample Report @
Based on sales channels, the Europe Tire Market is categorized into Offline and Online. The Online segment accounts for the largest market share owing to the trend of increased sales via e-commerce platforms like Amazon, eBay, YepGarage.com, etc. that are working as sales channel fuel the growth of the Europe Tire Market. In addition to that, tire manufacturers are themselves developing their web portals to offer tires online. For instance, Goodyear launched its online tire sales website in Germany. Moreover, the sudden outbreak of COVID-19 impacted negatively to the growth of the Europe Tire Market. Initially, the sales declined due to the shutdown of commercial, residential, and industrial sectors. Also, the major suppliers of raw materials and end products were completely halted due to lockdown and social distancing norms. This results in hindering the growth of the Europe Tire Market.
The leading market players in the Europe Tire Market are Compagnie Générale des Établissements Michelin SCA, Continental AG, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, Goodyear Tire & Rubber, Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Company Europe Ltd., Yokohama Europe GmbH, Hankook Tire & Technology Co. Ltd., and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Don't miss the business opportunity in the Europe Tire Market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
- In 2019, Goodyear Tire and Rubber Company announced to set up a new plant close to their existing innovation center in Colmar-Berg, Luxembourg. This plant is suitable for production capacity of around 500,000 units a year.
Scope of the Report
| Attributes || Details |
| Years Considered || Historical data – 2018-2020 |
| Base Year – 2021 |
| Forecast – 2022 – 2028 |
| Facts Covered || Revenue in USD Billion |
| Market Coverage || Germany, United Kingdom, Italy, France, Spain, The Netherlands, Belgium, Russia, Poland, Portugal, Austria, NORDIC Countries, and Rest of Europe |
| Product Service/Segmentation || By Vehicle Type, By Demand Category, By Tire Construction Type, By Rim Size, By Sales Channel, By Country |
| Key Players || Compagnie Générale des Établissements Michelin SCA, Continental AG, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, Goodyear Tire & Rubber, Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Co Europe, Yokohama Europe GmbH, Hankook Tire & Technology Co. Ltd., and other prominent players. |
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Two- Wheeler
By Demand Category
By Tire Construction Type
By Rim Size
- Up to 19”
- Above 25”
By Sales Channel
- United Kingdom
- The Netherlands
- NORDIC Countries
- Rest of Europe
Please Find Below Some Related Report:
- Asia-Pacific Electric Bicycle Market, Trend Analysis and Forecast Report, 2018-2028
- Vietnam Two Wheeler Tire Market, Trend Analysis and Forecast Report, 2018-2028
- United States Tire Market, Trend Analysis and Forecast Report, 2018-2028
- China Tire Market, Trend Analysis and Forecast Report, 2018-2028
- Brazil Tire Market, Trend Analysis and Forecast Report, 2018-2028
- South Africa Tire Market, Trend Analysis and Forecast Report, 2017-2027
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Tags Europe Tire Market Tire Market Trend Europe Tire Market Size Europe Tire Market Share Europe Tire Market Report
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.