Europe Tire Market Size, Growth, Demand, Leading Companies And Forecast 2024-2032

(MENAFN- IMARC Group) According to IMARC Group, the Europe tire market size reached 436.8 Million Units in 2023 . Looking forward, IMARC Group expects the market to reach 551.6 Million Units by 2032, exhibiting a growth rate (CAGR) of 2.5% during 2024-2032.

The report has segmented the market by Radial Vs Bias (Radial, Bias), End-Use (OEM, Replacement), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two-Wheeler, Off-The-Road (OTR), Three- Wheelers), Size (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Off- The- Road (OTR), Three-Wheelers), Distribution Channel (Offline, Online), and Country.

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Factors Affecting the Growth of the Europe Tire Industry :

  • Regulatory Policies and Environmental Standards:

The Europe tire market is significantly influenced by stringent regulatory policies and environmental standards. The European Union has implemented strict regulations regarding tire manufacturing, focusing on reducing carbon emissions and enhancing fuel efficiency. These regulations mandate the production of tires that are more environmentally friendly, leading to the development of advanced technologies such as low rolling resistance tires. Additionally, the EU's labeling system requires tires to be graded based on fuel efficiency, wet grip, and noise levels, guiding consumer choices towards more sustainable options. This regulatory landscape drives innovation and sustainability in tire manufacturing, shaping the market dynamics.

  • Technological Advancements and Innovation:

Innovation and technological advancements play a crucial role in the growth of the European tire market. Manufacturers are continuously investing in research and development to produce high-quality, durable tires that offer better performance and safety. The integration of advanced materials, such as silica-reinforced rubber, has led to the production of tires with improved grip and longer life spans. Additionally, the rising trend of intelligent tires equipped with sensors for monitoring pressure and temperature is gaining momentum. These innovations not only enhance the driving experience but also contribute to vehicle efficiency and safety, thereby boosting the market growth.

  • Economic Trends and Consumer Preferences:

The Europe tire market is also influenced by broader economic trends and shifting consumer preferences. Economic stability and growth in various European countries contribute to an increase in vehicle sales, which in turn drives demand for tires. Additionally, the growing awareness among consumers regarding vehicle maintenance and safety is leading to a higher demand for quality tires. There is also a noticeable shift towards eco-friendly and sustainable products, which is shaping consumer buying patterns. These factors, combined with the increasing popularity of online tire retailing platforms, are contributing to the dynamic growth of the tire market in Europe.

Europe Tire Market Report Segmentation:

Breakup by Radial Vs Bias:

  • Radial
  • Bias

Radial represented the largest segment due to their superior performance characteristics, including better grip, stability, and fuel efficiency, etc.

Breakup by End-Use:

  • OEM
  • Replacement

Replacement represented the largest segment as vehicle owners prioritize maintenance and safety, opting to replace worn-out tires with new ones, driving the demand for this segment.

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two-Wheeler
  • Off-The-Road (OTR)
  • Three- Wheelers

Passenger cars represented the largest segment due to their high consumer demand.

Breakup by Size:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two Wheelers
  • Off- The- Road (OTR)
  • Three-Wheelers

Based on size, the market is segmented into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, off- the- road (OTR) and three-wheelers.

Breakup by Distribution Channel:

  • Offline
  • Online

Offline represented the largest segment as consumers often prefer in-person consultations and immediate availability of tires.

Breakup by Country:

  • Germany
  • United Kingdom
  • Spain
  • France
  • Italy
  • Russia
  • Turkey
  • Netherlands
  • Belgium
  • Others

Country wise, the market is divided into Germany, United Kingdom, Spain, France, Italy, Russia, Turkey, Netherlands, Belgium and other.

Competitive Landscape:

The competitive landscape of the Europe tire market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Bridgestone Corporation
  • Continental AG,
  • Goodyear Tire & Rubber Company
  • Sumitomo Corporation,
  • Pirelli Tyre S.p.A.
  • Yokohama Tire Corporation
  • Hankook Tire Co., Ltd
  • Toyo Tire Corporation

Europe Tire Market Trends:

The increasing demand for passenger vehicles, spurred by rising disposable incomes and the prevalence of automotive leasing and financing options, is significantly boosting the growth of the tire market in Europe. Moreover, advancements in tire technology, focusing on improved fuel efficiency, lower rolling resistance, and enhanced safety features, align with Europe's stringent environmental regulations and consumer preferences for eco-friendly options. Furthermore, the presence of major tire manufacturers in Europe, combined with strong R&D investments, fosters innovation and competition, further stimulating market growth.

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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