Europe Tire Market to Cross $49 Billion by 2021
Anticipated increase in the
tire production capacity, growing vehicle sales and expanding automobile fleet
forecast to propel Europe tire market over the next five years
According to TechSci Research report, “Europe
Tire Market Forecast and Opportunities, 2021’’, the tire market of Europe is projected to cross $49
Billion by 2021. Growth in the market is expected on account of anticipated
stabilization of crude oil price, expected rise in the vehicle sales, expanding
vehicle fleet, growing motorization rate
and implementation of favorable government policies. With more than 90 tire manufacturing
facilities, 16 research & development centres and 12 leading tire
manufacturers, the region continues to be the epicentre of all the major global
advancements in tire technology.
Browse 91
market data Tables and 135 Figures spread through 355 Pages and an
in-depth TOC on "Europe
Tire Market"
https://www.techsciresearch.com/report/europe-tire-market-by-vehicle-type-pc-lcv-m-hcv-2w-otr-by-company-by-offline-vs-online-sales-by-demand-category-oem-vs-replacement-by-region-competition-forecast-opportunities-2021/768.html
Countries
in the European Union suffered from the impact of European debt crisis during
2008-2012. As a result, Europe faced weak economic scenario and financial
conditions. The aftereffects of the crisis were apparent in 2013 as well, and
this consequently, impacted growth of automotive sector in Europe. Thus, Europe
automobile production grew at a CAGR of 0.16%, in volume terms, during 2011-2015.
However, due to several bailout packages offered by the European Union and the
International Monetary Fund (IMF), the economy
of the countries has started recovering from the crises, due to which the automotive and tire
industries of Europe is expected to revive over the next five years.
During the forecast period, passenger
car segment is forecast to dominate Europe tire market owing to increasing
passenger car sales, expanding passenger car fleet and growing purchasing power
of the consumers. Moreover, the region’s replacement tire demand is anticipated
to grow at a higher pace in comparison to the OEM tire demand over the course
of next five years. Some of the leading players of operating in the tire market
of Europe are Michelin, Goodyear, Continental, Bridgestone
and Pirelli, among others.
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“During
2011 - 2015, due to the impact of Eurozone crisis, automobile sector in Europe could
not deliver to its full potential, and consequently, tire industry in the
region was negatively affected due to decline in automotive production during
the same period. However, with comparatively stable macroeconomic scenario,
automobile production and sales are anticipated to grow in the coming year,
which is expected to boost tire market in Europe during the forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Europe
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth potential of tire market
and provides statistics and information on market size, market share, forecast
and trends. The report intends to provide cutting-edge market intelligence and
help decision makers take sound investment evaluation. 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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