Europe Tire Market to Cross $ 41 Billion by 2023
Increasing vehicle
production and sales coupled with rising urbanization and growing automotive
fleet to drive Europe tire market through 2023
According to TechSci Research report, “Europe
Tire Market By Vehicle Type, By Online Vs Offline, By Radial Vs Bias, By
Demand Category, By Country, Competition Forecast & Opportunities, 2013 –
2023”, Europe tire market is forecast to cross $ 41 billion by 2023.
Anticipated growth in the market is attributed to increasing demand for tires
from OEMs as well as growing tire sales in the replacement market. Various
multinational companies such as Michelin, Goodyear, Continental, Bridgestone,
Pirelli, etc., are expected to further increase their market penetration in the
coming years. Michelin’s strong sales network across the Europe region, in
addition to its collaborations with leading vehicle manufacturers, is expected
to enable the company to continue as well as further strengthen its market
dominance during the forecast period.
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In 2017, the passenger car tire segment dominated
Europe tire market, followed by light commercial vehicle tire, medium &
heavy commercial vehicle tire, two-wheeler tire and off-the-road tire segments.
Passenger car tire segment is anticipated to maintain its market dominance in
Europe tire market over the next five years as well, owing to growing passenger
car production in the region. 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.
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Increasing per
capita income and anticipated launch of new vehicles are few of the factors
that are expected to continue boosting tire sales across Europe in the coming
years. “Over the last few years, the Europe
automobile industry has witnessed a considerable increase in demand for
passenger cars, commercial vehicles, two-wheelers and OTR vehicles, which has
been boosting sales of tires in the region. This trend is expected to prevail
with continuing growth in tire production and demand over the next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Europe Tire Market By Vehicle Type, By Online Vs
Offline, By Radial Vs Bias, By Demand Category, By Country, Competition
Forecast & Opportunities, 2013 – 2023” has analyzed the
potential of tire market
across the Europe region, and provides statistics and information on market
size, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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