Europe & CIS Tire Market to Cross $ 51 Billion by 2023
Rising urbanization
and expanding automobile fleet size coupled with growing sales of automobiles
to drive Europe & CIS tire market through 2023
According to TechSci Research report, “Europe & CIS Tire Market By Vehicle Type, By Demand Category, By
Radial Vs. Bias, By Country, Competition Forecast & Opportunities, 2013 –
2023”, Europe & CIS tire market is forecast to
cross $ 51 billion by 2023. Increasing demand for tires from OEMs and growing
tire sales in the replacement market, in addition to rising per capita income
and anticipated launch of new vehicles, are few of the factors that are
expected to boost tire sales across the region. Various multinational companies
such as Michelin, Goodyear, Continental, Bridgestone, Pirelli, etc., are
expected to further increase their market penetration in Europe & CIS in the
coming years.
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In 2017, the
passenger car tire segment dominated the Europe & CIS 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 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 huge 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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“Over the last few years, the
Europe & CIS automotive industry has witnessed a considerable increase in
demand for passenger cars, commercial vehicles, two-wheelers and OTR vehicles,
which has been boosting tire sales in the region. This trend is expected to
prevail with 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 & CIS Tire Market By Vehicle Type, By
Demand Category, By Radial Vs. Bias, By Country, Competition Forecast &
Opportunities, 2013 – 2023” has analyzed the potential of tire market across the Europe & CIS 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 analyses emerging trends along with essential
drivers and key challenges faced by the industry.
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