Europe Tire Market to be Valued USD 450.56 Billion by 2025
Expanding
automobile fleet size and presence of leading automobile manufacturers to drive
Europe tire market through 2025
According
to TechSci Research report, “Europe
Tire Market By Vehicle Type (PC, LCV, M&HCV, 2W & OTR), By Online
Vs Offline, By Radial Vs Bias, By Demand Category (OEM Vs Replacement), By
Country, Competition, Forecast & Opportunities, 2025”, Europetire market
was valued USD 409.53 Billion in 2019 and is expected to grow at CAGR of 6.14%
during the forecast period on account of surge in vehicle sales, growing
motorization rate and implementation of favorable policies including car
scrappage incentive policies. In addition, disposable income level of Europeans
has increased in the past few years, which is fueling the demand for passengers’
cars; consequently, driving the demand for tire in the region through 2025.
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in-depth TOC on"Europe Tire Market"
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Europetire market can be segmented based on vehicle type,
online vs offline, radial vs bias, and demand category. In terms of vehicle
type, market can be segregated into passenger car (PC), light commercial
vehicle (LCV), medium & heavy commercial vehicle (M&HCV), two-wheeler
and OTR. Among these, passenger car dominated the market with share of 82.17%
in 2019. The growth of the segment can be attributed to surge in demand for
personal transportation for daily commuting amid COVID-19, rise in sales of
used and new passenger car, thereby, driving the demand for passenger car tire
through 2025.
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.
Compagnie Générale des Établissements Michelin, Goodyear
Dunlop Tires Europe B.V., Continental Aktiengesellschaft, Bridgestone Europe
NV/SA, Pirelli & C. S.p.A., Nokian Tyres Plc, Yokohama Europe GmbH, Hankook
Reifen Deutschland GmbH, Apollo Vredestein B.V., and Cooper Tire & Rubber
Company Europe Limitedare the leading players operating in Europetire market.Tire
manufacturers are increasingly focusing on developing and manufacturing
high-tech tires for automobiles in Europe. To meet evolving customer demand
with respect to better ride comfort, safety, higher fuel efficiency and
durability, several tire manufacturers are coming up with their technologically
advanced new tire offerings.
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“In 2019,
online sales channel captured a market share of around 14.09% of the region’s
tire market. Due to the outbreak of COVID-19 pandemic, complete and partial
lockdown were imposed in several countries of Europe to stop the virus spread,
which had resulted in halt of sales of automotive tires through offline sales
channel, and post lockdown, consumers are increasingly opting for online sales
channel, which has resulted in online sales channel segment witnessing a
massive growth across the region. It is expected that due to ease of purchasing
through online sales channel, continuous increase in internet penetration
across the region and short delivery period with availability of wider options
to choose from a large product portfolio, the market share of online sales
channel segment will be more than 18% of total Europe tire market by the end of
2025.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Europe
Tire Market By Vehicle Type (PC, LCV, M&HCV, 2W & OTR), By Online Vs
Offline, By Radial Vs Bias, By Demand Category (OEM Vs Replacement), By
Country, Competition, Forecast & Opportunities, 2025” has evaluated
the future growth potential of Europetire market and provided statistics &information
on market size, shares, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment decisions. 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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