Europe Tire Market to Grow at a CAGR of 3.84% through 2029

The increasing demand for fuel-efficient, durable, and eco-friendly tires, driven by the rise of electric vehicles, is driving growth in the Europe tire market. Coupled with continued infrastructure development and advancements in tire technology, these factors are expected to sustain market expansion through 2025-2029.

According to TechSci Research report, “Europe Tire Market – By Country, Competition, Forecast & Opportunities, 2029F”, The Europe Tire market was valued at USD 48.49 Billion in 2023 and is expected to reach USD 60.79 Billion by 2029 with a CAGR of 3.84% during the forecast period. The growth of the Europe tire market is driven by several key factors, including the rising demand for replacement tires driven by an aging vehicle fleet. The growing emphasis on eco-friendly and fuel-efficient tires, in response to environmental regulations, is further boosting market growth. Additionally, advancements in tire technology and ongoing infrastructure development continue to support the market's growth through 2025-2029.

The Europe tire market is growing, driven by the increasing demand for specialized, high-performance, and eco-friendly tires. The growing vehicle fleet and longer replacement cycles are fueling demand for replacement tires, further supporting market growth. There is also a shift toward sustainable tires made from eco-friendly materials, aligning with Europe’s sustainability goals.

Key trends include a rise in demand for high-performance tires, especially in the premium vehicle segment, and the adoption of smart technologies for developing and manufacturing more advanced, reliable, and sustainable tires. Manufacturers are focusing on sustainability, creating tires from renewable and recyclable materials to meet consumer and regulatory expectations.

Challenges include volatile raw material prices, supply chain disruptions, and intense competition in the aftermarket segment, with online retailers altering the sales landscape. Despite these challenges, the growing demand for high-performance, eco-friendly, and replacement tires presents significant opportunities for innovation and market expansion.

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The Europe Tire Market is segmented into Vehicle Type, Demand Category, Tire Construction Type and Country.

The Europe tire market is divided into two main demand categories: OEM (Original Equipment Manufacturer) and replacement tires. OEM tires are supplied to automakers and designed to meet specific vehicle requirements, including performance, weight, and efficiency. With an increasing focus on sustainability, tire manufacturers are developing products with lower rolling resistance and durability to meet regulatory and consumer demands.

The replacement tire segment serves the aftermarket, driven by the need to replace worn-out or damaged tires to maintain vehicle safety and performance. This segment is influenced by factors such as the size and age of the vehicle fleet, as well as the frequency of tire wear due to road conditions or accidents. With a growing vehicle parc in Europe, particularly in passenger and commercial vehicles, the demand for replacement tires remains strong.

Sustainability and fuel efficiency are increasingly important factors in both segments. Consumers are seeking tires that are eco-friendly, longer lasting, and fuel-efficient. Manufacturers are focusing on developing tires with lower rolling resistance, advanced tread compounds, and longer lifespans to meet these needs. The replacement tire market is driven by consumer demand for high-quality, performance-oriented products, while tire retailers face challenges from price competition and the rise of online sales. Despite these challenges, the replacement tire segment continues to grow, driven by vehicle maintenance needs and evolving consumer preferences.

Based on region, France emerged as the fastest-growing tire markets in Europe, driven by a significant rise in vehicle registrations and growing demand for electric vehicles (EVs). The government's emphasis on sustainable transportation, along with supportive policies for EV adoption, is boosting the need for specialized tires. Additionally, the expanding e-commerce sector is contributing to the growth of the replacement tire market, as more consumers turn to online platforms for purchasing options. This shift is encouraging the development of eco-friendly and high-performance tire solutions in France.

Major market players operating in Europe Tire market are:

• Manufacture Française des Pneumatiques Michelin
• Continental AG
• Pirelli & C. S.p.A.
• BRIDGESTONE EUROPE NV
• Goodyear Tyre & Rubber Company
• Kumho Tire Europe GmbH
• Nokian Tyres plc
• Cooper Tire & Rubber Company Europe Limited
• Yokohama Europe GmbH
• Hankook Tire & Technology Co., Ltd.

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"As the European market demands more sustainable and high-performance tires, tire manufacturers are adapting to meet these needs. They’re focusing on innovation in tire materials and design, aiming to deliver products that can perform efficiently while reducing environmental impact. This drive for eco-friendly, durable, and efficient tires is creating favorable conditions, accelerating demand in the Europe tire market", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

"Europe Tire Market By Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Country, Competition, Forecast & Opportunities, 2019-2029F”, evaluates the future growth potential of Europe Tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make 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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