Tire Market to Grow with a CAGR of 3.19% in United Kingdom through to 2028
The United Kingdom Tire
Market is primarily driven by the ongoing growth in vehicle ownership and
usage, resulting in sustained demand for tires, both in terms of replacements
and aftermarket sales. Additionally, heightened awareness of safety and
environmental concerns among consumers has led to an increased preference for
tires with advanced features, including improved wet grip and lower rolling
resistance, aligning with sustainability and safety priorities.
According to
TechSci Research report, “United Kingdom Tire Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the United
Kingdom Tire Market stood at USD 3.06 Billion in 2022 and is anticipated to
grow with a CAGR of 3.19% in the forecast period, 2024-2028. Several key
drivers are propelling the growth of the tire market in the United Kingdom.
Firstly, increased car ownership driven by rising personal income levels is
leading to higher demand for tires. As more people can afford to own cars, the
need for reliable and durable tires becomes increasingly important.
Additionally, advancements in tire technologies are introducing more efficient
and longer-lasting tires to the market, which appeals not only to
environmentally-conscious consumers but also to those seeking cost-effective
solutions.
These
advancements include the use of innovative materials such as silica-infused
compounds and reinforced steel belts, as well as advanced manufacturing
processes like computer-aided design and precision engineering. These
technological improvements contribute to enhanced tire performance, providing
better fuel efficiency, improved handling, and reduced road noise.
Moreover, the
tire industry has been actively embracing sustainable practices. Manufacturers
are adopting eco-friendly materials and production methods, such as using
renewable resources and minimizing waste generation. This commitment to
sustainability resonates with consumers who prioritize
environmentally-conscious choices and promotes a greener future for the
automotive industry.
Lastly,
regulations mandating the use of winter tires during certain parts of the year
further stimulate the tire market. This requirement ensures better safety and
traction on icy or snowy roads, encouraging consumers to invest in seasonal
tires. Additionally, the tire industry continues to innovate in this area,
developing specialized winter tire technologies that provide superior grip and
performance in harsh winter conditions.
Overall, these
factors contribute to a thriving tire market in the United Kingdom, catering to
the diverse needs and preferences of car owners while also promoting safety,
sustainability, and technological advancements on the roads.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"United Kingdom Tire Market”
The United
Kingdom's tire market holds a significant position within the nation's
automotive industry. It encompasses a wide variety of tire types, including
those designed for passenger cars, commercial vehicles, and specialized
applications. What characterizes this market is its diversity, featuring a mix
of tire brands and manufacturers, both domestic and international. These
entities actively compete to meet the diverse demands of UK consumers. Notable
players in the UK tire market include industry giants like Bridgestone,
Michelin, Goodyear, Pirelli, and Continental, each exerting considerable
influence on the market's overall dynamics and performance.
Several
prominent trends are shaping the landscape of the UK tire market. Firstly,
there's a noticeable surge in the demand for eco-friendly tires, driven by
growing environmental consciousness and stringent regulations aimed at curbing
carbon emissions. These eco-friendly tires, often referred to as
low-rolling-resistance tires, are engineered with advanced materials and tread
designs to enhance fuel efficiency, aligning with the mounting emphasis on
sustainability in tire manufacturing.
Another
noteworthy trend is the increasing adoption of all-season tires among
consumers. These tires are prized for their versatility and cost-effectiveness,
as they perform reliably across various weather conditions, obviating the need
for seasonal tire changes. Given the UK's frequently unpredictable weather
patterns, this trend has gained significant traction.
Furthermore, the
digital transformation has ushered in a new era for tire retail in the UK.
E-commerce has gained substantial popularity, driven by consumers seeking the
convenience of researching, comparing, and purchasing tires online. To meet
this growing demand, tire retailers have substantially bolstered their online
presence, often offering virtual tire buying guides and tools to assist
customers in making informed decisions.
The rise of
electric vehicles (EVs) is another trend influencing the UK tire market. EVs
possess distinct performance characteristics compared to traditional internal
combustion engine vehicles, necessitating specialized tires designed to cater
to their unique requirements. These specialized tires often feature higher load
capacity and reduced rolling resistance to maximize the range of electric
vehicles.
Sustainability
is a pervasive concern impacting both tire production and recycling.
Manufacturers are actively exploring sustainable materials and eco-friendly
manufacturing processes to reduce their environmental footprint. This shift
toward sustainability is mirrored in consumer preferences, as many consumers
increasingly gravitate toward tire brands that exhibit environmentally
responsible practices.
Despite the
market's vibrancy, the UK tire industry faces its share of challenges. The
COVID-19 pandemic laid bare vulnerabilities within global supply chains,
impacting the availability of tires in the UK market. Consequently, supply
chain resilience has emerged as a critical consideration for manufacturers and
retailers, prompting them to implement strategies aimed at mitigating the
impact of future disruptions.
Ongoing
regulatory changes, particularly those related to emissions, safety standards,
and labeling requirements, can significantly affect tire manufacturers and
distributors. Navigating these changes necessitates constant adaptation to
remain compliant and competitive.
Intense
competition is a constant factor within the tire market. This competition poses
challenges in areas such as pricing, product differentiation, and brand
positioning. Manufacturers and retailers must continually innovate and
differentiate themselves to thrive in this highly competitive landscape.
The future of
the United Kingdom's tire market appears marked by ongoing evolution. This
evolution will be shaped by shifting consumer preferences, continued
technological advancements, and heightened environmental awareness. The growing
adoption of electric vehicles is expected to stimulate demand for specialized
tires designed to meet the unique needs of EVs. Furthermore, the enduring
trends of eco-friendliness and sustainability are anticipated to persist,
exerting a continued influence on tire manufacturing and consumer choices.
The digital
transformation of the industry is projected to deepen, with online tire sales
becoming increasingly prevalent. In this dynamic and competitive market, tire
manufacturers and retailers will need to prioritize innovation, sustainability,
and supply chain resilience. Staying attuned to evolving consumer expectations
and regulatory developments will be pivotal for long-term success in the UK
tire market.
Major companies
operating in United Kingdom Tire Market are:
- Bridgestone Corporation
- Continental
AG
- Goodyear
Tire & Rubber Company
- Sumitomo
Rubber Industries Ltd
- Michelin
Group
- Pirelli
& C. S.p.A.
- Yokohama
Rubber Company Limited
- Kumho Tire
Co. Inc.
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“Several key drivers
are propelling the growth of the tire market in the United Kingdom. Firstly,
increased car ownership driven by rising personal income levels is leading to
higher demand for tires. Additionally, advancements in tire technologies are
introducing more efficient and longer-lasting tires to the market, which
appeals to environmentally-conscious consumers. Lastly, regulations mandating
the use of winter tires during certain parts of the year further stimulate the
tire market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“United
Kingdom Tire Market – United Kingdom Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias),
By Demand Category Type (OEM, Replacement), By Region, Competition”, has evaluated the future growth
potential of United Kingdom 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
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in United Kingdom Tire Market.
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