Market Research Report
Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952913|
|Published||Content info||134 Pages
Delivery time: 2-3 business days
|Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 134 Pages||
The Europe tire market grew at a CAGR of around 5% during 2014-2019. Rising demand for electric vehicles coupled with strong domestic production represents some of the key factors supporting the market for tires in Europe. The region, however, witnessed a sharp decline across both the OEM and the replacement sector as a result of the COVID 19 outbreak. As a result, the market is expected to witness a considerable decline in 2020. From 2021, however, the market is expected to regain its growth.
The growth of the Europe Tire market can be attributed to the rising consumer demand for ultra-high-performance tires with high durability and reliability. Further, the growing need for automobile tires with increased sidewall puncture resistance, and high-design cushion for road-shock have also augmented the market growth in the region. Additionally, the high consumer living standards supported by their increasing per capita expenditures on luxury cars have propelled the demand for advanced and premium-quality tires. Moreover, the rising disposable income levels of the European middle-class population have significantly increased the demand for crossover utility vehicles (CUVs) and sport utility vehicles (SUVs), thereby catalyzing the market growth. Apart from this, growing presence of major tire manufacturing brands such as Continental AG, Michelin, Bridgestone, Goodyear, Pirelli, etc. is also driving the market. Moreover, due to the rising environmental concerns towards the high vehicular pollution level coupled with the launch of several programs by the European Commission for controlling pollution have led to the introduction of electric vehicles. On account of this, there is a high demand for compatible and durable tires for electric and autonomous vehicles. Looking forward, IMARC Group expects tire shipments in Europe to decline in 2020, as a result of the Covid 19 outbreak, but revive from 2021 onwards.
6 Market Breakup by Radial Vs. Bias