PUBLISHER: TechSci Research | PRODUCT CODE: 1068576
PUBLISHER: TechSci Research | PRODUCT CODE: 1068576
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Europe tire market is anticipated to grow with a CAGR of 3.84% during the forecast period, 2023-2027, to achieve a market value of USD57,300.78 million by 2027. The market growth is majorly driven by the increasing sales of automobiles in European countries. The growing number of passenger cars and light commercial vehicles for regular transportation and commute further drives the growth of the Europe tire market in the upcoming five years. Moreover, the surging demand for replacement tires for personal vehicles also supports the growth of the Europe tire market through 2027.
End use industries like agricultural industry, construction industry, logistics industry, etc., make use of tractors, trucks, commercial vehicles, which is aiding the growth of the Europe tire market in the next five years. Demand for tires is also increasing due to adverse weather conditions, erratic currents of air moving over the Atlantic, ice-cold weather, and the wet springs increase the demand for all-weather tires across the continent, thereby substantiating the growth of the Europe tire market in the forecast years. Furthermore, increasing adoptions of green tires, with environment-friendly products that satisfy the tires' stringent regulations and automobile industrial standards, also aid the growth of the Europe tire market in the forecast period.
The Europe tire market is segmented by vehicle type, demand category, tire construction type, rim size, sales channel, country analysis, and competitional landscape. The market is bifurcated on vehicle type into passenger cars, light commercial vehicles, medium & heavy commercial vehicles, two-wheelers, and OTR. Passenger cars are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the increasing sales of passenger cars. Surge in demand for personal vehicles and increasing demand for replacement vehicle parts further facilitates the growth of the segment along with the Europe tire market in the next five years.
Compagnie Generale des Etablissements Michelin SCA, Continental AG, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, and Goodyear Tire & Rubber Company are the leading five players operating in the Europe tire market. Other companies include Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Co Europe, Yokohama Europe GmbH, Hankook Tire & Technology Co., Ltd., etc. that are also flourishing in the regional market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2027
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the region. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the Europe region.
TechSci Research calculated the market size of Europe tire market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, Europe tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Passenger car
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle
Two- Wheeler
OTR
Replacement
OEM
Radial
Bias
Up to 19''
20"- 25''
Above 25''
Offline
Online
Germany
Russia
France
Spain
Italy
United Kingdom
Poland
Netherlands
Belgium
Slovakia
Hungary
Romania
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Europe tire market
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information