Europe Tire Market Report
According to the latest report by IMARC Group, titled “Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The Europe tire market size reached 416 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 488.7 Million Units by 2027, exhibiting a growth rate (CAGR) of 2.9% during 2022-2027.
Market Outlook:
A tire represents an essential automotive component that is circular in shape and composed of silica, natural or synthetic rubber compound, steel wire, carbon black, etc. It is available in radial and bias construction types and in several categories, such as summer tires, winter tires, all-season tires, 4X4 tires, etc. These tire products are designed to support the vehicle weight, offer traction, absorb road shock, and provide optimum braking performance. Consequently, they find extensive application in the automotive sector in Europe.
Market Current Trends & Future Predictions
The shifting preferences toward luxury cars and the elevating need for premium and ultra-high-performance tires that ensure higher durability and reliability are primarily driving the Europe tire market. In line with this, the increasing sales of crossover utility vehicles (CUVs) and sport utility vehicles (SUVs) are also positively influencing the market across the region. Moreover, the development of new tires integrated with improved sidewall puncture resistance features and high-design cushion for road shock is acting as another significant growth-inducing factor.
Apart from this, the escalating production of electric vehicles (EVs), on account of the heightened environmental concerns and the launch of various programs by the European Commission aimed at controlling air pollution, is further stimulating the market growth. In addition to this, the expanding presence of major tire manufacturing brands, including Michelin, Continental AG, Bridgestone, Goodyear, Pirelli, etc., and the rising integration of new technologies in the manufacturing process, such as the Internet of Things (IoT), cloud computing, artificial intelligence (AI) are expected to propel the Europe tire market over the forecasted period.
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Competitive Analysis and Segmentation:
List of Key Companies Covered in this Market Report:
- Michelin (OTCMKTS: MGDDY)
- Bridgestone Corporation (OTCMKTS: BRDCY)
- Continental AG (OTCMKTS: CTTAY)
- Goodyear Tire & Rubber Company (NASDAQ: GT)
- Sumitomo Corporation (OTCMKTS: SSUMY)
- Pirelli C. S.p.A (BIT: PIRC)
- Yokohama Tire Corporation (OTCMKTS: YORUF)
- Hankook Tire & Technology Co. Ltd. (KRX: 161390)
- Toyo Tire Corporation (OTCMKTS: TOTTF)
- Kumho Tire Co., Ltd.
Market Segmentation
The report has segmented the Europe tire market on the basis of radial Vs. bias, end use, vehicle type, size, distribution channel and country.
Market By Radial Vs. Bias:
- Radial
- Bias
Based on End-Use:
- OEM
- Replacement
Size:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two-Wheelers
- Off- The- Road (OTR)
- Three-Wheelers
Based on Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two-Wheelers
- Three-Wheelers
- Off-The-Road (OTR)
Distribution Channel:
- Offline
- Online
Country Analysis:
- Germany
- United Kingdom
- Spain
- France
- Italy
- Russia
- Turkey
- Netherlands
- Belgium
- Others
Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/europe-tire-market
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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