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Europe Tire Market to Reach 488.7 Million Units by 2027, Spurred by Escalating Demand for High-performance Tires

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Europe Tire Market to Reach 488.7 Million Units by 2027, Spurred by Escalating Demand for High-performance Tires

November 16
18:49 2022
Europe Tire Market to Reach 488.7 Million Units by 2027, Spurred by Escalating Demand for High-performance Tires
Tire market in Europe | Research Report by IMARC Group
Shifting preferences towards luxury cars and rising need for premium and ultra-high-performance tires that ensure high durability and reliability are primarily driving the tire market in Europe.

According to the latest report by IMARC Group, titled “Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Business Overview For Europe Tire Market:

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.

Europe Tire Market Trends

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.

Request to get the sample report: https://www.imarcgroup.com/europe-tire-market/requestsample

Europe Tire Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

  • 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.

 

Europe Tire 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.

 

Breakup by Radial Vs. Bias:

  • Radial
  • Bias

 

Breakup by End-Use:

  • OEM
  • Replacement

 

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two-Wheelers
  • Three-Wheelers
  • Off-The-Road (OTR)

 

Breakup by Size:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two-Wheelers
  • Off- The- Road (OTR)
  • Three-Wheelers

 

Breakup by Distribution Channel:

  • Offline
  • Online

 

Breakup by Country:

  • 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.

 

Browse More Tires Industry Reports by US:

OTR Tire Business in Europe

APAC Tire Market 2022-2027

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Company Name: IMARC Group
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Phone: +1-631-791-1145
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Country: United States
Website: https://www.imarcgroup.com

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