NEW YORK, Sept. 27, 2016 /PRNewswire/ -- European Union is among the world's biggest manufacturer of motor vehicles and the automotive sector accounts for the largest private sector investment in research and development (R&D). Europe tire market is directly dependent on the region's automobile sector, which witnessed sluggish growth during 2011-2015, predominantly due to Eurozone Crisis and slump in the crude oil prices. These factors led to weak demand for tires across the region, which restricted the growth of Europe tire market over the last five years. However, European economies have started recovering, which can be clearly depicted from the reviving GDP growth rate of the member countries in 2015. Apart from the flagship tire brands such as Michelin, Goodyear, Continental, Bridgestone, Pirelli, etc., tire market in Europe has been witnessing increasing inflow of Chinese tire brands, especially over the last few years.
According to "Europe Tire Market Forecast and Opportunities, 2021", tire market in Europe is projected to cross $49 billion by 2021 on account of anticipated stabilization of crude oil price, expected rise in the vehicle sales and expanding vehicle fleet. The vehicle fleet in the region is dominated by the passenger car segment, followed by the commercial vehicle segment. Consequently, the passenger car tire segment held the largest share in Europe's tire market in 2015, and its dominance is anticipated to continue during the forecast period. Growing per capita income and anticipated increase in the launch of new vehicle models are few of the key factors expected to drive demand for passenger car tires in Europe over the next five years. Though traditional retail stores are the most preferred mode of selling tires in Europe but with the increasing internet penetration & advantages offered by online tire selling websites, car owners in the region are increasingly inclining toward online channels for purchasing tires. In 2015, Germany, The United Kingdom, France, Spain and Italy were the largest tire markets in Europe but in terms of market growth rates the countries are different which is making it consequently more important to monitor the market to identify right opportunities. "Europe Tire Market Forecast and Opportunities, 2021" discusses the following aspects of tire market:
- Europe Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car, LCV, M&HCV, Two-Wheeler and OTR tires
- Country Analysis – Germany, United Kingdom, France, Spain, Italy, Poland, Netherlands, Belgium, Slovakia, Hungary, Romania and Slovenia
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of Europe tire market
- To identify the on-going trends and anticipated growth in the next five years
- To help industry consultants, tire manufacturers and other stakeholders align their market-centric strategies
- To obtain research based business decisions and add weight to presentations and marketing material
- To gain competitive knowledge of leading market players
- To avail 10% customization in the report without any extra charges and get research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary sources. Primary research includes interviews with tire manufacturers, importers, distributors and industry experts. Secondary research includes an exhaustive search of relevant publications such as company annual reports, financial reports and proprietary databases.
Read the full report: http://www.reportlinker.com/p04180613-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: email@example.com
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/europe-tire-market-forecast-and-opportunities-2021-300335282.html