NEW YORK, August 31, 2016 /PRNewswire/ --
With more than 90 tire manufacturing facilities, 16 research and development centres and 12 leading tire manufacturers currently operational in Europe, the region continues to be the epicentre of all the major global advancements in tire technology. European tire market is directly dependent on the Europe automobile sector, which witnessed sluggish growth during 2011-15. Eurozone crisis is the major factor which has resulted in weak demand for tires across the Europe region.
Europe Tire Market: Outlook
Europe tire market is underpinned by several micro and macro-economic factors which impact the automobile industry. During 2011-15, both automobile production and sales grew at sluggish pace. Key reasons for the weak demand can be attributed to Eurozone crisis which weakened the European economy. Eurozone crisis and poor economic situation led to stagnant tire market in Europe during the period.
However, post 2013 Europe witnessed a substantial comeback from the economic crisis. Increasing urbanization and consistent growth in infrastructure development led to increase in sale of automobiles and subsequently lead to larger automobile fleet size. Automobile production and sales in Europe are expected to recover during the forecast period, on the back of anticipated economic recovery and infrastructure development. On account of this, the demand for tires in OEM and replacement market is expected to grow during the forecast period.
In 2015, the Europe tire market was dominated by Germany, United Kingdom, France, and Spain. These countries accounted for a cumulative market share of more than 50% in volume terms. It is forecast that Germany, United Kingdom, France, and Spain would continue to dominated the Europe tire market over the next five years owing to expected increase in the vehicle production, sales and expand vehicle fleet, which would drive the overall Europe tire market.
Europe Tire Market: Key Drivers
With constantly increasing automobiles on the European roads, the demand for tires has increased, however, the growth has been marginal over the last few years due to economic slowdown. However, the tire sales are expected to increase during the forecast period. Europe tire market is forecast to recover at a healthy pace over the next couple of years. Further, backed by stabilizing economy, legislative initiatives to foster modernization of car parc, growing per capita income, launch of new car models and increasing consumer base, Europe tire market is forecast to grow at a healthy rate. Moreover, the Europe tire market, which was dominated by the passenger car tire segment in 2015, is anticipated to continue its dominance during the forecast period as well.
However, it is forecast that commercial vehicle tire market will also grow at a healthy rate due to an anticipated surge in the construction activities in Europe, especially Eastern Europe, until 2021.
Europe Tire Market: Segment Wise Outlook
The report is divided into five major segments: Passenger Cars tires, Light Commercial Vehicles tires, Medium & Heavy Commercial Vehicles tires, Two-Wheelers tires and Off-the-Road Vehicles tires. For each stated segment, the market size is closely estimated and future forecasts have been given. In 2015, the Europe tire market was dominated by the passenger car tire segment, which captured major share in overall Europe tire market. Growing per capita income and anticipated increase in the launch of new models are few of the key factors to drive the demand for passenger car tires over the next five years.
Europe Tire Market: Segmentation
Europe Tire Market can be segmented on the basis of vehicle type.
Based on the Vehicle Type, Europe Tire Market is divided into the following segments:
- Passenger Cars (PC) Tires
- Light Commercial Vehicles (LCV) Tires
- Medium & Heavy Commercial Vehicles (M&HCV) Tires
- Two-Wheelers (2W) Tires
- Off-The-Road (OTR) Vehicles Tires
Based on the Country, Europe Tire Market is divided into the following Countries:
- United Kingdom
- Rest of Europe
Europe Tire Market: Key Players
- Key players in the Europe Tire market include Michelin, Continental, Goodyear, Bridgestone, Pirelli, Nokian, Hankook, etc.
- Information on these key players is covered in the Europe Tire market report. The report provides detailed company profiles with key segments including business segments, product offerings, and facts and figures along with the historical data and operating history of the company.
Why You Should Buy This Report?
- To gain an in-depth understanding of the Europe Tire market
- To identify the on-going trends and anticipated growth over next five years
- To help industry consultants and automobile manufacturers, to align their market 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 the research data or trends added in the report as per the buyer's specific needs
The report is an outcome of in-depth primary and secondary research by industry experts. This market research report is a strategic guide to industry players catering to the tire market of Europe. The key trends and growth drivers, challenges, etc. have been taken into consideration before devising the market size and market share of the the Europe Tire market. The report discusses in detail about the reasoning behind current market growth as well as historical market size and analysis, along with the forecast market size and key reasons for the same for overall as well as various segments of the report.
- Europe Tire Market Size, Share & Forecast
- Country Analysis
- Segmental Analysis - By vehicle Type, By Offline Vs Online Sales, By Radial Vs. Bias, By Country, By Demand Category and By Company
- Market Attractiveness Index
- Market Dynamics
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
Key Questions This Study Will Answer
- What are the key drivers which will drive the market to next level?
- Which are the demand generating regions and how these regions will grow in the coming years?
- Who all are the key players in the tire market of the Europe? What is the market share of key players in the Europe tire market and how market share dynamics will change in the coming years?
- What are the market shares of passenger cars tires, light commercial vehicles tires, medium & heavy commercial vehicles tires, two-wheelers tires and off-the-road vehicles tires?
- Which are the Countries with major dominance of the Europe tire market?
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