Europe Tire Market is projected to be valued at US$ 67.73 Billion by 2026, from US$ 46.02 Billion in 2020, growing at a CAGR of 6.65%
The automotive market in Europe is one of the largest markets globally. The region is home to many global automobile part manufacturers. Consequently, owing to the growth of the automotive industry and the high tire replacement rate in Europe has fostered the development of the tyre market.
Further, in the coming years, the tyre market in the region is proposed to register remarkable growth due to the influence of new technologies, such as electric and autonomous vehicles, an extension of tariff wars between the European countries. The changing preferences of younger generation consumers coupled with solid domestic production also tend to boom the market.
In the region, the United Kingdom and Germany have farms with more than 1,000 hectares, on mediocre, comprising 20% of the used farming area in the country. On the converse, in countries such as the Netherlands and Finland, the average size of a farm is 150 hectares.
Therefore, the demand for replacement tyres is more in countries such as Germany, the United Kingdom, and France. Farm consolidation necessitates fertilizing and planting machinery to obtain sufficient and proper fertilizing of the crops in larger land structures, thereby facilitating the demand for agricultural tyres.
Additionally, in Europe, the high consumer living standards sustained by their increasing per capita investments in a new vehicle (Car, LCV, MCV, HCV) have driven the demand for advanced and premium-quality tyres.
Besides, the growing disposable income levels of the European middle-class population have significantly enhanced the need for crossover utility vehicles (CUVs) and sport utility vehicles (SUVs), whereby catalyzing the growth of the customer replacement tyre market.
The major players operating in the European tyre market include Bridgestone Europe NV/SA, Michelin, Continental AG, Sumitomo Rubber Industries Ltd., And Yokohama Rubber Co. Ltd.
Furthermore, the major companies are also forming advanced technologies to stay relevant in the market. Other competitive strategies include mergers & acquisitions.
6. Segments - Europe Tyre Market 6.1 New Vehicle Tyre Analysis 6.1.1 Market 6.1.2 Volume 6.2 Replacement Tyre Analysis (Top 8 Countries) 6.2.1 Market 6.2.2 Volume 6.2.3 Consumer Replacement Tyre 6.2.4 Truck & Bus Replacement Tyre 6.2.5 Agriculture Replacement Tyre 6.2.6 Motor Cycle Replacement Tyre
7. Share Analysis 7.1 Market Share Analysis 7.1.1 New Vehicle Tyre (Car, LCV, MCV, HCV) 7.1.2 Replacement Tyre by Type (Top 8 Countries) 18.104.22.168 Consumer Replacement Tyre by Countries (Car, SUVs and LCV) 22.214.171.124 Truck & Bus Replacement Tyre by Countries 126.96.36.199 Agriculture Replacement Tyre by Countries 188.8.131.52 Motor Cycle Replacement Tyre by Countries 7.2 Volume Share Analysis
8. New Vehicle Tyre Analysis 8.1 Passenger Car 8.1.1 Market 8.1.2 Volume 8.2 Light Commercial Vehicle 8.3 Medium Commercial Vehicle 8.4 Heavy Commercial Vehicle
9. Poland 9.1 Consumer Replacement Tyre (Car, SUVs and LCV) 9.1.1 Market 9.1.2 Volume 9.2 Truck & Bus Replacement Tyre 9.3 Agriculture Replacement Tyre 9.4 Motor Cycle Replacement Tyre