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The Europe tire market exhibited stable growth during 2015-2020. Rising demand for electric vehicles coupled with strong domestic production represents some of the key factors supporting the market for tires in Europe. The region, however, witnessed a sharp decline across both the OEM and the replacement sector as a result of the COVID-19 outbreak. As a result, the market is expected to witness a considerable decline in 2020. Looking forward, IMARC Group expects the Europe tire market to grow at a CAGR of 2.8% during 2021-2026.
The growth of the Europe Tire market can be attributed to the rising consumer demand for ultra-high-performance tires with high durability and reliability. Further, the growing need for automobile tires with increased sidewall puncture resistance, and high-design cushion for road-shock have also augmented the market growth in the region. Additionally, the high consumer living standards supported by their increasing per capita expenditures on luxury cars have propelled the demand for advanced and premium-quality tires. Moreover, the rising disposable income levels of the European middle-class population have significantly increased the demand for crossover utility vehicles (CUVs) and sport utility vehicles (SUVs), thereby catalyzing the market growth. Apart from this, growing presence of major tire manufacturing brands such as Continental AG, Michelin, Bridgestone, Goodyear, Pirelli, etc. is also driving the market. Moreover, due to the rising environmental concerns towards the high vehicular pollution level coupled with the launch of several programs by the European Commission for controlling pollution have led to the introduction of electric vehicles. On account of this, there is a high demand for compatible and durable tires for electric and autonomous vehicles.
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe tire market report, along with forecasts for growth at the regional and country level from 2021-2026. Our report has categorized the market based on radial vs bias, end-use, vehicle type, size and distribution channel.
Breakup by Radial Vs Bias:
Breakup by End-Use:
Breakup by Vehicle Type:
Breakup by Size:
Breakup by Distribution Channel:
Breakup by Country:
The competitive landscape of the industry has also been examined with some of the key players being Michelin, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli C.S.p.A, Yokohama Tire Corporation, Hankook Tire & Technologies Co., Ltd, Toyo Tire Corporation, Kumho Tire Co., Ltd, etc.
|Base Year of the Analysis||2020|
|Segment Coverage||Radial Vs Bias, End-Use, Vehicle Type, Size, Distribution Channel, Country|
|Countries Covered||Germany, United Kingdom, Spain, France, Italy, Russia, Turkey, Netherlands, Belgium, Others|
|Companies Covered||Michelin, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli C.S.p.A, Yokohama Tire Corporation, Hankook Tire & Technologies Co., Ltd, Toyo Tire Corporation, Kumho Tire Co., Ltd|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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