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According to the latest report by IMARC Group, titled "Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Europe tire market size grew at a CAGR of around 5% during 2014-2019. Tires refer to ring-shaped, pneumatically inflated structures that are placed around the rim of a wheel. They are usually manufactured using wire, rayon, steel, silica, carbon black, and natural or synthetic rubber. They assist in transferring load of the vehicle on the road and offering a gripping surface for traction while serving as a cushion for the wheels. They also aid in absorbing the shock and reducing the impact of vibrations of a moving vehicle. As a result, their use improves road feel and enhances the overall performance of the automobile.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Tire Market Trends:
The market is primarily driven by the escalating sales of high-performance passenger vehicles and luxury cars in Europe, which has significantly bolstered the demand for good-quality tires with high durability and reliability. The market is further driven by the increasing sales of crossover utility vehicles (CUVs) and sport utility vehicles (SUVs) in the region. There has also been an increasing demand for automobile tires designed with improved sidewall puncture resistance and high-design cushion for road-shock, which is acting as a major growth-inducing factor. Furthermore, several manufacturers have introduced advanced product variants, such as flat-run, ecological and nitrogen-based variants. This, coupled with increasing environmental consciousness and an enhanced focus on sustainable development, is contributing to the market growth. Some of the other factors creating a positive outlook for the market include the increasing sales of electric vehicles and the growing implementation of several governmental regulations aimed to reduce vehicular pollution levels. However, IMARC Group anticipates tire shipments in Europe to decline in 2020, as a result of the coronavirus disease (COVID-19) outbreak, but revive from 2021 onwards.
Market Summary:
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