Europe Tire Market to Grow at 3.11% During 2023-2028, Spurred by Escalating Demand for High-Performance Tires

According to the latest report by IMARC Group, titled "Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Europe tire market reached a volume of 423.6 Million Units in 2022. 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.

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. Looking forward, IMARC Group expects the market to grow at a CAGR of 3.11% during 2023-2028.

Market Summary:

• On the basis of the radial vs bias, the market has been bifurcated into radial and bias.
• Based on the end-use, the market has been divided into OEM and replacement.
• On the basis of the vehicle type, the market has been classified into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheeler, off-the-road (OTR), and three-wheelers.
• Based on the size, the market has been categorized into rim and tire size.
• On the basis of the distribution channel, the market has been segmented into offline and online.
• On the geographical front, the market has been segregated into Germany, the United Kingdom, Spain, France, Italy, Russia, Turkey, the Netherlands, Belgium, and Others.
• The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players. Some of these players include MICHELIN, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli Tyre S.p.A., Yokohama Tire Corporation, Hankook Tire Co., Ltd., Toyo Tire Corporation, and KUMHO TIRE CO., INC.

Report Scope:

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