Europe Tire Market Size, Share to Grow at a CAGR of 3.84% During the Forecast 2027

Rising demand of tires from increasing production and expanding fleet of the region will drive the Europe tire market in the forecast period, 2022-2027.

According to TechSci Research report, Europe Tire Market Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The Europe tire market stood at USD44,996.46 million in 2021 and is expected to grow at a CAGR of 3.84% during the forecast period on account of expanding vehicle fleet of the region.

Tire sales can be attributed to end consumers like vehicle owners as well as Original Equipment Manufacturers (OEM) companies that produce vehicles across the region. The consumers contribute to the tire sales from the replacement demand side, whereas the other category where the demand for tires is generated from OEM for their vehicle manufacturing. For passenger cars and light commercial vehicles, the number of tires per vehicle is usually five, whereas, for medium and heavy commercial vehicles, this varies from 7 to more than 13. As fleet owners move towards heavy vehicles more generously, the demand for tires is expected to increase at a faster rate in the years coming by.

The vehicle fleet of the region has continuously expanded with time, and in the year 2016, the fleet stood around 323.93 million units and has bubbled up to 405.33 million units in 2020, according to Association des Constructeurs Européens d’Automobiles ESV (ACEA). Such huge demand is being created by the increasing daily commutation by personal vehicles and public transport. This is a key factor propelling the rise of tire demand in the replacement category. Online sales are another key factor driving the sales of tires in the region, owing to the trend of increased sales via e-commerce platforms like Amazon, Ebay, YepGarage.com, etc., that are working as sales fuel for the market. The online platforms provide a one-to-one comparison of prices and technicalities of numerous products belonging to various brands. In addition to that, tire manufacturers are themselves developing their own web portals to offer tires online. For instance, Goodyear launched its own online tire sales website in Germany.

Browse over 81 market data Figures and spread through 80 Pages and an in-depth TOC on " Europe Tire Market"

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Europe tire market is segmented across vehicle type, demand category, tire construction type, rim size, sales channel, and by country. The market by vehicle type is further classified among passenger car, light commercial vehicle, medium & heavy commercial vehicle, two-wheeler, and OTR. The passenger car has the dominance across all the countries; however, with increasing demand from commercial vehicles owing to the increasing industrialization and mechanization in the commercial sector, the growth by light, medium & heavy commercial vehicles and OTR tires are susceptible to witness robust growth in the next five years. By demand category, the market is traced by OEM and replacement categories. Owing to the large vehicle fleet in the region, the tires for the replacement category were witnessed to show dominance, and a similar trend is expected in the forecast period. Based on tire construction type, the market is segmented into radial & bias tires. The global trend of radialization of tires in vehicles is seen to be repeating here also and hence, the shares for radial tires, despite their dominance, is witnessed to be increasing across Europe. On the basis of rim size, the tires sales are differentiated between categories of up to 19”, 20”-25” and above 25”. As most of the passenger car tires and two-wheeler tires come upto 19”, the dominance of this category is expected to prevail in the forecast years as well. By sales channel, the market is segmented across online and offline sales channels. The e-commerce market in the European countries is booming at a robust pace, and hence, online sales of tires are aided and expected to interrupt the dominance of offline channels for tire sales. Based on country, the market is segmented across Germany, Russia, France, Italy, Spain, United Kingdom, Poland, Netherland, Belgium, Slovakia, Romania, and Hungary. Germany, being one of the largest vehicle producers in Europe, has a very large vehicle fleet, and hence, the tire sales in the country are expected to retain dominancy over the next five years as well.

Key market players in the Europe tire market include :

  • Compagnie Générale des Établissements Michelin SCA
  • Continental AG
  • Pirelli & C. S.p.A.
  • Bridgestone Europe NV/SA
  • Goodyear Tire & Rubber
  • Kumho Tire Europe GmbH
  • Nokian Tyres plc.
  • Cooper Tire & Rubber Co Europe
  • Yokohama Europe GmbH
  • Hankook Tire & Technology Co.,Ltd.

Europe tire market is fragmented among a lot of well-established players having presence in several countries. Compagnie Générale des Établissements Michelin SCA (or Michelin) holds the highest market share and is among the top five market players across Europe. Continental AG ranks second in terms of market share in the overall Europe tire market on account of its strong presence in these countries. Additionally, there are other prominent players such as Pirelli & C. S.p.A., Bridgestone Europe NV/SA, and Goodyear Tire & Rubber, Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Co Europe, Yokohama Europe GmbH, Hankook Tire & Technology Co.,Ltd., which are holding a significant position in the Europe tire market.

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“Germany is anticipated to hold the largest volumetric shares of the market in the upcoming market on account of availability of well-established automotive industry. Furthermore, the market's growth is being aided by the quick increase in studies and research in the field, as well as the impact of investments by tire manufacturers in Europe. New market players are advised to invest and focus on the research and development of the tires for the brand establishment. Collaborations and regulated deals with the established market players which would help the prospects of the new market players,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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Europe Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two- Wheeler, and OTR), By Demand Category (OEM & Replacement), By Tire Construction Type (Radial & Bias), By Rim Size (Up to 19”, 20”-25” & Above 25”), By Sales Channel (Online & Offline), By Country (Germany, Russia, France, Italy, Spain, United Kingdom, Poland, Netherland, Belgium, Slovakia, Romania, and Hungary), Competition, Forecast & Opportunities, 2027”,  has evaluated the future growth potential of Europe tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe tire market.

 

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