Europe Tire Market to Grow at a Steady rate during 2022-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Europe Tire Market was worth USD 42.3 billion in the year 2021. It is estimated to grow at a CAGR of 3.9%, earning revenues of around USD 54.7 billion by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Europe Tire Market was worth USD 42.3 billion in the year 2021. It is estimated to grow at a CAGR of 3.9%, earning revenues of around USD 54.7 billion by the end of 2028. The lucrative growth of the Europe Tire Market is attributed to stringent regulations about the replacement of tires after a certain period and must have a minimum depth of the tread pattern of at least 3mm. This is due to changing weather conditions which wear-out tires frequently, and the affordability of tires as well as cost savings in the long term that results in driving the demand for tires 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. Furthermore, Europe Tire Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising cost of raw materials such as natural rubber and other chemicals acts as a major restraining factor for the growth of the Europe Tire Market.
Based on tire construction type, the Europe Tire Market is categorized into Radial and Bias. The radial segment accounts for the largest market share owing to the global trend of radial tires in vehicles and thus, the shares for radial tires are witnessed to be increasing across Europe. This results in bolstering the growth of the Europe Tire Market during the forecast period (2022-2028). Moreover, based on rim size, the Europe Tire Market is segmented into Up to 19”, 20”-25”, and Above 25”. The up to 19’’ segment accounts for the largest market share owing to the most of the passenger car tires and two-wheeler tires size is up to 19”. And the dominance of this category of tires size which is up to 19” is expected to fuel the market growth in the future.
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Based on sales channels, the Europe Tire Market is categorized into Offline and Online. The Online segment accounts for the largest market share owing to the trend of increased sales via e-commerce platforms like Amazon, eBay, YepGarage.com, etc. that are working as sales channel fuel the growth of the Europe Tire Market. In addition to that, tire manufacturers are themselves developing their web portals to offer tires online. For instance, Goodyear launched its online tire sales website in Germany. Moreover, the sudden outbreak of COVID-19 impacted negatively to the growth of the Europe Tire Market. Initially, the sales declined due to the shutdown of commercial, residential, and industrial sectors. Also, the major suppliers of raw materials and end products were completely halted due to lockdown and social distancing norms. This results in hindering the growth of the Europe Tire Market.
The leading market players in the Europe Tire Market are 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 Company Europe Ltd., Yokohama Europe GmbH, Hankook Tire & Technology Co. Ltd., and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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