The demand for tires in Europe is expected to reach US$ 53.8 billion by 2030, with an annual growth rate of 3.1%
Wilmington, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) — Europe Tire Market was valued at US$ 43.5 billion in 2023 and is expected to grow at a nominal CAGR of 3.1% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Europe has a well-established automobile industry and a high vehicle density on the road. Tire demand is strongly influenced by the growth of the automobile industry, as tires are a consumable product that must be replaced over time. Many European countries have considerable seasonal weather differences, requiring the use of both summer and winter tires. Tire sales are driven by this dual-season demand.
Many European countries have considerable seasonal weather differences, requiring the use of both summer and winter tires. Tire sales are driven by this dual-season demand.
- According to a deep-dive market assessment by RationalStat, the Europe Tire market has been analyzed on the basis of market segments, including vehicle type, design, season, end use, distribution channel and geography/regions (including Western Europe, Eastern Europe). The report also offers Global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the Europe Tire market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the Europe Tire market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Europe Tire Market: Segmental and Market Share Analysis
- On the basis of design, radial tires represented the largest segment because they absorb bumps, impacts, and shocks and provide superior rider comfort. Furthermore, the increased fuel efficiency of radial tires influences their demand.
- On the basis of vehicle type, due to increased passenger car production around the world, passenger automobiles accounted for the biggest market share.
- On the basis of end user, the replacement market accounted for the major market share since replacement tires require less care than traditional tires.
- In Europe, replacement tires account for a market share of more than 68% in 2022. In the replacement market, the agricultural sector has registered a strong growth in terms of demand in 2022.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 43.5 billion |
| Market Size Forecast | US$ 53.8 billion |
| Growth Rate | 3.1% |
| Key Market Drivers | - Growing emphasis on sustainability and environmental concerns
- Growth of E-commerce
- Advanced tire technologies
|
| Companies Profiled | - 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
- KUMHO TIRE CO., INC.
|
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Competition Analysis and Market Structure
Prominent companies and leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Europe tire market include,
- In January 2023, Sumitomo Rubber Industries cooperated with the Global Data Service Organisation for Tires and Automotive Components (GDSO) to improve individual tire, traceability, identification and management systems.
- In October 2022, Hankook Tire introduced the Smart iON AU06+ Truck and Bus Radial tire, the first in its iON product portfolio for premium EVs in the Korean market.
Some of the prominent players and suppliers operating and contributing significantly to the Europe tire market growth 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., among others.
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RationalStat has segmented the Europe tire market based on vehicle type, design, season, end use, distribution channel and region
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Three Wheelers
- Off-the-road (OTR)
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Design
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Season
- All Season Tires
- Winter Tires
- Summer Tires
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by End Use
- OEM Market
- Replacement Market
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Distribution Channel
- Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
- Europe Tire Market
- Western Europe
- Eastern Europe
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Key Questions Answered in the Tire Report:
- What will be the market value of the Europe tire market by 2030?
- What is the market size of the Europe tire market?
- What are the market drivers of the Europe tire market?
- What are the key trends in the Europe tire market?
- Which is the leading region in the Europe tire market?
- What are the major companies operating in the Europe tire market?
- What are the market shares by key segments in the Europe tire market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end Australia market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support Australia and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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