Press Release

Europe Tire Market to Cross $ 41 Billion by 2023

Increasing vehicle production and sales coupled with rising urbanization and growing automotive fleet to drive Europe tire market through 2023

According to TechSci Research report, Europe Tire Market By Vehicle Type, By Online Vs Offline, By Radial Vs Bias, By Demand Category, By Country, Competition Forecast & Opportunities, 2013 – 2023”, Europe tire market is forecast to cross $ 41 billion by 2023. Anticipated growth in the market is attributed to increasing demand for tires from OEMs as well as growing tire sales in the replacement market. Various multinational companies such as Michelin, Goodyear, Continental, Bridgestone, Pirelli, etc., are expected to further increase their market penetration in the coming years. Michelin’s strong sales network across the Europe region, in addition to its collaborations with leading vehicle manufacturers, is expected to enable the company to continue as well as further strengthen its market dominance during the forecast period.

Browse 31 market data Tables and 221 Figures spread through 232 Pages and an in-depth TOC on "Europe Tire Market"


In 2017, the passenger car tire segment dominated Europe tire market, followed by light commercial vehicle tire, medium & heavy commercial vehicle tire, two-wheeler tire and off-the-road tire segments. Passenger car tire segment is anticipated to maintain its market dominance in Europe tire market over the next five years as well, owing to growing passenger car production in the region. Germany accounts for the largest share in the region’s tire market, primarily due to large existing fleet of passenger cars in the country. Being one of the major exporting hubs for automobile producers, Germany’s automotive industry is known worldwide for its high-quality automobile manufacturing. Moreover, the country is the fourth largest in terms of total vehicle production, globally, after China, US and Japan. High vehicle ownership coupled with moderate growth in new vehicle sales is expected to continue boosting tire sales in Germany in the coming years.

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Increasing per capita income and anticipated launch of new vehicles are few of the factors that are expected to continue boosting tire sales across Europe in the coming years. “Over the last few years, the Europe automobile industry has witnessed a considerable increase in demand for passenger cars, commercial vehicles, two-wheelers and OTR vehicles, which has been boosting sales of tires in the region. This trend is expected to prevail with continuing growth in tire production and demand over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Europe Tire Market By Vehicle Type, By Online Vs Offline, By Radial Vs Bias, By Demand Category, By Country, Competition Forecast & Opportunities, 2013 – 2023 has analyzed the potential of tire market across the Europe region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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