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, Competition, Forecast & Opportunities, 2027

Europe tire market stood at around USD44,996.46 million in 2021 and is expected to register growth with a CAGR of approximately 3.84% by value in the forecast period. The consumers in European countries prefer passenger cars and two-wheelers for their daily commutation rather than public transportation. This factor is aiding the growth of vehicle sales throughout the continent, and for such increasing demand, the production of vehicles as well as vehicle fleet of the region is also expanding. Due to these factors, the demand of tires for OEM as well as aftermarket demand is anticipated to register brisk growth in the forecast period.

In addition to that, numerous tire manufacturers are expanding their production capacities to cater domestic OEMs and IAMs demands. Nexen Tire Corporation, (a South Korean tire manufacturer) announced an investment of USD1 billion to set up manufacturing complex in Zatec, Czech Republic in September 2019. The company has started their first phase and is further planning to expand this 7 million sq. ft. factory with the initial production capacity of 3 million units to 11 million by 2022. Another company, Goodyear Tire and Rubber Company announced in 2019 to set up new plant close to their existing innovation center in Colmar-Berg, Luxembourg. The plant is suitable for production capacity of around 500,000 units a year. Such investments are expected to aid the growth of the tire business across European countries in the next five years.

Increasing Replacement Frequencies of Tires Due to Adverse Weather Conditions

European countries are prone to adverse weather conditions majorly due to the erratic currents of air moving over the Atlantic. The ice cold weather and the wet springs brings out the need of winter and all weather tires across the comtinent. Moreover, with changing weather, tires are worn out quite frequently and consumers need to change tires according to the weather condition and much frequently. Such factors are aiding the growth of the tire market in Europe.

Stringent Policies and Regulations

According to the government norms, the automotive tires are needed to be replaced in a defined period of time and must have a minimum depth of the tread pattern of at least 3mm, which results in generating more tire demand in replacement market. Most of the governments in European countries have imposed strict rules and regulations regarding the seasonal use of winter tires and snow tires, which is expected to strongly drive the tire market across the region.

Booming E-Commerce Platforms

According to Eurostat, by the end of 2021, the share of EU households with internet access had risen to 92%, around 20% higher than in 2011 (~72 %). The proportion of individuals aged between 16 to 74 years in the EU who ordered or bought goods or services over the internet for private use stood at around 66% in 2021, which was witnessed to be 15% higher as compared to 2016 levels (~51%). Owing to such drastic changes, consumers are inclined more towards the onlne purchases of tires across the region and hence propelling the growth of the tire sales in the forecast years as well.

Adoption of Green Tires for Environment Safety

Green tires are made from renewable, and bio-sourced materials which are much more environment friendly to manufacture as compared to casual tires. Green tires are much more wear efficient and have improved road resistance as compared to traditional tires. Such factors are also aiding the growth of adoption of green tires and hence, this reason is expected to aid the growth of tires in the next five years as well.

Work-from-home hindering the market growth post COVID-19 pandemic

COVID-19 was a tragedious time when health and economy was concerned, hence, the market suffered a decline. However, the market is on a trajectory to recover from the economical losses of COVID-19. However, due to changes in working style post COVID-19, most of the employees are continuing to work from home, which is leading to decrease in use of personal transportation to commute for work. A huge number of consumers are not using their personal transportation for commuting to office due to prevailing work from home scenario. Lesser use of passenger car will further result in long life of tires, which may  cause decline in the growth rate of replacement tire market across the region in the coming years.

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Market Segmentation

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. By demand category, the market is traced by oem and replacement categories. By tire construction type  the market is segmented across radial & bias tires. By rim size, the tires sales are differentiated between categories of up to 19”, 20”-25” and above 25”. By sales channel, the a market is segmented across online and offline sales channels. By country the market is segmented across Germany, Russia France, Italy, Spain, United Kingdom, Poland, Netherland, Belgium, Slovakia, Romania, and Hungary.

Company Profiles

Compagnie Générale des Établissements Michelin SCA, Continental AG, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, and Goodyear Tire & Rubber Company are the leading five players operating in the Europe tire market. Other companies include Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Co Europe, Yokohama Europe GmbH, Hankook Tire & Technology Co.,Ltd., etc. Apart from these flagship companies, many startup companies are also increasing their footprint in the Europe tire market by pushing their low-cost products blended with ease of availability.

Report Scope:

In this report, Europe tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Europe Tire Market, By Vehicle Type:
• Passenger car
• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle
• Two- Wheeler
• OTR
• Europe Tire Market, By Demand Category:
• Replacement
• OEM
• Europe Tire Market, By Tire Construction Type:
• Radial
• Bias
• Europe Tire Market, By Rim Size:
• Up to 19''
• 20"- 25''
• Above 25''
• Europe Tire Market, By Sales Channel:
• Offline
• Online
• Europe Tire Market, By Country:
• Germany
• Russia
• France
• Spain
• Italy
• United Kingdom
• Poland
• Netherlands
• Belgium
• Slovakia
• Hungary
• Romania

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Europe tire market

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).