The Europe Tire Market is projected to grow at a CAGR of 5% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the rapidly increasing vehicle fleet across the region due to the improving economic conditions, changing living standards, and growing inclination toward private ownership of vehicles, directly impacting the tire industry.
Besides, the rising demand of consumers for ultra-high performance tires with greater durability & reliability is instigating the leading players to expand their production capacities, which, in turn, is also contributing to the overall market growth.
Moreover, favorable policies & massive investments by governments of different regional countries in the automotive & tire industries are augmenting the demand for tires with puncture resistance, high shock absorption, & improved sidewalls and, in turn, fueling the overall market growth.
Furthermore, the increasing carbon emission levels across the region are instigating different countries to promote the adoption of Electric Vehicles (EVs) & green mobility. It, in turn, is boosting the production & sales of EV compatible tires and fueling the overall market growth, further states the research report, “Europe Tire Market Analysis, 2022.”
Extensive Availability of Replacement Tires to Boost the Market through 2027
Replacement tires are projected to acquire the largest share in the Europe Tire Market during 2022-27, principally due to the increasing private vehicle ownership, coupled with burgeoning sales of second-hand vehicles across Europe, i.e., leading to the growing awareness among people about the benefits of timely inspection, repairs, & replacement of tires and thus driving the market.
Besides, the extreme climate across the region is another reason behind the greater customer preference for replacement tires. Moreover, easy availability, a wide range of options, & affordability are other characteristics of replacement tires promoting their demand and driving the overall market, reveals MarkNtel Advisors in their research report, "Europe Tire Market Analysis, 2022."
The leading players in the Europe Tire Market are Continental, Bridgestone, Pirelli, Sumitomo, Hankook, Nokian, Cooper, Yokohama, Double Coin, Michelin, and Goodyear.
Key Questions Answered in the Research Report