As car owners across Europe are becoming increasingly aware of the importance of timely tire inspection & replacement to ensure utmost safety & excellent driving experience, more and more tire manufacturers are expanding their production facilities in the region. As a result, the tire industry in Europe is expanding at a rapid pace and generating lucrative prospects for the leading tire makers.
The Europe Tire Market is projected to grow at around 5% CAGR during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by the increasing sales of vehicles due to the changing living standards and greater inclination of the people toward private vehicle ownership across Europe, i.e., directly impacting the demand for tires.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Country Covered||The UK, Germany, France, Italy, Spain, Poland, The Netherlands, Romania, Belgium, Slovakia, Finland, Norway, Sweden, Denmark, Rest of Europe|
|Key Companies Profiled||Michelin, Continental, Bridgestone, Pirelli, Dunlop, Hankook, Goodyear, Nokian, Yokohama, Cooper Tires, Kumho, Vredestein, Toyo, other|
|Unit Denominations||USD Million/Billion|
Besides, with mounting concerns over the alarming carbon emission levels, governments of different regional countries are encouraging the adoption of Electric Vehicles (EV) and generating growth opportunities for the leading players to manufacture EV-compatible tires, thereby boosting the overall tire industry. In addition, the active participation of tire manufacturers in making Ultra-High-Performance (UHP) tires & smart tires are other crucial aspects projected to promote the growth of the tire market across Europe through 2027.
Moreover, governments of different countries in the region are actively promoting the adoption of a circular economy to tire manufacturers to ensure their production processes employ raw materials with the technical possibility of reducing waste generation and replacing those that challenge recycling. Hence, with all these aspects, the Europe Tire Market is all set to witness lucrative opportunities in the coming years.