Newark, Del, Oct. 19, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI), the Europe automotive tire industry value is projected to rise from US$ 68.4 billion in 2023 to US$ 108.7 billion by 2033. Sales of automotive tires across Europe are likely to soar at 4.8% CAGR throughout the forecast period.
Rapid growth of automotive sector, adoption of electric vehicles, and innovations in tires are key factors driving the Europe market forward.
Automotive tires significantly impact vehicle safety and performance. Europe automotive tire manufacturers are continuously innovating to improve tire technologies, materials, and tread patterns to enhance grip, handling, and braking capabilities. These advancements contribute to increased vehicle safety, reducing the risk of accidents and improving overall driving experience.
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The automotive sector is increasingly focusing on fuel efficiency and environmental sustainability. This is encouraging automotive tire manufacturers in Europe to introduce novel solutions with enhanced features.
New automotive tires are designed to minimize rolling resistance, which helps reduce fuel consumption and lower carbon emissions. The development of low rolling resistance tires and eco-friendly tire materials supports the industry's sustainability goals and aligns with stricter environmental regulations.
The rise of electric vehicles presents new challenges and opportunities for automotive tire manufacturers. Europe-based tire manufacturers are developing specialized tires for electric vehicles to optimize performance and range. These tires are designed to reduce rolling resistance, enhance energy efficiency, and maintain suitable load-carrying capacity for the weight distribution of EVs.
The automotive sector is witnessing the integration of digital technologies into tires, enabling advanced functionalities and features.
Automotive tire manufacturers are incorporating sensor technologies, tire pressure monitoring systems (TPMS), and tire data analytics to provide real-time tire condition monitoring, improve safety, and optimize tire performance. These advancements contribute to the digital transformation of the automotive market and will boost the Europe tire industry.
Key Takeaways from the Europe Automotive Tire Market:
- The Europe automotive tire industry is expected to surpass a valuation of US$ 108.7 billion by 2033.
- Germany automotive tire market is projected to reach US$ 11.4 billion by 2033.
- The United Kingdom automotive tire industry is forecast to expand at a CAGR of 5.4% through 2033.
- Spain market size is expected to reach US$ 8.7 billion by 2033.
- Automotive tire demand in France is forecast to rise at 3.7% CAGR during the assessment period.
“The study underscores the market's steady growth, driven by increasing demand for high-performance and eco-friendly tires, as well as the growing popularity of electric vehicles, all of which are expected to reshape the dynamics of the industry in the coming years” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape Analysis
The Europe automotive tire market is highly competitive due to presence of several tire manufacturers operating in the region. The competition is characterized by factors such as brand reputation, product quality, technological innovation, distribution networks, and pricing strategies.
Leading global tire manufacturers have a significant presence in the European market. Companies such as Michelin, Bridgestone, Continental, Goodyear, Pirelli, and Dunlop are well-established and have strong brand reputations. These manufacturers offer a wide range of tire options for various vehicle segments and have a robust distribution network across Europe.
There are also regional tire manufacturers that compete in the European market. These companies may have a strong presence in specific countries or regions within Europe and focus on catering to the local market demands. Some notable regional players include Nokian Tyres, Hankook Tire, and Giti Tire.
Tire manufacturers compete in terms of technological advancements and innovations. This includes the development of new tire materials, tread patterns, and manufacturing processes that enhance tire performance, durability, fuel efficiency, and safety. Innovations such as run-flat tires, self-sealing tires, and intelligent tire systems provide a competitive edge to manufacturers.
The ability to offer a diverse product range and cater to various vehicle segments is crucial for competition in the European market. Manufacturers differentiate their tire offerings based on factors such as tire size, performance characteristics (e.g., summer tires, winter tires, all-season tires), and specific vehicle requirements (e.g., high-performance tires, SUV tires, eco-friendly tires).
Pricing is a significant factor in the competitive landscape of the automotive tire industry. Manufacturers employ various pricing strategies to attract customers, including competitive pricing, promotional offers, discounts, and bundling with other automotive services. Balancing competitive pricing with maintaining profitability is crucial for manufacturers.
Overall, the Europe automotive tire industry is highly competitive, with a mix of global and regional players vying for market share. Factors such as brand reputation, product quality, innovation, distribution networks, pricing, and sustainability initiatives are key determinants of success in this competitive landscape.
Recent developments:
- In 2023, Continental Tires signed a Memorandum of Understanding with Indag Rubber to facilitate the second life of tires.
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Europe Automotive Tire Market Segmentation
By Vehicle:
- Passenger Cars
- LCV
- HCV
- 2/3 wheelers
- Specialty Vehicle
By Aspect Ratio:
- 35 to 55
- 65 to 70
- 75 to 85
- Granite
- Wood
- Others
By Material Type:
- Natural Rubber
- Synthetic Rubber
By Tire Type:
- All season Tire
- Winter Tire
- Touring Tire
- Special Tire
By Ply Type:
- Radial
- Bias
By Sales Channel:
- OEM
- After Market
By Tube Category:
- Tube Tire
- Tubeless Tire
By Country:
- Germany
- Italy
- France
- United Kingdom
- Spain
- Netherlands
- Luxembourg Countries
- Belgium
- Russia
- Rest of Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain
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