Dublin, April 22, 2022 (GLOBE NEWSWIRE) -- The "Europe Tire Market, By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two- Wheeler, and OTR), By Demand Category, By Tire Construction Type, By Rim Size, By Sales Channel, By Country, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The European Tire Market is anticipated to grow with a CAGR of 3.84% during the forecast period, 2023-2027, to achieve a market value of USD57,300.78 million by 2027.
The market growth is majorly driven by the increasing sales of automobiles in European countries. The growing number of passenger cars and light commercial vehicle for regular transportation and commutes further drives the growth of the European Tire Market in the upcoming five years.
Moreover, the surging demand for replacement tires for personal vehicles also supports the growth of the European Tire Market through 2027.
End-use industries like agricultural industry, construction industry, logistics industry, etc., make use of tractors, trucks, commercial vehicles which is aiding the growth of the European Tire Market in the next five years.
Demand for tires is also increasing due to adverse weather conditions, erratic currents of air moving over the Atlantic, ice-cold weather, and the wet springs increase the demand for all-weather tires across the continent, thereby substantiating the growth of the European Tire Market in the forecast years.
Furthermore, increasing adoptions of green tires, with environment-friendly products that satisfy the tires' stringent regulations and automobile industrial standards, also aid the growth of the European Tire Market in the forecast period.
The European Tire Market is segmented by vehicle type, demand category, tire construction type, rim size, sales channel, country analysis, and competitional landscape.
The market is bifurcated on vehicle type into passenger cars, light commercial vehicles, medium & heavy commercial vehicles, two-wheelers, and OTR. Passenger cars are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the increasing sales of passenger cars.
Surge in demand for personal vehicles and increasing demand for replacement vehicle parts further facilitates the growth of the segment along with the European Tire Market in the next five years.
Competitive Landscape
Detailed analysis of the major companies present in the European Tire Market
- Compagnie Generale des Etablissements Michelin SCA
- Continental AG
- Pirelli & C. S.p.A.
- Bridgestone Europe NV/SA
- Goodyear Tire & Rubber Company
- Kumho Tire Europe GmbH
- Nokian Tyres Plc.
- Cooper Tire & Rubber Co Europe
- Yokohama Europe GmbH
- Hankook Tire & Technology Co.,Ltd.
Report Scope:
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023 - 2027
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
For more information about this report visit https://www.researchandmarkets.com/r/v6ycnw
