Europe Tire Market Research Report Forecast to 2032

Europe Tire Market Research Report Forecast to 2032

Automotive tire is the circular vehicle component made of rubber used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric.

The European tire market is on a consistent upward trajectory, primarily driven by several key factors. Firstly, the region's increasing demand for automobiles, spurred by population growth and urbanization, continually fuels the need for tires. Secondly, the tire industry has seen remarkable advancements in technology, with manufacturers constantly enhancing tire design and materials, resulting in improved performance and safety. Moreover, stringent government regulations regarding tire labeling provide consumers with crucial information on factors such as fuel efficiency, wet grip, and noise levels, incentivizing the adoption of more efficient and environmentally friendly tire options. Lastly, the growing demand for electric vehicles (EVs) in Europe presents a significant growth opportunity, as EVs require specialized tires, further expanding the market's potential. Collectively, these factors make the European tire market a dynamic and promising industry for both manufacturers and consumers alike.

The Europe Tire market is projected to grow at 3.3%% CAGR during the forecast period, 2023–2032. In 2022, the Europe Tire market was dominated by Germany with a 22.7% share, followed by Spain and Rest of Europe with shares of 13.7% and 10.4% respectively.

Market Segmentation

The Europe Tire market has been segmented based on Season Type, Type, Rim Size, Application, Vehicle Type, End Use, and region. Based on Season Type, the Europe Tire market has been segmented into Summer, Winter, and All Season.

Based on Type, the Europe Tire market has been segmented into Radial, and Bias.

Based on Rim Size, the Europe Tire market has been segmented into Less Than 15 Inches, 15 to 20 Inches, and More than 20 Inches.

Based on application, the Europe Tire market has been segmented into On the road, and Off the road.

Based on Sales Channel, the Europe Tire market has been segmented into Online, and Offline/Retail.

Based on Vehicle Type, the market has been segmented into Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, and 2/3-Wheeler.

Based on End Use, the Europe Tire market has been segmented into OEM, and Aftermarket.

Major Players

The key player of Europe Tire market includes Michelin, Continental AG, Goodyear Tire & Rubber Company, Bridgestone Corporation, Pirelli & C. S.p.A., and others.

Companies Mentioned

Michelin
Continental AG
Goodyear Tire & Rubber Company
Bridgestone Corporation
Pirelli & C. S.p.A.
and others. Show more