Europe Automotive Tire Market Size 2021-2024 Key Trends And Opportunity Areas by Leading Players

Europe is one of the most-prosperous regions in the world, which is why vehicle sales have always been high here. Plus, the renowned automakers based in the region keep coming up with eye-pleasing and sleek cars to catch the people’s, especially the youth’s, fancy. Such factors are driving the regional automotive industry and, in turn, the demand for various auto components, including tires. Another reason the tire demand is rising in the region is the increasing average of vehicles. With automakers improving the quality of their vehicles, people are using them for longer than before.

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Since the tire replacement rate is much higher than the vehicle replacement rate, P&S Intelligence expects the European automotive tire market to grow from $20,037.8 million in 2018 to $26,327.8 million by 2024, at a 4.5% CAGR between 2019 and 2024. Apart from the engine, speed of the vehicle, and the gear which the vehicle is being driven in, the tire plays an important role in deciding the automobile’s fuel economy. Heavyweight and worn-out tires put extra pressure on the engine, which automatically leads to the consumption of more fuel than required.

In this regard, the Paris Climate Agreement and the stringent emission regulations of the European Union (EU) are leading to the sooner replacement of tires than before. In order to clean up the environment and make the air breathable again, the EU revised its 2015–2019 emission target of 130 grams of carbon dioxide (CO2) per kilometer to 95 g/km for 2020–2021. Such measures are impelling vehicle owners to replace their tires more often, as a worn-out and heavy tire can drastically increase the carbon emissions. As a result, European garages, vehicle repair shops, as well as auto component manufacturers are witnessing a rising demand for tires.

To answer this demand, tire manufacturers are pursuing research and development (R&D) to come up with better products. Consumers are presently demanding tires that offer a low rolling resistance, for reduced friction and higher speed, which also helps improve the mileage of vehicles. For the same reason, ultra-high-performance tires, which allow for vehicle speeds of up to 300 kmph, are being offered by numerous companies. With the regional youth especially attracted to high speeds and many countries encouraging this behavior by having no speed limit (for instance, the Autobahn), the demand for such advanced tires is rising.

Another result of such technological advancements is all-season tires. Earlier, as much of Europe lies in the temperate zone, tires needed replacement every winter. Due to the heavy snow the region is blanketed in every winter, tires that provide extra grip on the snow and ice were required. However, with all-season tires, the need to change them with every turn of the season has been eliminated. Moreover, as dedicated winter tires are costly, the all-season variants have greatly reduced people’s operational expenses.

Presently, Germany is the largest country in the European automotive tire market, on account of the long-standing presence of automakers here. This, along with the high purchasing power of individuals, has made the country the largest producer and buyer of automobiles in the continent, which naturally leads to a high demand for tires by automakers, as well as garages, repair shops, and people who like to replace them themselves. As per Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2019, 4,661,328 automobiles were produced in Germany, reflecting a high demand for tires.

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Thus, with the increasing vehicle sales, the procurement of tires in the region will continue burgeoning.

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This release was published on openPR.