Europe Tire Market Share, Size 2023, Top Manufacturers, Growth Drivers and Global Industry Overview Till 2028

IMARC Group has recently released a new research study titled "Europe Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The Europe tire market size reached 423.6 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 503.5 Million Units by 2028, exhibiting a growth rate (CAGR) of 3.11% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industry Insight: 

A tire is an essential component of a vehicle that plays a crucial role in providing stability, comfort, and safety. It is a circular ring-shaped object that contains the wheel rim and is filled with compressed air. It is made using a combination of natural and synthetic rubber, wire, silica, carbon black, steel, and other materials. It works by transferring the weight of the vehicle from the axle to the ground and reducing vibrations, which improves the vehicle's stability and shock absorption. It offers various advantages, including improved traction and handling, better fuel efficiency, and longer tire lifespan. Currently, all-season, winter, and summer tires are some of the commonly available product variants.

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Europe Tire Market Growth and Development:

The rising demand for tires with exceptional performance, durability, and reliability and inflating consumer expenditure power are some of the key factors accelerating the tire market growth in Europe. Moreover, the growing need for tires with improved sidewall puncture resistance and advanced shock-absorbing capabilities and burgeoning expenditures on luxury vehicles are fueling the market growth. Besides this, the surging middle-class population has increased the demand for crossover and sport utility vehicles, which is acting as another factor driving the market growth. Furthermore, the escalating concern about pollution levels has compelled the European Commission to introduce various programs to reduce carbon emissions, leading key market players to introduce eco-friendly tires, which, in turn, is creating a positive outlook for the market. Other factors, such as the increasing popularity of electric and autonomous vehicles and the rapidly expanding automobile industry, are positively supporting the market growth in the region.

Europe Tire Market 2023-2028 Competitive Analysis and Segmentation:

Some of these key players include:

• Michelin
• Bridgestone Corporation
• Continental AG
• Goodyear Tire & Rubber Company
• Sumitomo Corporation
• Pirelli C. S.p.A
• Yokohama Tire Corporation
• Hankook Tire & Technology Co. Ltd.
• Toyo Tire Corporation
• Kumho Tire Co., Ltd.

Key Market Segmentation 

The report has segmented the market into the following categories:

Breakup by Radial Vs. Bias:

• Radial
• Bias

Breakup by End-Use:

• OEM
• Replacement

Breakup by Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two-Wheelers
• Three-Wheelers
• Off-The-Road (OTR)

Breakup by Size:

𝐏𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐂𝐚𝐫𝐬
Rim Size
Tire Size
Price Range
𝐋𝐢𝐠𝐡𝐭 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬
Rim Size
Tire Size
Price Range
𝐌𝐞𝐝𝐢𝐮𝐦 𝐚𝐧𝐝 𝐇𝐞𝐚𝐯𝐲 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬
Rim Size
Tire Size
Price Range
𝐓𝐰𝐨 𝐖𝐡𝐞𝐞𝐥𝐞𝐫𝐬
Rim Size
Tire Size
Price Range
𝐎𝐟𝐟- 𝐓𝐡𝐞- 𝐑𝐨𝐚𝐝 (𝐎𝐓𝐑)
Rim Size
Tire Size
Price Range
𝐓𝐡𝐫𝐞𝐞-𝐖𝐡𝐞𝐞𝐥𝐞𝐫𝐬
Rim Size
Tire Size
Price Range

Breakup by Distribution Channel:

• Offline
• Online

Breakup by Country:

• Germany
• United Kingdom
• Spain
• France
• Italy
• Russia
• Turkey
• Netherlands
• Belgium
• Others

Ask Analyst for 10% free customized report: https://www.imarcgroup.com/request?type=report&id=2192&flag=C

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

You Might Also Read:

Europe Off-the-Road (OTR) Tire Market Report: https://www.imarcgroup.com/europe-off-the-road-tire-market

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