Europe Tire Market Reach 503.5 Million Units by 2028 – Exclusive Report by IMARC Group
IMARC Group has recently released a new research study titled “Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How much is the tire industry worth in Europe?
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.
Industry Overview:
A tire is a rubber-based component fitted around the rim of a wheel to provide traction, support, and cushioning on various types of terrain. Generally made of layers of rubber, fabric, and steel or synthetic cords, tires play a crucial role in a vehicle's performance, including its handling, braking, and fuel efficiency. Modern tires often contain a range of specialized features such as tread patterns for different road conditions, sidewall reinforcements for durability, and sometimes even sensors to monitor air pressure. Tires are essential for road safety and come in various forms to suit different vehicles, including cars, trucks, bicycles, and airplanes.
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Europe Tire Industry Growth Drivers and Trends:
Innovation in tire technology, such as run-flat tires, low-rolling-resistance tires, and smart tires with sensors, represents one of the key factors driving the growth of the tire market across Europe. In line with this, European countries have strict safety and environmental regulations that require high-quality, durable, and eco-friendly tires.
The rising automobile industry in Europe as it is home to several leading automobile manufacturers, the demand for tires is increasing. The roads of Europe are well-developed and frequently used which is leading to natural wear and tear of tires and subsequently a robust replacement market. The rising demand for eco-friendly tires made from sustainable materials caters to increasingly environmentally conscious consumers.
European consumers are generally well-informed about the significance of tire quality and its impact on vehicle performance and safety, which encourages the purchase of high-quality products. Europe’s strong economic standing provides consumers with the financial capacity to opt for premium tires, which is driving the market.
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Europe Tire Market 2023-2028 Competitive Analysis and Segmentation:
Europe Tire Companies/Manufacturers:
- 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.
Europe Tire Market Segmentation
The report has segmented the Europe tire market on the basis of radial Vs. bias, end use, vehicle type, size, distribution channel and country.
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
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Light Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Medium and Heavy Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Two Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Off- The- Road (OTR)
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Three-Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- Germany
- United Kingdom
- Spain
- France
- Italy
- Russia
- Turkey
- Netherlands
- Belgium
- Others
Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=2192&flag=C
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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