The automotive market in Europe is one of the largest markets globally. The region is home to many global automobile part manufacturers. Consequently, owing to the growth of the automotive industry and the high tire replacement rate in Europe has fostered the development of the tyre market. Further, in the coming years, the tyre market in the region is proposed to register remarkable growth due to the influence of new technologies, such as electric and autonomous vehicles, an extension of tariff wars between the European countries. The changing preferences of younger generation consumers coupled with solid domestic production also tend to boom the market. According to Renub Research, Europe Tire Market is projected to be valued at US$ 67.73 Billion by 2026.
In the region, the United Kingdom and Germany have farms with more than 1,000 hectares, on mediocre, comprising 20% of the used farming area in the country. On the converse, in countries such as the Netherlands and Finland, the average size of a farm is 150 hectares. Therefore, the demand for replacement tyres is more in countries such as Germany, the United Kingdom, and France. Farm consolidation necessitates fertilizing and planting machinery to obtain sufficient and proper fertilizing of the crops in larger land structures, thereby facilitating the demand for agricultural tyres. In 2020, the European Tyre Industry was valued at US$ 46.02 Billion.
Additionally, in Europe, the high consumer living standards sustained by their increasing per capita investments in a new vehicle (Car, LCV, MCV, HCV) have driven the demand for advanced and premium-quality tyres. Besides, the growing disposable income levels of the European middle-class population have significantly enhanced the need for crossover utility vehicles (CUVs) and sport utility vehicles (SUVs), whereby catalyzing the growth of the customer replacement tyre market. As per our research, Tire Market in Europe is poised to grow at a healthy CAGR of approximately 6.65% during 2020-2026.
The major players operating in the European tyre market include Bridgestone Europe NV/SA, Michelin, Continental AG, Sumitomo Rubber Industries Ltd., And Yokohama Rubber Co. Ltd. Furthermore, the major companies are also forming advanced technologies to stay relevant in the market. Other competitive strategies include mergers & acquisitions.
COVID-19 impact on Europe Tyre Market:
The region witnessed a sharp decline across both the new vehicle and the replacement sector due to the COVID 19 outbreak. As a consequence, the market is expected to see a considerable drop in 2020. From 2021 onwards, however, the market is expected to regain its growth over time.
Renub Research report titled “Europe Tyre (Tire) Market & Volume by New Vehicle (Passenger Car, Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle), Replacement (Consumer, Truck & Bus, Agriculture, Motor Cycle), Region (Poland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Turkey, Czech Republic, Austria, Greece), Company Analysis (Bridgestone Europe NV/SA, Michelin, Continental AG, Sumitomo Rubber Industries Ltd, Yokohama Rubber Co. Ltd.)" provides a detailed analysis of European Tire Market
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