Europe Tire Market: Trends, Opportunities, And Forecasts For 2017-2027

According to the TechSci Research report titled "Europe Tire Market Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027," the Europe tire market reached a value of USD 44,996.46 million in 2021 and is projected to grow at a CAGR of 3.84% during the forecast period. This growth can be attributed to the increasing vehicle fleet in the region.

Tire sales in Europe are driven by both end consumers, such as vehicle owners, and Original Equipment Manufacturers (OEM) that produce vehicles across the region. Consumer demand contributes to tire sales in the replacement market, while OEMs generate demand for tires during vehicle manufacturing. Passenger cars and light commercial vehicles typically require five tires per vehicle, while medium and heavy commercial vehicles may require seven or more. As fleet owners increasingly opt for heavy vehicles, the demand for tires is expected to rise at a faster rate in the coming years.

The vehicle fleet in Europe has steadily expanded over time. According to the Association des Constructeurs Européens d’Automobiles ESV (ACEA), the fleet stood at approximately 323.93 million units in 2016 and has grown to 405.33 million units in 2020. This significant increase is driven by the growing daily commute via personal vehicles and public transport, resulting in a higher demand for tires in the replacement category.

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Online sales play a crucial role in driving tire sales in the region. The trend of increased sales through e-commerce platforms like Amazon, Ebay, and YepGarage.com serves as a sales catalyst for the market. These online platforms allow for direct price and technical comparisons of various tire brands. Additionally, tire manufacturers are establishing their own web portals to sell tires online. For example, Goodyear launched its own online tire sales website in Germany.

The Europe tire market is segmented based on vehicle type, demand category, tire construction type, rim size, sales channel, and country. Vehicle types include passenger cars, light commercial vehicles, medium & heavy commercial vehicles, two-wheelers, and off-the-road (OTR) vehicles. Passenger cars dominate across all countries, but the growth of light, medium & heavy commercial vehicles, and OTR tires is expected to be robust in the next five years due to increasing industrialization and mechanization in the commercial sector.

The market is categorized by demand category into OEM and replacement. Due to the large vehicle fleet in the region, replacement tires have shown dominance, and this trend is expected to continue during the forecast period. Tire construction types are divided into radial and bias tires, with radial tires gaining increasing market share in Europe, aligning with the global trend of radialization.

Rim size segments include up to 19 inches, 20 to 25 inches, and above 25 inches. The dominance of up to 19-inch tires is expected to prevail in the forecast years, as most passenger cars and two-wheelers fall within this category. Sales channels are segmented into online and offline, with online tire sales expected to disrupt the dominance of offline channels due to the booming e-commerce market in European countries.

The market is further segmented by country, including Germany, Russia, France, Italy, Spain, United Kingdom, Poland, Netherlands, Belgium, Slovakia, Romania, and Hungary. Germany, being one of the largest vehicle producers in Europe with a significant vehicle fleet, is expected to retain dominance in tire sales over the next five years.

Key market players in the Europe tire market include :

• Compagnie Générale des Établissements Michelin SCA
• Continental AG
• Pirelli & C. S.p.A.
• Bridgestone Europe NV/SA
• Goodyear Tire & Rubber
• Kumho Tire Europe GmbH
• Nokian Tyres plc.
• Cooper Tire & Rubber Co Europe
• Yokohama Europe GmbH
• Hankook Tire & Technology Co.,Ltd.

Europe tire market is fragmented among a lot of well-established players having presence in several countries. Compagnie Générale des Établissements Michelin SCA (or Michelin) holds the highest market share and is among the top five market players across Europe. Continental AG ranks second in terms of market share in the overall Europe tire market on account of its strong presence in these countries. Additionally, there are other prominent players such as Pirelli & C. S.p.A., Bridgestone Europe NV/SA, and Goodyear Tire & Rubber, Kumho Tire Europe GmbH, Nokian Tyres plc., Cooper Tire & Rubber Co Europe, Yokohama Europe GmbH, Hankook Tire & Technology Co.,Ltd., which are holding a significant position in the Europe tire market.

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“Germany is anticipated to hold the largest volumetric shares of the market in the upcoming market on account of availability of well-established automotive industry. Furthermore, the market's growth is being aided by the quick increase in studies and research in the field, as well as the impact of investments by tire manufacturers in Europe. New market players are advised to invest and focus on the research and development of the tires for the brand establishment. Collaborations and regulated deals with the established market players which would help the prospects of the new market players,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Europe Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two- Wheeler, and OTR), By Demand Category (OEM & Replacement), By Tire Construction Type (Radial & Bias), By Rim Size (Up to 19”, 20”-25” & Above 25”), By Sales Channel (Online & Offline), By Country (Germany, Russia, France, Italy, Spain, United Kingdom, Poland, Netherland, Belgium, Slovakia, Romania, and Hungary), Competition, Forecast & Opportunities, 2027”,  has evaluated the future growth potential of Europe tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe tire market.

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