Europe Tire (Tyre) Market Outlook, 2027

The European tyre market is a developed market well progressed towards maturity. As vehicles are getting more efficient, roads are getting smoother; the European tyre market finds itself on a suitable pedestal to grow upon. As per the research and the report published under the title of, “Europe Tyre Market Outlook, 2027”, the market is evaluated to be worth USD 39.76 Billion as of 2021, and is expected to grow to 428.07 Million units in size by the year 2027 in volume terms. In order to assess and study the regional trends and patterns in the European tyre market, the research has been approached by looking at the market through appropriate segments and classification. The segments that were made during the comprehensive evaluation of the markets were on the basis of vehicle types, end-use demand, and the demand of tyres on the basis of their construction design. The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers and other vehicles including bicycles. The categorization on the basis of end use demand includes demand for replacement tyres and OEM demand for tyres. On the basis of design types, the tyre market is segmented as radial tyres and bias-ply tyres. In order to have a broader understanding of the landscape of tyre market in Europe, further segmentation has been made on the basis of countries, and the sales channels through which the products are made available to the distributors and customers.

The growth of the Europe Tire market can be attributed to the rising consumer demand for ultra-high-performance tires with high durability and reliability. Further, the growing need for automobile tires with increased sidewall puncture resistance, and high-design cushion for road-shock have also augmented the market growth in the region. Additionally, the high consumer living standards supported by their increasing per capita expenditures on luxury cars have propelled the demand for advanced and premium-quality tires. Moreover, the rising disposable income levels of the European middle-class population have significantly increased the demand for crossover utility vehicles (CUVs) and sport utility vehicles (SUVs), thereby catalyzing the market growth. Apart from this, growing presence of major tire manufacturing brands such as Continental AG, Michelin, Bridgestone, Goodyear, Pirelli, etc. is also driving the market. Moreover, due to the rising environmental concerns towards the high vehicular pollution level coupled with the launch of several programs by the European Commission for controlling pollution have led to the introduction of electric vehicles. On account of this, there is a high demand for compatible and durable tires for electric and autonomous vehicles.

Besides, the growing awareness about the importance & benefits of timely inspection & maintenance of vehicles & tires is further generating growth opportunities for the leading players in the market to expand their product portfolio and offer lucrative tire replacement deals to customers. Moreover, an increasing number of construction projects in line with burgeoning infrastructural developments is surging the demand for heavy vehicles & construction equipment and, in turn, is infusing the production & sales of tires across the region.

The Europe tyre market is majorly driven by Germany having 20% of the overall market share. France and Russia combined to share a little over 20% of the market, while Spain contributes the lowest share as of 2021. As many of the major national markets in the region are well saturated, Russia and Spain continue to show more growth prospects than others during the forecasted period of 2021 to 2027. However, during the same period, the rest of the European regional markets combined excluding the major economies are projected to be registering a growth rate of around 5%. In 2021, it was derived that about 290.36 Million units of passenger cars tyres were sold in the region, making it the biggest segment in the region. 3 wheeler and other tyres are expected to be the fastest-growing category during the 2021 to 2027 period, expected to grow at a CAGR of more than 6%. As the region is well penetrated with economy and premium vehicles of both passenger and commercial types, the radicalization of vehicle tyres is much higher in Europe as compared to the rest of the world, making it one of the major markets for radial tyres.

COVID-19 Impact

The advent of Covid-19 in 2020 had a harsh impact on most industries across Europe, where the automotive & tire markets were no exception. As governments across different European countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the tire industry witnessed several unprecedented challenges. The cross-border trade limitations hampered the import of vehicles & tires as their sales significantly declined. As a result, prominent players in the market witnessed substantial financial losses owing to lower requirements for tires amidst the crisis as the majority of the people were spending only on essentials. Consequently, tire manufacturers reduced their production capacities, which, in turn, hampered the market growth.

Key Player: Apollo Tires, Bridgestone, CEAT Tires, Continental, Giti, Goodyears Tires, Hankook, JK tires, Kenda Kumho, Maxxis International, Michelin, MRF, Nexen Tire Corp, Nokian Tires, Pirelli, Sailun Group Co., Ltd, Titan International , Toyo Tire Corporation, Triangle Tire Co, Zhongce Rubber Group Co, Yokohama, Doublestar Tire, Linglong, Nankang

Considered in the report

• Geography: Europe
• Base Year: 2021
• Historical year: 2016
• Forecasted Year: 2027

Countries covered

• UK
• Germany
• France
• Italy
• Russia
• Spain
• Rest of Europe

Aspects covered in the report

• Market Size by Value (2016-2027F)
• Market Size by Volume (2016-2027F)
• Market Share by Vehicle Type
• Market Share by End Use
• Market Share by Design
• Market Share by Sales Channel
• Market Share by Country

Intended Audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Automotive and Transport industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.