Research Report: By Vehicle (Two-Wheelers, Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles), Design (Radial, Bias), End-User (OEM, Aftermarket), Geographical Outlook (Germany, France, Italy, Spain, U.
New York, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Automotive Tire Market" - https://www.reportlinker.com/p05842936/?utm_source=GNW
K., Poland, Netherlands, Belgium, Switzerland, Austria) - Industry Size, Share Analysis and Growth Forecast to 2024
In 2018, the European automotive tire market generated a revenue of $20,037.8 million and is predicted to advance at a 4.5% CAGR during the forecast period (2019–2024). This is because of the growth of the automotive industry and high tire replacement rate. A tire is made by utilizing rubber, fabric, chemicals, and metal and is designed to cushion road shock, provide traction, and carry load under varying conditions. Tires are used in all kinds of vehicles including light commercial vehicles, two-wheelers, medium & heavy commercial vehicles, and passenger cars.
When design is taken into consideration, the European automotive tire market is bifurcated into bias and radial. Bias tires consist of internally crisscrossed nylon cord plies at a 30 to 45-degree angle to the tread center line. Due to their design, these tires are tough, have a rugged build, and increase sidewall puncture resistance. Radial tires provide high structural integrity and comprise perpendicular polyester plies and overlapping steel belts under the tread. During the historical period (2014–2018), radial tires occupied the major share of the market, in terms of value and volume.
On the basis of geography, the European automotive tire market is categorized into France, Spain, the U.K., the Netherlands, Switzerland, Italy, Germany, Poland, Belgium, Austria, and Rest of Europe. Germany dominated the market during the historical period, both in terms of volume and value. This is because the country accounts for high volume of automobile production, in addition to having the largest passenger car customer base in the region with most sold and produced passenger cars. Due to this factor, the country is further expected to dominate the market during the forecast period.
A key trend in the European automotive tire market is the development of advanced tires. At the present time, there is a rising requirement for three major qualities in a tire: low wear and tear for enhanced tire durability, improved grip for increased safety quotient, and low rolling resistance for better fuel efficiency. In order to cater to these needs of the consumers, the market is witnessing development of advanced products. For example, the emergence of ultra-high-performance tires has helped in increasing the reliability and speed of the tire.
The expansion of the automotive industry is a major driving factor of the European automotive tire market. The European automotive market is one of the largest in the world and the region is home to many global automobile part manufacturers. Moreover, the automotive tire market in the region is projected to register considerable growth due to the impact of new technologies, such as electric and autonomous vehicles, extension of tariff wars, and changing preferences of younger generation consumers.
Another factor leading to the growth of the European automotive tire market is the high tire replacement rate. Attributed to several technological advancements, the average lifespan of vehicles has increased considerably. This improved reliability and longevity of vehicles has been made possible due to the rising competition amongst automakers. This has led to an increase in the replacement rate of tires. Furthermore, because of the rising mileage provided by vehicles, the chances of wear and tear of the tires have grown, thereby resulting in the increased need for replacement of tires.
Thus, the market is witnessing growth due to the expanding automotive industry in the European region and the high rate of tire replacement.
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