Europe Automotive Tire Market Size, Share Analysis and Growth Forecast to 2024

1. Europe Automotive Tire Market Research Report Size, Share Analysis and Growth Forecast to 2024

2. In the present scenario, vehicles have a lifespan ranging between 11.1 and 12 years; the life span rose from 10.5 years in 2015 to 12 years in 2018. This has happened due to technological advancements, increasing government regulations, and growing competition between automakers. These factors have resulted in the improvement of the vehicle’s reliability and longevity over the years. This, in turn, has also led to people buying more small crossover vehicles and keeping their old vehicles longer than before, all across the world, including Europe. In addition to all this, the mileage of vehicles has increased significantly, due to which the chances of wear and tear of the tires have also risen. All these factors are driving the demand for tires in Europe. In 2018, the European automotive tire market generated revenue of $20,037.8 million and is expected to witness a CAGR of 4.5% in the coming years. The tires for several types of vehicles are categorized into two types on the basis of design: radial and bias. The configuration of radial tires comprises overlapping steel belts under the tread and perpendicular polyester plies, which offer high integrity, ensure longer life, and facilitate smoother rides. Bias tires consist of internally crisscrossed nylon cord plies at a 30-to-45-degree angle to the tread center line, providing the tire with a rugged and tough build, in addition to increasing the sidewall puncture resistance. The demand for radial tires was more during 2014–2018 and is projected to increase significantly in the near future as well.

4. Due to the changing consumer preference in the European region, the need for advanced tires is increasing. The major qualities required in a tire presently are low rolling resistance for improved fuel efficiency, low wear and tear for enhanced tire durability, and better grip for increased safety quotient. In order to cater to these requirements, the automotive tire industry is witnessing the development and innovation of advanced products. For example, the speed and reliability of the tires have enhanced with the development of ultra-high-performance tires. In addition to this, manufacturers are increasingly focused on producing low-rolling resistance tires, especially for new vehicles, for meeting the rising need for fuel efficiency. Moreover, with the emergence of electric vehicles, the requirement for lightweight tires is also surging. In order to produce tires that are efficient, advancements in the manufacturing technology and raw materials are taking place. To lower the weight and rolling resistance of future vehicles, companies are investing heavily in research and development activities for the development of advanced blended materials or alternatives for the production of tires. The field of tire manufacturing has been witnessing several advancements, such as the development of new elastomers and polymers, for overcoming the shortage and fluctuation of the prices of natural rubber. Some of the other advancements include the usage of improved grades of silica, nanotechnology, carbon black and nanocellulose, reinforced filler technology, and dual fillers.

5. The research offers the size of the Europe automotive tire market for the period 2014–2024. Market Segmentation by Vehicle Two-Wheelers Passenger Cars Light Commercial Vehicles Medium and Heavy Commercial Vehicles Market Segmentation by Design Radial Bias Market Segmentation by Type Winter Summer All-Season Market Segmentation by End Use Original Equipment Manufacturer (OEM) Aftermarket

6. The European automotive tire market was consolidated in nature, led by Compagnie Générale des Établissements Michelin. This is majorly due to the presence of a large number of dealer networks across Europe and strong customer base in France. The other major players operating in the market are Continental AG, The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Pirelli & C. S.p.A., Bridgestone Europe NV/SA, Yokohama Rubber Co. Ltd., Hankook Tire Company Ltd., Nokian RenkaatOyj, Apollo Tyres Limited, and Sumitomo Rubber Industries Ltd. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/europe-automotive-tire-market/report-sample

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