DUBLIN, October 24, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Europe Tire Market Forecast and Opportunities, 2021" report to their offering.
The tire market in Europe is projected to cross $49 billion by 2021 on account of anticipated stabilization of crude oil price, expected rise in the vehicle sales and expanding vehicle fleet.
The vehicle fleet in the region is dominated by the passenger car segment, followed by the commercial vehicle segment. Consequently, the passenger car tire segment held the largest share in Europe's tire market in 2015, and its dominance is anticipated to continue during the forecast period. Growing per capita income and anticipated increase in the launch of new vehicle models are few of the key factors expected to drive demand for passenger car tires in Europe over the next five years.
European Union is among the world's biggest manufacturer of motor vehicles and the automotive sector accounts for the largest private sector investment in research and development (R&D). Europe tire market is directly dependent on the region's automobile sector, which witnessed sluggish growth during 2011-2015, predominantly due to Eurozone Crisis and slump in the crude oil prices.
These factors led to weak demand for tires across the region, which restricted the growth of Europe tire market over the last five years. However, European economies have started recovering, which can be clearly depicted from the reviving GDP growth rate of the member countries in 2015. Apart from the flagship tire brands such as Michelin, Goodyear, Continental, Bridgestone, Pirelli, etc., tire market in Europe has been witnessing increasing inflow of Chinese tire brands, especially over the last few years.
Though traditional retail stores are the most preferred mode of selling tires in Europe but with the increasing internet penetration & advantages offered by online tire selling websites, car owners in the region are increasingly inclining toward online channels for purchasing tires. In 2015, Germany, The United Kingdom, France, Spain and Italy were the largest tire markets in Europe but in terms of market growth rates the countries are different which is making it consequently more important to monitor the market to identify right opportunities.
Market Trends & Developments
- Growing Demand for Electric Vehicles
- Growing Penetration of Winter Tires
- Developing Distributor & Dealership Network
- Rising Demand for Radial Tires
- Technological Advancement
- Light Commercial Vehicles (LCV) - Fastest growing tire segment
- Growing Adoption of Fuel Efficient Technology
- Apollo Vredestein B.V.
- Bridgestone Europe NV/SA
- CompagnieGénérale des Établissements Michelin (CGEM)
- Continental Aktiengesellschaft
- Cooper Tire & Rubber Company Europe Limited
- Goodyear Dunlop Tires Europe B.V
- HankookReifen Deutschland GmbH.
- Nokian Tyres plc
- Pirelli & C. S.p.A.
- Yokohama Europe Gmbh.
For more information about this report visit http://www.researchandmarkets.com/research/mxwt63/europe_tire
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SOURCE Research and Markets