NEW YORK, September 19, 2016 /PRNewswire/ --
Anticipated increase in the tire production capacity, growing vehicle sales and expanding automobile fleet forecast to propel Europe tire market over the next five years
According to TechSci Research report, "Europe Tire Market Forecast and Opportunities, 2021'’, the tire market of Europe is projected to cross $49 Billion by 2021. Growth in the market is expected on account of anticipated stabilization of crude oil price, expected rise in the vehicle sales, expanding vehicle fleet, growing motorization rate and implementation of favorable government policies. With more than 90 tire manufacturing facilities, 16 research & development centres and 12 leading tire manufacturers, the region continues to be the epicentre of all the major global advancements in tire technology.
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Browse 91 market data Tables and 135 Figures spread through 355 Pages and an in-depth TOC on "Europe Tire Market"
Countries in the European Union suffered from the impact of European debt crisis during 2008-2012. As a result, Europe faced weak economic scenario and financial conditions. The aftereffects of the crisis were apparent in 2013 as well, and this consequently, impacted growth of automotive sector in Europe. Thus, Europe automobile production grew at a CAGR of 0.16%, in volume terms, during 2011-2015. However, due to several bailout packages offered by the European Union and the International Monetary Fund (IMF), the economy of the countries has started recovering from the crises, due to which the automotive and tire industries of Europe is expected to revive over the next five years.
During the forecast period, passenger car segment is forecast to dominate Europe tire market owing to increasing passenger car sales, expanding passenger car fleet and growing purchasing power of the consumers. Moreover, the region's replacement tire demand is anticipated to grow at a higher pace in comparison to the OEM tire demand over the course of next five years. Some of the leading players of operating in the tire market of Europe are Michelin, Goodyear, Continental, Bridgestone and Pirelli, among others.
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"During 2011 - 2015, due to the impact of Eurozone crisis, automobile sector in Europe could not deliver to its full potential, and consequently, tire industry in the region was negatively affected due to decline in automotive production during the same period. However, with comparatively stable macroeconomic scenario, automobile production and sales are anticipated to grow in the coming year, which is expected to boost tire market in Europe during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Europe Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of tire market and provides statistics and information on market size, market share, forecast and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Europe tire market.
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