As per a market professional at P&S Intelligence, a market research institution the European automotive tire market is on the way of growth. The industry growth is credited to the flourishment in the industry along with the surge in replacement rate of tire as a result of better longevity of automobiles in use.
Based on vehicle type, the industry is categorized into two-wheelers, light commercial vehicles, passenger cars, and medium and heavy commercial automobiles. Amongst these, passenger cars had the largest share, with regards to the sales volume, in the past. This has a lot to do with the improved sales of tires as a result of the increased requirement for SUVs and CUVs across the region.
On the basis of type, the European automotive tire market is divided into summer tires, winter tires, and all-season tires. All-season tires were the largest share, with regards to sales volume, in the recent past.
The dominance of the industry of all-season tires can be mostly credited to their extensive applications all over the year, regardless of any season. Winter tires are only ideal throughout the heavy snow season and are fairly costly. Likewise, with the arrival of all-season tires, the requirement and demand for separate tires for diverse seasons have greatly reduced.
Germany dominated the market in the recent past, and will continue its ascendence in the future as well. It is a hub of vehicles and has the major passenger car customer base with utmost formed and sold passenger cars, which contribute to the market growth.
Europe is one of the major markets globally and home to numerous global vehicle and vehicle part manufacturers. The future of the industry looks promising, with the impact of novel technologies for example autonomous and EVs, and altering preferences of younger and millennial generation.
Also, stringent EU regulations and snowballing average age of working vehicles, accompanied by increasing requirement for green tires powers the industry growth.
Moreover, with the existence of great consumer market, obtainability of highly capable workforce, promising infra development, and existence of state and local government incentives, Europe is a major industry for automobiles in the 21st century, thus powering the growth of the regional market.
The growing automotive industry of Europe has a lot to do with the increasing demand for automotive tires in the region.
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