The rubber covers that encircle the wheels of a vehicle are known as tires, or “tyres” in some countries. They are designed to provide a stable and comfortable connection between the vehicle and the road. Tyres provide many important responsibilities, including supporting the weight of the vehicle, transmitting traction and braking forces, and absorbing shock and vibration.
The primary purpose of tyres is to provide traction and grip on the ground. To accomplish this, the tread pattern on the tire’s outside surface is crucial. The tread has numerous designs, including grooves, sipes, and blocks, that work together to direct water away from the tire’s contact patch and improve grip on slick or wet surfaces.
According to SPER Market Research, ‘Europe Tire (Tyre) Market Size- By Vehicle Type, By Demand Category, By Tire Construction Type, By Rim Size, By Sales – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Tire (Tyre) is estimated to reach USD 0.59 billion by 2033 and is poised to surge at CAGR of 3.35%.
Numerous important elements are contributing to the continued growth of the Europe tire (tyre) market. The increasing vehicle industry is important first and foremost. Tyre demand grows as more people purchase cars and other vehicles. Because they enable safe and effective mobility, tyres are an essential part of automobiles. Increased demand propels tyre production and sales in Europe. In the tyre industry, safety is also being stressed more and more. Safety concerns are shared by both automakers and buyers.
There many challenges affect the operations, growth, and profitability of the Europe tyre market. One of the most significant challenges is the market’s fierce competitiveness. Tyre manufacturers from all over the world and from within the country battle for market shares. Pricing, profit margins, and innovation are all under pressure as businesses try to differentiate themselves and attract customers. Furthermore, the transition to electric vehicles presents a particular challenge for the tyre business. Electric vehicles have specific tyre requirements due to their weight distribution, torque, and energy economy requirements.
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The COVID-19 outbreak has had a significant impact on many industries throughout the world, especially the Europe tyre market. During the epidemic’s peak, the Europe tyre industry, like many others, experienced disruptions in production, supply networks, and demand. The temporary shutdown of manufacturing facilities, as well as disruptions in the supply chain, had a significant impact on the European tyre market.
Furthermore, Germany, France, Italy, the United Kingdom, and Spain are a few of the major nations with a large presence in the European tyre market. The demand for tyres is driven by the sizeable automotive industries and populations of these nations. In addition, additional nations including Turkey, Poland, and Russia make major contributions to the European tyre market. Based on elements such as market competition, production capacity, and consumer tastes in each nation, Europe’s dominance of a particular geographic area can change. In addition, some of the market key players are; Continental AG, Goodyear Tire & Rubber Company, Hankook Tire Co. Ltd, KUMHO Tire Co.
Europe Tire (Tyre) Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Europe Tire (Tyre) Market is segmented as; Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR, Passenger Car, Two-Wheeler.
By Demand Category: Based on the Demand Category, Europe Tire (Tyre) Market is segmented as; OEM, Replacement.
By Tire Construction Type: Based on the Tire Construction Type, Europe Tire (Tyre) Market is segmented as; Bias, Radial.
By Sales Channel: Based on the Sales Channel, Europe Tire (Tyre) Market is segmented as; Offline, Online.
By Region: This report also provides the data for key regional segments of Germany, France, UK, Italy, Russia, Rest of Europe.
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