The European automotive tire market is projected to reach a valuation of USD 68.4 billion in 2023. Over the next decade, from 2023 to 2033, tire sales across Europe are expected to grow at a CAGR of approximately 4.8%, pushing the market valuation beyond USD 108.7 billion by 2033.
The Europe automotive tire market is projected to expand significantly over the coming decade, driven by a surge in demand for high-performance, sustainable, and technologically advanced tires across the region. With a strong focus on innovation, European automotive tire manufacturers are capitalizing on the rising consumer demand for fuel-efficient and eco-friendly options, especially as electric vehicles (EVs) and hybrid vehicles gain traction.
European regulations emphasizing fuel efficiency, emission reductions, and road safety standards are further propelling the automotive tire market. Tire manufacturers are investing heavily in research and development to create tires that are not only more durable and capable of withstanding varying weather conditions but also sustainable. The use of eco-friendly materials and advancements in tread design are helping companies meet environmental and regulatory requirements while providing better traction, handling, and performance.
Increasing demand for electric vehicles in Europe has also created a demand for tires specifically designed to handle the unique requirements of EVs, including the need for reduced rolling resistance and durability to manage heavier vehicle weight. The market is poised to witness robust growth as both consumers and fleet operators prioritize cost-efficient, longer-lasting, and sustainable tire solutions.
The adoption of smart tire technology is another key trend, with leading manufacturers developing tires embedded with sensors that monitor pressure, temperature, and tread wear. This technology supports vehicle safety, extending tire life and performance. Major players in the European automotive tire market are responding to consumer and regulatory trends by delivering innovative tire solutions that align with evolving automotive needs.
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Key Takeaways:
- Market Expansion: The Europe automotive tire market is set to grow significantly, driven by rising consumer demand for high-performance, eco-friendly, and fuel-efficient tires, especially amid increasing EV adoption.
- Sustainability Focus: Manufacturers are investing in eco-friendly materials, advanced tread designs, and sustainable production practices to meet stringent European regulations and environmental expectations.
- EV Tire Demand: The growing popularity of electric vehicles is creating a demand for specialized tires that offer low rolling resistance and high durability to accommodate EV-specific performance needs.
- Smart Tire Technology: Leading manufacturers are increasingly incorporating sensor technology in tires, enabling real-time monitoring of tire pressure, temperature, and tread wear for improved safety and maintenance.
- Innovation in Performance: European tire manufacturers are focused on developing all-season, high-performance tires capable of withstanding diverse European climates, enhancing durability, traction, and handling.
Key Players in the Europe Automotive Tire Industry
- Bridgestone Corporation
- Michelin
- The Hercules Tire and Rubber Company
- Continental AG
- Nitto tires
- Pirelli & C. S.p.A.
- Yokohama Rubber Company Limited
- Zhongce Rubber Group Co., Ltd.
- Cheng Shin Rubber Ind. Co. Ltd.
- Goodyear Tire & Rubber Company
- KUMHO TIRE Co., Inc.
- HANKOOK TIRE & TECHNOLOGY Co., Ltd.
- Toyo Tires
- Nankang Rubber Tire Corp., Ltd.
- NEXEN TIRE
Key Developments in the Europe Automotive Tire Industry:
- In 2023, Bridgestone EMIA was selected as the official technical partner of Lamborghini. This partnership entails the development and supply of new fitments and premium tires that optimize the performance of Lamborghini’s exotic and luxury sports cars.
- In 2022, to acquire Michelin Russia Tire Manufacturing Company (MRTMC) LLC and Camso CIS LLC, an agreement was signed by Michelin with Power International Tires LLC. This acquisition will expand Michelin’s presence in Russia and the CIS markets, further strengthening its global footprint and market position.
- In July 2021, a new tire with high load marking for SUVs and hybrid or electric cars was introduced by Pirelli. The new tire is designed to provide low-rolling resistance and high level of driving comfort.
- In March 2021, E.Primacy, the first eco-designed tire was launched by MICHELIN. It is designed to reduce environmental impact. The new tire also offers low rolling resistance, resulting in fuel savings and low carbon emissions.
Europe Automotive Tire Market Segmentation
By Vehicle:
- Passenger Cars
- LCV
- HCV
- 2/3 wheelers
- Specialty Vehicle
By Aspect Ratio:
- 35 to 55
- 65 to 70
- 75 to 85
- Granite
- Wood
- Others
By Material Type:
- Natural Rubber
- Synthetic Rubber
By Tire Type:
- All season Tire
- Winter Tire
- Touring Tire
- Special Tire
By Ply Type:
- Radial
- Bias
By Sales Channel:
- OEM
- After Market
By Tube Category:
- Tube Tire
- Tubeless Tire
By Country:
- Germany
- Italy
- France
- United Kingdom
- Spain
- Netherlands
- Luxembourg Countries
- Belgium
- Russia
- Rest of Europe
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