The report covers forecast and analysis for the automotive tire market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Million).
The Europe automotive tire market has enormous opportunities in the upcoming future. The Europe automotive tire market is anticipated to boost at a double-digit CAGR within the forecast timeline. The demand for tires is increasing significantly on account of the increasing number of automobiles across the region. Hence, the demand is eventually governed by automobile production thereby adding value to the growth of the automotive tire industry.
Based on the type, the Europe automotive tire market has been classified into radial tire type and bias tire type. The radial tire segment is expected to generate maximum market share as it offers a better grip on the road, thus preventing the vehicle from unfortunate imbalance and accidents. On the other hand, the introduction of advanced manufacturing tire technologies is expected to stimulate the growth of the bias tire segment over the forecast period.
On the basis of vehicle type, the Europe automotive tire market is fragmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheeler. In the Europe automotive tire market, the passenger car segment is poised to register high growth over the forecast period, owing to the rapid growth of passenger cars in this region.
The Europe automotive tire market is highly consolidated, with major players including, Continental AG, Pirelli & C. S.p.A., Bridgestone Corporation, Michelin, and The Goodyear Tyre & Rubber Co. The major strategies implemented by these leading companies in the market are new product launches, mergers & acquisitions, and partnerships. The listed companies are focusing more on making an investment in innovations, partnerships, and expansions, in order to increase their market share.
Automotive Tire Market : Regional Segment Analysis