Europe Tire Market to Boost in Coming Years with 320 million Units | In Terms of Value, Segment Market Share, Forecast, 2023-2030

The demand for tires in Europe is expected to reach US$ 53.8 billion by 2030, with an annual growth rate of 3.1%

Wilmington, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) —

Competition Analysis and Market Structure

Prominent companies and leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Europe tire market include,

• In January 2023, Sumitomo Rubber Industries cooperated with the Global Data Service Organisation for Tires and Automotive Components (GDSO) to improve individual tire, traceability, identification and management systems. 
• In October 2022, Hankook Tire introduced the Smart iON AU06+ Truck and Bus Radial tire, the first in its iON product portfolio for premium EVs in the Korean market.

Some of the prominent players and suppliers operating and contributing significantly to the Europe tire market growth include MICHELIN, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli Tyre S.p.A., Yokohama Tire Corporation, Hankook Tire Co., Ltd, Toyo Tire Corporation, and KUMHO TIRE CO., INC., among others.

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RationalStat has segmented the Europe tire market based on vehicle type, design, season, end use, distribution channel and region

• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Vehicle Type
  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two Wheelers
  • Three Wheelers
  • Off-the-road (OTR)
• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Design
  • Radial
  • Bias
• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Season
  • All Season Tires
  • Winter Tires
  • Summer Tires
• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by End Use
  • OEM Market
  • Replacement Market
• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Distribution Channel
  • Offline
  • Online
• Europe Tire Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
  • Europe Tire Market
    • Western Europe
    • Eastern Europe

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Key Questions Answered in the Tire Report:

• What will be the market value of the Europe tire market by 2030?
• What is the market size of the Europe tire market?
• What are the market drivers of the Europe tire market?
• What are the key trends in the Europe tire market?
• Which is the leading region in the Europe tire market?
• What are the major companies operating in the Europe tire market?
• What are the market shares by key segments in the Europe tire market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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