The Europe tire aftermarket, tire replacement market is anticipated to generate $28.06 billion by 2030, surging with a 4.14% CAGR during the assessment period, 2022-2030.

According to the European Automobile Manufacturers’ Association (ACEA), the automotive industry contributes 7% to Europe’s GDP. The market’s growth might be attributed to the thriving European automotive sector and an increase in tire replacement rates due to longer vehicle lifespans. Also, the automotive tire aftermarket growth is influenced by stringent European Union (EU) regulations, an increase in the average age of operating automobiles, and a spike in demand for green tires.

To know more about this report, request a free sample copy

Further, Europe is an important vehicle market due to its vast consumer market, highly qualified labor, positive infrastructural development, and municipal and state government incentives. In addition, the European Commission has established CO2 emission requirements for passenger cars and commercial vehicles, which is set to encourage green tires in the region’s OEM and aftermarket.

The Europe tire aftermarket, tire replacement market growth assessment entails a detailed analysis of Spain, Slovakia, United Kingdom, Germany, Czech Republic, Italy, France, and Rest of Europe. People in the United Kingdom contribute considerably to the expansion of the country’s automobile sector as urbanization and disposable income rise. The United Kingdom automobile industry has had exceptional success in recent years. A competitive supply chain in vehicle manufacturing gives motorists a choice in how they service and repair their cars through franchised and independent networks.

Furthermore, the United Kingdom has a significant proportion of leased and fleet cars compared to other nations, which helps develop the aftermarket industry because these vehicles frequently have maintenance contracts with aftermarket firms. The automotive tire aftermarket in the United Kingdom is expected to rise in the following years as its infrastructure improves and its automotive fleet grows.

On the other hand, with increased service focus and new product innovation in Germany, the aftermarket has acquired a lot of traction. As one of Europe’s top automotive markets, high vehicle sales are one of the major drivers driving the expansion of the Germany tire aftermarket, tire replacement market. Furthermore, expanding research and development investments in the automotive sector and rising consumer spending power impact the Germany automotive tire aftermarket.

The Europe tire aftermarket, tire replacement market assessment entails segmentation analysis by rim size, distribution channel, and tire type. Market by rim size includes 19-21 inches, 13-15 inches, 16-18 inches, and more than 21 inches.

The 16-18 rim size segment is expected to grow significantly in the Europe tire aftermarket, tire replacement market. This segment is finding widespread use in off-road performance vehicles. A tire with the dimensions P225/70R16 91S would fit a 16-inch rim. 17-inch and 18-inch rim-size tires provide additional grip, braking performance, ride comfort, and steering feels while barely degrading ride quality. To increase profitability, many tire companies have reduced the production of low-cost tires in favor of larger-diameter tires.

Key players in the Europe tire aftermarket, tire replacement market are JK Tyre & Industries, Goodyear Tires, Bridgestone Corporation, Continental AG, etc.

Continental AG (Continental) is an automotive company that manufactures and sells brake systems, systems and components for instrumentation, chassis & powertrains, vehicle electronics, tires, infotainment solutions, and technical elastomers. The company offers tires and tire replacements for various customers, from buses, construction site vehicles, and passenger cars to special vehicles, bicycles, and motorcycles. It serves customers in Asia, Europe, North America, etc. The company has manufacturing plants across the world. Continental AG is headquartered in Niedersachsen, Germany.

StraddleMaster Radial tires from Continental AG are ideal for shuttle and straddle carriers for conducting load operations and for automated guided vehicles (AGVs).

Report Synopsis

To request a free sample copy of this report, please complete the form below:

We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.