Germany Set to Witness Explosive Growth of European Automotive Tire Market During 2019—2024

The European automotive tire market was valued at $20,037.8 million in 2018 and is predicted to advance at a CAGR of 4.5% between 2019 and 2024. According to the forecast of P&S Intelligence, a market research company based in India, the market would generate a revenue of $26,327.8 million by 2024. The market is being driven by the expansion of the European automotive industry and the surging replacement rate of automotive tires in the region.

Europe Automotive Tire Market

This region is one of the biggest automotive markets in the world and home to many global automobile part and vehicle manufacturers. Moreover, the future of the industry looks very promising in this region, due to the impact of technological innovations such as electric and autonomous vehicles, the extension of the tariff wars, and the changing consumer preferences. The lucrative growth of the automotive industry will positively impact the progress of the European automotive tire market in the coming years.  

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When design is taken into consideration, the European automotive tire market is divided into bias and radial tires. Of these, the radial tires category recorded higher growth in the market, in terms of number of units sold, in the past years. This category is also predicted to dominate the market in the future years. This is credited to the fact that these tires have a greater durability than the bias tires on account of their construction.

The construction of these tires involves the use of crisscrossed steel belts and perpendicular polyester plies. Globally, the European automotive tire market registered the highest growth in Germany in the years gone by and this trend is predicted to continue in the forthcoming years as well. This is because the country is home to a flourishing automobile industry. As per reports, more than 5.1 million passenger cars were manufactured in Germany in 2018.

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Hence, it can be said with surety that the market will demonstrate huge expansion in the future years, due to the increasing tire replacement rate, the soaring sales of vehicles, and the increasing average lifespan of automobiles in the region.