Tyres, sometimes known as "tyres" in some countries, are the rubber covers that surround the wheels of automobiles. They're made to offer a sturdy and cushioned interaction between the car and the road. Tyres perform various vital roles, including vehicle weight support, transmission of traction and braking forces, and shock and vibration absorption. Tyres' basic function is to create grip and traction on the road. The design of the tread on the tire's outer surface is essential to achieving this. The tread is made up of several patterns, such as grooves, sipes, and blocks, that help to channel water away from the tire's contact patch and give improved traction on wet or slippery terrain. A good tread pattern also improves grip during acceleration, braking, and cornering, resulting in more controlled and safer driving.
Europe Tire (Tyre) Market Driving Factors and Challenges
The Europe tyre (tyre) market is expanding due to a variety of significant factors. First and foremost, the expanding automobile sector is significant. As more people buy cars and other vehicles, the demand for tyres develops. Tyres are a crucial component of automobiles because they provide safe and efficient mobility. Rising demand drives increase tyre manufacturing and sales in Europe.
In addition, there is a growing emphasis on safety in the tyre sector. Both vehicle manufacturers and purchasers are worried about safety. Tyres are necessary for traction, stability, and control on the road. With stricter traffic restrictions and increased consumer awareness, there is a greater need for high-quality tyres that give better grip, handling, and braking.
Multiple challenges affect the operations, expansion, and competitiveness of the Europe tyre market. The intense competition in the market is one of the major difficulties. Tyre producers from all over the world and domestically compete for market share. Pricing, profit margins, and innovation are under pressure due to the fierce competition, as businesses try to stand out and draw in customers.
Moreover, the switch to electric vehicles provides a unique issue for the tyre industry. Because of their weight distribution, torque, and energy efficiency requirements, electric cars have unique tyre requirements. To cater to this burgeoning industry, tyre manufacturers must produce tyres that provide ideal performance for electric vehicles, such as increased range and lower rolling resistance.
Impact of COVID-19 on Europe Tire (Tyre) Market
The COVID-19 epidemic caused devastation on the Europe tyre sector, creating manufacturing and supply chain disruptions, lower consumer demand, and financial difficulties for enterprises. However, as the situation improves and the economy recovers, the tyre business is progressively adapting and recouping from the pandemic's impact.
Europe Tire (Tyre) Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Hankook Tire Co. Ltd, KUMHO Tire Co, MICHELIN, Pirelli Tyre S.p.A, Sumitomo Corporation, Toyo Tire Corporation, Yokohama Tire Corporation.
Europe Tire (Tyre) Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Europe Tire (Tyre) Market is segmented as; Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR, Passenger Car, Two-Wheeler.
By Demand Category: Based on the Demand Category, Europe Tire (Tyre) Market is segmented as; OEM, Replacement.
By Tire Construction Type: Based on the Tire Construction Type, Europe Tire (Tyre) Market is segmented as; Bias, Radial.
By Rim Size: Based on the Rim Size, Europe Tire (Tyre) Market is segmented as; Up to 19”, 20 – 25”, Above 25.
By Sales Channel: Based on the Sales Channel, Europe Tire (Tyre) Market is segmented as; Offline, Online.
By Region: This report also provides the data for key regional segments of Germany, France, UK, Italy, Russia, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.