The European automotive tire market is experiencing a growth, which can be credited to the development of the European automotive sector and also the surge in the replacement rate of tires because of the better durability of vehicles.
Based on vehicle type, the industry is divided into several categories, including passenger cars, heavy and medium commercial vehicles, light commercial vehicles, and two-wheelers.
Between these, the passenger cars category had the largest share, on the basis of sales in the past. This can be credited to the surging sales of tires because of the growing demand for SUVs and CUVs in the region. Such a hike in sales of CUVs and SUVs is a major reason for the growing demand for automotive tires in the region.
On the basis of type, the European market has been divided into summer, winter, and season tires. Among these, the all-season tires had the largest share in the recent past. This dominance can be credited to their ability to be used throughout the year regardless of the season. Winter tires are way costlier than the other tires, as they are only used during heavy snow, and as the technology of all-season tires is improving, the need for winter tires is reducing.
The European automotive tire market is divided into France, the U.K., Germany, Italy, Spain, the Netherlands, Belgium, Poland, Switzerland, and other parts of Europe. In these Germany held the largest share in the past, and is projected to continue its dominance in the years to come. Germany is a hub of vehicles, with most passenger cars are produced and sold, the country holds the largest passenger car customer base, which in turn propels the demand for tires.
Europe is home to several global automobile parts and vehicle manufacturers and is one of the largest automobile industries. The future of the industry in the region looks very bright, with the development of new technologies including, electric and autonomous vehicles, and varying likings of the younger generation and millennial customers.
Moreover, stringent guidelines of the European Union and increasing demand for eco-friendly tires will drive the market in the future. In addition, with the presence of a huge customer base, infrastructural development, the presence of a skilled workforce, and local and state government support, Europe is one of the most promising automobile markets all over the globe.
Therefore, the growing number of vehicles on European roads, increasing demand for eco-friendly tires, government initiatives, and the growing demand for SUVs and CUVs in the region will drive the demand for automotive tires in the future.
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