European automotive tire market forecast at $108 billion by 2033
Pune, India – As per Future Market Insights (FMI), the Europe automotive tire market size value is projected to rise from US$ 68.4 billion in 2023 to US$ 108.7 billion by 2033. Sales of automotive tires across Europe are likely to soar at 4.8% CAGR throughout the forecast period.
Rapid growth of automotive sector, adoption of electric vehicles, and innovations in tires are key factors driving the Europe market forward.
Automotive tires significantly impact vehicle safety and performance. Europe automotive tire manufacturers are continuously innovating to improve tire technologies, materials, and tread patterns to enhance grip, handling, and braking capabilities. These advancements contribute to increased vehicle safety, reducing the risk of accidents and improving overall driving experience.
The automotive sector is increasingly focusing on fuel efficiency and environmental sustainability. This is encouraging automotive tire manufacturers in Europe to introduce novel solutions with enhanced features.
New automotive tires are designed to minimize rolling resistance, which helps reduce fuel consumption and lower carbon emissions. The development of low rolling resistance tires and eco-friendly tire materials supports the industry’s sustainability goals and aligns with stricter environmental regulations.
The rise of electric vehicles presents new challenges and opportunities for automotive tire manufacturers. Europe-based tire manufacturers are developing specialized tires for electric vehicles to optimize performance and range. These tires are designed to reduce rolling resistance, enhance energy efficiency, and maintain suitable load-carrying capacity for the weight distribution of EVs.
The automotive sector is witnessing the integration of digital technologies into tires, enabling advanced functionalities and features.
Automotive tire manufacturers are incorporating sensor technologies, tire pressure monitoring systems (TPMS), and tire data analytics to provide real-time tire condition monitoring, improve safety, and optimize tire performance. These advancements contribute to the digital transformation of the automotive market and will boost the Europe tire industry.Leading global tire manufacturers have a significant presence in the European market. Companies such as Michelin, Bridgestone, Continental, Goodyear, Pirelli, and Dunlop are well-established and have strong brand reputations. These manufacturers offer a wide range of tire options for various vehicle segments and have a robust distribution network across Europe.