UK Tire Market to Undergo Formidable Growth through 2025

Expanding production and demand for vehicles to drive United Kingdom tire market

According to TechSci Research report, “United Kingdom Tire Market By Vehicle Type (Passenger Car Tires, Light Commercial Vehicle Tires, Medium and Heavy Commercial Vehicle Tires, Off-The-Road (OTR) Tires, Two-Wheeler Tires), By Design (Radial, Bias), By Rim Size (Less than 15 inches, 15-20 inch, More than 20 inch), By Season Type (Summer, Winter, All Seasons), By End Use (OEM, Replacement), By Region, Forecast & Opportunities, 2025”, the United Kingdom tire market is expected to witness a significant growth during the forecast period owing to the large and ever expanding vehicle fleet size in the country. The increasing production of both commercial and passenger vehicles, to meet the growing demand is acting as a major factor for the growth of United Kingdom tire market. Additionally, spike in sales of passenger vehicles due to the high per capita disposable income is accelerating the demand for tires in the country. Manufacturers are also coming up with advanced products like ecological, flat-run and nitrogen-based tires, that are environment-friendly. This is further anticipated to fuel the United Kingdom tire market in the coming years.

Moreover, thriving electric vehicles market is also one of the key factors creating the demand for tires. The strict emission laws and subsidies provided by the United Kingdom government is propelling the demand for electric vehicles, which in turn is supporting the tire industry. Further, the reduction in rubber prices is expected to boost the growth of tire market. However, UK’s completion of the withdrawal from the European Union in December ,2019 is likely to impact the tire industry and domestic trade inflows.

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United Kingdom tire market is segmented based on vehicle type, design, rim size, season type, end use and region. Based on vehicle type, the market is segmented into passenger car tires, light commercial vehicle tires, medium and heavy commercial vehicle tires, Off-The-Road (OTR) tires and two-wheeler tires. Among them, the passenger car tires segment is expected to undergo high growth during the forecast period owing to rise in number of passenger car vehicle registration in United Kingdom. The increasing car production is further making passenger car tire market the dominant segment.

Based on season type, the United Kingdom tire market is segmented into summer, winter and all seasons. Among them, the all seasons tires held largest market share in 2019 and are further expected to hold clear dominance during the forecast period owing to their increased use in automobiles. Their all-round performance, reliability and durability are making them the preferred choice among both automobile manufacturers and consumers.

Major players operating in the United Kingdom tire market include Michelin Tyre plc, Pirelli UK Tyres Ltd, Cooper Tire & Rubber Co Europe Ltd, Goodyear Dunlop Tyres UK Ltd, Continental Tyre Group Ltd., Bridgestone United Kingdom Limited, Hankook Tyre UK Limited, Kumho Tyre UK Limited, Toyo Tires (UK) Limited and Yokohama HPT Limited. Manufacturers are undertaking growth strategies like partnerships, mergers & acquisitions to increase their market share in United Kingdom.

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“The strong economy of United Kingdom is making it one of the largest consumers of automobiles, especially passenger cars. This provides lucrative growth opportunity for tire manufacturers. A major portion of demand for tires comes from London and South East region owing to their high level of urbanization and large automobile fleet size. Besides, government push for adoption of electric fuel is anticipated to positively impact the growth of the market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“United Kingdom Tire Market By Vehicle Type (Passenger Car Tires, Light Commercial Vehicle Tires, Medium and Heavy Commercial Vehicle Tires, Off-The-Road (OTR) Tires, Two-Wheeler Tires), By Design (Radial, Bias), By Rim Size (Less than 15 inches, 15-20 inch, More than 20 inch), By Season Type (Summer, Winter, All Seasons), By End Use (OEM, Replacement), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of United States tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United Kingdom tire market.

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