Germany to Dominate Europe Green Tire Market till 2024

Increasing demand for improving fuel efficiency and rising tire labelling standards to drive green tire market in Europe through 2024

According to TechSci Research report, “Europe Green Tire Market By Vehicle Type, By Product Type, By End User, By Rim Size, By Country, Competition, Forecast & Opportunities, 2024”, Europe green tire market is expected to grow at a double-digit CAGR during 2019-2024, on the back of increasing demand for fuel efficiency and government initiatives aimed towards green and clean environment. In recent years, automotive manufacturers’ focus has shifted towards environment friendly raw materials to reduce the fuel consumption by lowering the vehicle weight and rolling resistance. Growing dealer & distribution channel of several automakers and increasing urbanization are some of the other factors that are anticipated to boost demand for vehicles, which would in turn positively influence the region’s green tire market during forecast period.

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In terms of vehicle type, passenger car segment dominated the region’s green tire market in 2018 and the trend is likely to continue in the coming years as well, on account of high sales of used & new cars and increasing average lifetime of passenger cars. Based on product type, radial tire is expected to capture the significant market share, as they offer several benefits over bias tires, such as better mileage, lesser fuel consumption and better road grip. Thus, consumers in the region mostly prefer radial tires.

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Major players operating in Europe green tire market are Compagnie Générale des Établissements Michelin, Goodyear Dunlop Tires Europe B.V., Continental Aktiengesellschaft, Bridgestone Europe NV/SA, Pirelli & C. S.p.A., Nokian Tyres Plc, Yokohama Europe Gmbh, Hankook Reifen Deutschland GmbH, Apollo Vredestein B.V., and Cooper Tire & Rubber Company Europe Limited. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market. Germany is the largest consumer of green tires in Europe, as the country is one of the major exporting hubs for automobile producers. Moreover, the country is the fourth largest in terms of total vehicle production, globally, after China, US and Japan.

“Rising per capita income and anticipated launch of new vehicles are few of the factors expected to continue boosting green tire sales across Europe during the forecast period. Over the last few years, the Europe automotive industry has witnessed considerable growth in the demand for passenger cars and commercial vehicles, which has been boosting sales of green tires in the region. This trend is expected to prevail with continuing growth in green tire production and demand over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Europe Green Tire Market By Vehicle Type, By Product Type, By End User, By Rim Size, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Europe green 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 Europe green tire market.

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