The European tyre market is a developed market well progressed towards maturity. As vehicles are getting more efficient, roads are getting smoother; the European tyre market finds itself on a suitable pedestal to grow upon.

The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers and other vehicles including bicycles. The categorization on the basis of end use demand includes demand for replacement tyres and OEM demand for tyres.

On the basis of design types, the tyre market is segmented as radial tyres and bias-ply tyres. In order to have a broader understanding of the landscape of tyre market in Europe, further segmentation has been made on the basis of countries, and the sales channels through which the products are made available to the distributors and customers.

The report also includes profiles of some of the major tyre companies in the world, namely: Bridgestone, Michelin, Sumitomo, Goodyear, Continental, Pirelli, Cooper Tires, Apollo, MRF, Hankook, and Maxxis.

The Europe tyre market is majorly driven by Germany having 20% of the overall market share. France and Russia combined to share a little over 20% of the market, while Spain contributes the lowest share as of 2020.

As many of the major national markets in the region are well saturated, Russia and Spain continue to show more growth prospects than others during the forecasted period of 2021 to 2026. However, during the same period, the rest of the European regional markets combined excluding the major economies are projected to be registering a growth rate of more than 5%.

In 2020, it was derived that about 283.77 Million units of passenger cars tyres were sold in the region, making it the biggest segment in the region. 3 wheeler and other tyres are expected to be the fastest-growing category during the 2021 to 2026 period, expected to grow at a CAGR of more than 6%.

As the region is well penetrated with economy and premium vehicles of both passenger and commercial types, the radicalization of vehicle tyres is much higher in Europe as compared to the rest of the world, making it one of the major markets for radial tyres.