Europe is one of the most-prosperous regions in the world, which is why vehicle sales have always been high here. Plus, the renowned automakers based in the region keep coming up with eye-pleasing and sleek cars to catch the people’s, especially the youth’s, fancy. Such factors are driving the regional automotive industry and, in turn, the demand for various auto components, including tires. Another reason the tire demand is rising in the region is the increasing average of vehicles. With automakers improving the quality of their vehicles, people are using them for longer than before.
Since the tire replacement rate is much higher than the vehicle replacement rate, P&S Intelligence expects the European tire market to grow from $20,037.8 million in 2018 to $26,327.8 million by 2024, at a 4.5% CAGR between 2019 and 2024. Apart from the engine, speed of the vehicle, and the gear which the vehicle is being driven in, the tire plays an important role in deciding the automobile’s fuel economy. Heavyweight and worn-out tires put extra pressure on the engine, which automatically leads to the consumption of more fuel than required.
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Presently, Germany is the largest country in the European automotive tire market, on account of the long-standing presence of automakers here. This, along with the high purchasing power of individuals, has made the country the largest producer and buyer of automobiles in the continent, which naturally leads to a high demand for tires by automakers, as well as garages, repair shops, and people who like to replace them themselves. As per Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2019, 4,661,328 automobiles were produced in Germany, reflecting a high demand for tires.
Thus, with the increasing vehicle sales, the procurement of tires in the region will continue burgeoning.
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