Europe Tire Aftermarket, Tire Replacement Market 2022-2028

Europe Tire Aftermarket, Tire Replacement Market 2022-2028

MARKET OUTLOOK

Triton Market Research’s report infers that the tire aftermarket, tire replacement market in Europe is deemed to advance at a compound annual growth rate of 4.04% in revenue during the forecast years 2022-2028. Germany, Italy, Slovakia, Czech Republic, Spain, France, the United Kingdom, and the Rest of Europe are considered in the region.

In the United Kingdom, the growing disposable income contributes considerably to the expansion of the automobile sector. In recent years, vehicle manufacturing has soared, resulting in a competitive supply chain. Given these factors, the country’s economy heavily relies on the development of the automotive sector. In this regard, tire aftermarket offers the nation direct and indirect financial benefits. Further, the studied market’s expansion is anticipated to be fueled by a rise in the automotive fleet and infrastructure development during the forecast period.

On the other hand, the automotive industry represents 10% of Spain’s GDP. The sector is engaged in robust research and development efforts, resulting in the advancements of electric models. Estimates indicate that the industry spends billions yearly on upgradation and plant expansion. Therefore, the growing demand for vehicles is expected to accelerate the growth of the tire aftermarket, tire replacement market across Spain.

COMPETITIVE OUTLOOK

The prominent companies in the tire aftermarket, tire replacement market include Michelin, Pirelli & C SpA, Apollo Tyres, MRF, CEAT Limited, JK Tyre, and Continental AG.