Europe Tire Market Opportunity and Forecast 2027
Posted by arshiyashaikh on April 19th, 2022
Europe Tire Market is anticipated to grow with a CAGR of 3.84% during the forecast period, 2023-2027, to achieve a market value of USD57,300.78 million by 2027. The market growth is majorly driven by the increasing sales of automobiles in European countries. The growing number of passenger cars and light commercial vehicles for regular transportation and commute further drives the growth of the Europe tire market in the upcoming five years. Moreover, the surging demand for replacement tires for personal vehicles also supports the growth of the Europe tire market through 2027.
End use industries like agricultural industry, construction industry, logistics industry, etc., make use of tractors, trucks, commercial vehicles, which is aiding the growth of the Europe tire market in the next five years. Demand for tires is also increasing due to adverse weather conditions, erratic currents of air moving over the Atlantic, ice-cold weather, and the wet springs increase the demand for all-weather tires across the continent, thereby substantiating the growth of the Europe tire market in the forecast years. Furthermore, increasing adoptions of green tires, with environment-friendly products that satisfy the tires\' stringent regulations and automobile industrial standards, also aid the growth of the Europe tire market in the forecast period.
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About the Authorarshiyashaikh
Joined: February 5th, 2019
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