New Delhi, June 17, 2022 (GLOBE NEWSWIRE) — Europe Tire Market is growing at a steady rate owing to the growing new technologies, such as electric and autonomous vehicles along with the changing preferences of younger generation consumers coupled with solid domestic production also tends to boom the market…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Europe Tire Market was worth USD 42.3 billion in the year 2021. It is estimated to grow at a CAGR of 3.9%, earning revenues of around USD 54.7 billion by the end of 2028. The lucrative growth of the Europe Tire Market is attributed to stringent regulations about the replacement of tires after a certain period and must have a minimum depth of the tread pattern of at least 3mm. This is due to changing weather conditions which wear-out tires frequently, and the affordability of tires as well as cost savings in the long term that results in driving the demand for tires in the region. Additionally, the high consumer living standards supported by their increasing per capita expenditures on luxury cars have propelled the demand for advanced and premium-quality tires. Furthermore, Europe Tire Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising cost of raw materials such as natural…
