Germany Tire Market Size Set to Grow at Steady CAGR of 2.24% during 2023–2029

Published | 20 April 2023

Germany tire market is flourishing due to OEMs' use of cutting-edge manufacturing technologies to differentiate their products through sustainability, durability, and affordability.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Germany tire market size to grow at a significant CAGR of 2.24% during the forecast period between 2023 and 2029. The Germany tire market is expanding primarily due to rising passenger vehicle sales. The performance of a vehicle as a whole is influenced by the way its tires support its weight, convey braking and acceleration energy to the ground, alter or maintain direction, and absorb stress from the road surface. Increased infrastructure spending is expected to increase demand for construction vehicles and drive-up tire sales in both developed and emerging nations. Also, the major corporations are developing novel, green products including ecological, flat-run, and nitrogen-based tires. The market's growth is, however, constrained by the high beginning costs of premium and eco-friendly tires.

Germany Tire Market – Overview

An air-filled, circular object with a rim-like shape is the tire on a car. Various organic and inorganic materials, including steel, rubber, wire, cotton, glass, silica, and wire that has been reinforced with carbon black, are used to create it. The tire, which comes in two varieties: tubed and tubeless, is made up of a bead, a bead filler, belts, a body ply, an inner liner, a sidewall and tread. Controlling the forces requires the tire.

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Impact of COVID-19 on Germany Tire Market

The COVID-19 pandemic significantly impacted the growth of the tire market in Germany. The government's nationwide quarantine, designed to prevent the virus's spread, had an impact on tire production and raw material availability. Also, the outbreak compelled many people to work from home, lowering the demand for individual activity. The status of the nation's economy also had an impact on consumer purchasing power. These factors significantly limit demand for car tires in Germany, hindering overall expansion in the industry.

Germany Tire Market - By Application

On basis of application, Germany tire market is divided into Replacement tires and Original equipment (OE) tires segments. The replacement category is a higher contributor to the growth of Germany tire market. It draws attention to the country's heavy reliance on imported tires due to its incapacity to manufacture tires and vehicles, as well as the lack of OEMs (Original Equipment Manufacturers). But benefits like the ease of finding a large selection of tires for all vehicle types at different price points are likely to hasten the growth of the replacement business. As consumer awareness of the significance of routine tire replacement and maintenance increases, it is expected that demand for replacement tires would increase during the forecast period.

Competitive Landscape

Germany tire market is fiercely competitive. Major companies in the market include Continental AG, Michelin AG, Bridgestone Corporation, Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Hankook Tire & Technology Co., Ltd., Yokohama Rubber Company, Limited, Sumitomo Rubber Industries, Ltd., Cooper Tire & Rubber Company, and Toyo Tire & Rubber Co., Ltd. These Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Germany tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Germany Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Germany Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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