United Kingdom Tire Market Poised for Rapid Growth: Forecast to Grow at a CAGR of 6.4% during 2022-2028
Published | 25 January 2022
United Kingdom tires market has grown at a rapid CAGR due to the increasing production and demand for automobiles in the country due to the growing disposable income and purchasing power of individuals. Additionally, a flourishing cab services industry is also propelling the market forward…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the United Kingdom tire market was worth USD 2.8 billion in the year 2021. The market is estimated to grow at a CAGR of 6.4%, earning revenue of around USD 4.8 billion by the end of 2028. The United Kingdom tire market has experienced significant growth over the past few years due to increased automobile production and demand resulting from increased disposable income and purchasing power. Furthermore, the country's thriving cab services industry is also driving the market forward. In addition, increasing tire launches for improved safety are expected to provide lucrative growth opportunities for the United Kingdom tire market during the forecast period. Tire market growth can, however, be adversely affected by volatile raw material prices.
Surging Vehicle Ownership and Demand for Replacement Tires Driving the United Kingdom Tire Market
The Society of Motor Manufacturers and Traders reported that around 40.4 million cars, vans, trucks, and buses are currently registered in Britain. The demand for light commercial vehicles witnessed the biggest surge with 2.7% growth in the year 2020. Most of these vehicles were being used to transport essential workers, deliveries, and emergency services during the COVID-19 pandemic. Moreover, with increasing vehicle ownership, the demand for tires for replacement purposes is projected to surge during the forecast period.
Flourishing Online Sales Channels Providing Lucrative Growth Opportunities to the Market
As a result of the lockdown imposed by the government, the distribution channels for tires were halted. Consequently, tire companies quickly shifted to online sales channels to overcome such challenges. Numerous online tire stores are emerging and offering a wide assortment of tires from various brands for various vehicles, such as MyTyre, Blackcircles.com, Oponeo, Tyre Shopper, etc. Moreover, online stores offer all the details such as pricing, design, material, etc., allowing customers to make an informed choice.
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United Kingdom Tire Market - By End-User
Based on end-users, the United Kingdom tire market is grouped into OEM and replacement segments. The OEM segment holds the largest market share owing to the high concentration of leading automobile manufacturers in the United Kingdom. The UK is home to big players like Aston Martin, Rolls-Royce, Mini, Land Rover, Jaguar, etc., which is driving the demand for tires, therefore boosting the market's overall growth. On the other hand, the replacement segment also accounts for a substantial market share due to the limited life of tires and high vehicle ownership rates.
Impact of COVID-19 on the United Kingdom Tire Market
The United Kingdom tire market had to bear huge challenges after the outbreak of the COVID-19 pandemic. The restrictions on automobile production following the lockdown resulted in a sharp decline in the demand for tires in the country. The imports and exports activities of automobiles and tires were also temporarily halted to prevent the COVID-19 transmission and impose social distancing norms. Furthermore, the tire market demand was also negatively affected by mobility restrictions, which directly affected tire replacements, resulting in huge losses to the market.
United Kingdom Tire Market - Competitive Landscape
The leading players in the United Kingdom tire market are Bridgestone Tyres, Continental Tyres, Dunlop Tyres, Goodyear Tyres, Michelin Tyres, Pirelli Tyres, Avon Tyres, Firestone Tyres, Hankook Tyres, Yokohama Tyres, and other prominent players.
The United Kingdom tire market is highly concentrated and dominated by certain premium tire manufacturers including Michelin, Pirelli, Bridgestone, etc. The market players offers a wide range of tires for different types of vehicles to expand its consumer base. They also significantly focus on improving their distribution channels by establishing specialty stores and launching websites to boost their online sales. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United Kingdom tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United Kingdom tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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