Report Overview

Increasing vehicle ownership, a spurring demand for high-performance and fuel-efficient tires, infrastructure development, tourism, the growing automotive industry, a shift toward eco-friendly and sustainable tire options are expected to contribute to the growth of the Greece Tire Market during the forecast period between 2023 and 2029.

Greece Tire Market - Industry Trends & Forecast Report, 2029

Greece tire market size was estimated at USD 425.73 million in 2022. During the forecast period between 2023 and 2029, the size of Greece tire market is projected to grow at a CAGR of 2.3% reaching a value of USD 499.19 million by 2029. The growth of the Greece tire market is primarily driven by several key factors. Firstly, an expanding automotive industry and increasing vehicle ownership rates boost demand for replacement tires. Growing awareness of the importance of road safety and tire maintenance encourages regular tire replacements. Further, the country's thriving tourism sector fuels demand for commercial vehicle tires, as well as rental car and tour bus fleets. Environmental concerns and government regulations promoting fuel-efficient and eco-friendly tires also contribute to market growth. Also, advancements in tire technology, such as improved durability and performance, attract consumers seeking high-quality products.

Tire - Overview

A tire is a crucial component of a vehicle, serving as the only point of contact between the vehicle and the road surface. Typically made of rubber and reinforced with various materials, tires provide traction, support, and cushioning for smooth and safe transportation. They come in various sizes, designs, and types to suit different vehicles and driving conditions, including passenger cars, trucks, bicycles, and motorcycles. Tires play a significant role in vehicle performance, affecting aspects like handling, fuel efficiency, and safety. Regular maintenance, including proper inflation and tread inspection, is essential to ensure tire longevity and roadworthiness.

Greece Tire Market

Growth Drivers

Booming Tourism Sector Fuels Growth of Greece Tire Market Growth

Greece's thriving tourism industry is a key driver behind the rapid growth of the Greece tire market. As the country continues to attract millions of tourists annually, demand for rental cars and transportation services has surged. This heightened activity on the roads has led to increased wear and tear on tires, prompting frequent replacements and upgrades. Also, the expansion of the logistics and transportation sector to support the growing tourism sector has further bolstered the demand for commercial vehicle tires. Consequently, tire manufacturers and suppliers are experiencing a substantial boost in sales, making

Restraints

Economic Challenges Hamper Growth in Greece Tire Market

Greece's tire market faces significant constraints due to economic challenges. The country's prolonged economic instability and high unemployment rates have affected consumer purchasing power, leading to decreased demand for new tires. Also, stringent government regulations and taxes on tire imports have further burdened the market. The lack of investment in infrastructure development has hindered the automotive sector's growth, affecting tire sales. Further, the rise of e-commerce and online tire retailers has intensified competition, pressuring traditional brick-and-mortar tire shops. These combined factors make it difficult for Greece's tire market to achieve substantial growth, posing challenges for industry players.

Impact of COVID-19 on Greece Tire Market

The COVID-19 pandemic significantly impacted Greece tire market. Lockdowns and travel restrictions reduced vehicle usage, leading to a decline in tire demand. Manufacturing and supply chain disruptions also affected tire production and availability. With economic uncertainties, consumers postponed non-essential purchases, including tire replacements, impacting sales. However, as restrictions eased, there was a gradual recovery in the market due to pent-up demand and increased emphasis on personal vehicles over public transport. The pandemic accelerated the shift towards e-commerce in tire sales, as consumers sought contactless shopping options. Overall, the Greece tire market experienced a downturn initially but showed signs of resilience and adaptation.

Greece Tire Market

Segmental Coverage

Greece Tire Market - By Vehicle Type

By vehicle type, the Greece tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Off-The-Road (OTR) Vehicles, and Two Wheelers. Passenger car tires often dominate the market due to the country's extensive road network and high passenger car ownership. However, LCV and two wheeler tire segments are also significant contributors, reflecting the country's reliance on transportation for both personal and commercial purposes. The market's multi-faceted segmentation underscores the importance of catering to a wide range of vehicle types in the Greece automotive industry.

Greece Tire Market - By Demand Category

On basis of the demand category, Greece tire market is split into OEM and Replacement segments. The OEM segment pertains to the tires that are directly supplied to vehicle manufacturers for initial vehicle assembly. These tires are designed to meet specific vehicle specifications and are an integral part of the manufacturing process. On the other hand, the replacement segment comprises tires that consumers purchase separately to replace worn-out or damaged tires on their vehicles. It represents a substantial portion of the tire market as consumers frequently require replacements due to wear and tear, making it a vital sector within the Greece tire market.

Greece Tire Market - By Type of Tire

Based on type of tire, Greece tire market is bifurcated into Radial and Bias segments. The radial segment emerges as the larger and more prominent market segment. Radial tires, known for their advanced construction and performance characteristics, have gained significant traction within the Greece market, surpassing bias tires in popularity and market share. This dominance can be attributed to radial tires' superior traction, fuel efficiency, and overall durability, making them the preferred choice among consumers and businesses alike. As a result, radial tires continue to drive growth and innovation in the Greece tire industry, reflecting the evolving preferences of consumers and the automotive sector.

Greece Tire Market – By Sales Channel

On basis of the sales channel, Greece tire market is divided into Dealer/Exclusive Outlets and Online segments. The dealer/exclusive outlets segment encompasses traditional brick-and-mortar tire shops and exclusive dealerships, offering customers a hands-on, in-person shopping experience with expert advice and installation services. In contrast, the online segment represents the digital marketplace, allowing consumers to purchase tires conveniently from various online retailers. As the tire market in Greece evolves, these segments continue to compete and adapt to changing consumer preferences, making them crucial components of the country's tire industry landscape.

Greece Tire Market – By Tube Type

On basis of the tube type, Greece tire market is divided into Tube and Tubeless segments. Tube tires feature an inner tube that holds air, while Tubeless tires rely on an airtight seal between the tire and rim to maintain pressure. Tubeless tires have gained significant popularity due to their advantages, including reduced maintenance, improved safety, and better fuel efficiency. This segment dominates the market in Greece, reflecting the growing preference for modern and hassle-free tire technology. Therefore, manufacturers and consumers alike are increasingly gravitating towards Tubeless tires, shaping the landscape of the Greece tire market.

Competitive Landscape

Greece tire market is fiercely competitive, with Michelin, Bridgestone, Continental, Goodyear, Pirelli, Dunlop, Yokohama, Toyo, Hankook, and Kormoran. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In 2021, Goodyear introduced a new ElectricDrive all-season tire along with two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The product primarily targets crossover utility vehicles and commuter touring sedans, fundamentally equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Also, the tire demonstrates excellent handling capabilities in different weather scenarios owing to its asymmetric tread pattern. In 2022, the brand announced its plans to further expand its product portfolio with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.

Scope of the Report

By Vehicle Type

• Passenger Cars

• Light Commercial Vehicles (LCVs)

• Medium & Heavy Commercial Vehicles (M&HCVs)

• Off-the-Road (OTR) Vehicles

• Two Wheelers

By Demand Category

• OEM

• Replacement

By Type of Tires

• Radial

• Bias

By Sales Channel

• Dealer/Exclusive Outlets

• Online

By Tube Type

• Tube

• Tubeless