United Kingdom Tire Markets Report 2023: A $3.06 Billion Market in 2022 – Competition,

Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) — The “United Kingdom Tire Market, Competition, Forecast and Opportunities, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.

United Kingdom Tire Market has valued at USD 3.06 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.19%.

The United Kingdom tire market has experienced remarkable growth in recent years. This growth has been fueled by several factors, including the increasing ownership of vehicles and the rise of e-commerce platforms dedicated to tire sales. The convenience and accessibility of online shopping have played a significant role in driving this growth, allowing customers to easily browse through a wide range of products and benefit from the strong brand recognition of international players in the market.

Despite the unprecedented challenges posed by the COVID-19 pandemic, the tire industry has demonstrated remarkable resilience. The essential nature of its products and the continued demand for safe and reliable transportation have contributed to its ability to withstand the impact of the pandemic. This resilience is a testament to the importance of the tire industry in facilitating the movement of people and goods, even in times of crisis.

Looking ahead, the future of the UK tire market is poised to be shaped by advancements in tire technology. Energy-efficient and smart tires are expected to gain traction as consumers increasingly prioritize sustainability and connectivity in their purchasing decisions. These innovative tire technologies will not only contribute to a greener and more connected future but also enhance the overall performance and safety of vehicles on the road.

As consumer preferences continue to evolve, the landscape of the UK tire market will undoubtedly undergo further transformations. Manufacturers and retailers will need to stay ahead of these trends to meet the changing demands of customers. This evolving market presents an opportunity for the development of innovative solutions that address the specific needs of UK consumers, such as all-season tires optimized for the country’s unique weather conditions.

In summary, the United Kingdom tire market has experienced significant growth driven by various factors, including the rise of e-commerce and the accessibility of online shopping. The tire industry’s resilience in the face of challenges, such as the COVID-19 pandemic, highlights its crucial role in facilitating transportation. With advancements in tire technology and evolving consumer preferences, the future of the UK tire market is set to be shaped by innovation and enhanced performance.

Rise in Demand for Eco-Friendly Tires

One of the most prominent trends in the UK tire market is the increasing demand for eco-friendly or green tires. This shift is primarily driven by environmental awareness and concerns over carbon emissions. Consumers are now more conscious of their carbon footprint and are actively seeking tires that are designed to reduce fuel consumption and minimize environmental impact.

Growing Popularity of All-Season Tires

Another trend shaping the UK tire market is the increasing preference for all-season tires over traditional summer and winter tires. This shift in consumer behavior is driven by convenience and cost-effectiveness. All-season tires offer a versatile solution that can perform adequately in a variety of weather conditions, eliminating the need for seasonal tire changes.

Digital Transformation and E-Commerce

The digital transformation of the tire industry is another significant trend in the UK market. With the proliferation of e-commerce platforms, consumers are increasingly turning to online channels to research, compare, and purchase tires. The convenience of online shopping, coupled with access to a wide range of tire brands and models, has made e-commerce a preferred choice for many consumers.

Impact of Electric Vehicles (EVs) on Tire Demand

The adoption of electric vehicles (EVs) in the United Kingdom has been steadily increasing, and this transition is having a notable impact on the tire market. EVs have different performance characteristics compared to traditional internal combustion engine vehicles, which has led to changes in tire requirements.

Challenges Posed by Tire Recycling and Sustainability

Sustainability concerns continue to influence the UK tire market, not only in the production of eco-friendly tires but also in addressing the issue of tire disposal and recycling. Used tires pose environmental challenges when not disposed of properly, as they can become breeding grounds for diseases and contribute to landfill waste. Tire recycling initiatives and regulations have gained prominence in recent years, with the government and industry stakeholders working to find sustainable solutions.

Supply Chain Disruptions and Resilience

The COVID-19 pandemic exposed vulnerabilities in global supply chains, and the UK tire market was not immune to disruptions. Supply chain disruptions, including factory closures and transportation delays, led to shortages and delays in tire availability. This forced consumers to adapt to changing market conditions and sometimes opt for alternative tire choices.

Segmental Insights

Vehicle Type Insights:

  • United Kingdom Tire Market: Segmented by vehicle type, including passenger cars, commercial vehicles, and two-wheelers.
  • Passenger Cars Segment: Dominates the market due to the high number of personal vehicles and demand for maintenance, tire replacements, and upgrades.
  • Commercial Vehicles Segment: Expected to witness significant growth, driven by increased demand for logistics and transportation services, especially in e-commerce.
  • Two-Wheeler Segment: Holds potential for growth due to the popularity of motorcycles and scooters as affordable urban transportation.

Tire Construction Type Insights:

  • United Kingdom Tire Market: Primarily comprises radial and bias construction types.
  • Radial Tires: Dominate the market due to their longer lifespan, fuel efficiency, better traction, and flexible sidewalls.
  • Bias Tires: Less prevalent but favored in heavy-duty applications for durability, robustness, and load-bearing capacity.
  • Advancements in tire technology and materials contribute to the diversification of tire options.

Regional Insights:

  • United Kingdom Tire Market: Experiencing significant growth driven by increased vehicle ownership and improved road infrastructure.
  • Expansion of online retail platforms plays a crucial role, offering consumers more tire options.
  • Challenges include fluctuating raw material prices affecting production costs and stringent environmental regulations, prompting the industry to develop eco-friendly tire solutions.

Key Attributes:

Report Attribute Details
No. of Pages 81
Forecast Period 2022 – 2028
Estimated Market Value (USD) in 2022 $3.06 Billion
Forecasted Market Value (USD) by 2028 $3.76 Billion
Compound Annual Growth Rate 3.1%
Regions Covered United Kingdom

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United Kingdom Tire Market.

  • Bridgestone Corporation
  • Continental AG
  • Goodyear Tire & Rubber Company
  • Sumitomo Rubber Industries Ltd
  • Michelin Group
  • Pirelli & C. S.p.A.
  • Yokohama Rubber Company Limited
  • Kumho Tire Co. Inc.

Report Scope:

United Kingdom Tire Market, By Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Medium & Heavy Commercial Vehicles (M&HCV)
  • Off-the-Road Vehicles (OTR)
  • Two-Wheelers
  • Three-Wheelers

United Kingdom Tire Market, By Tire Construction Type:

United Kingdom Tire Market, By Demand Category:

United Kingdom Tire Market, By Region:

  • England
  • Scotland
  • Wales
  • Northern Ireland

For more information about this report visit https://www.researchandmarkets.com/r/aighkx

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