United Kingdom Tire Market Size 2023 Report Examines Latest Trends and Key Drivers Supporting Regional Outlook 2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "United Kingdom Tire Market" industry. Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

The United Kingdom tire market has experienced rapid growth, with a projected CAGR of 6.4% during the forecast period of 2022-2028. The market is driven by the increasing production and demand for automobiles in the country, fueled by growing disposable income and purchasing power. The flourishing cab services industry is also a key factor propelling market growth.

According to a recent study by strategic consulting and market research firm Report Ocean, the United Kingdom tire market was valued at USD 2.8 billion in 2021 and is estimated to reach USD 4.8 billion by 2028. The market has witnessed significant growth due to increased automobile production and demand, driven by rising disposable income and purchasing power. The thriving cab services industry in the country is also contributing to the market's expansion. Furthermore, the launch of new tires focusing on improved safety presents lucrative growth opportunities for the United Kingdom tire market. However, volatile raw material prices may pose challenges to market growth.

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The United Kingdom has seen a surge in vehicle ownership, with the Society of Motor Manufacturers and Traders reporting approximately 40.4 million registered cars, vans, trucks, and buses. The demand for light commercial vehicles experienced significant growth, driven by the transportation needs of essential workers, deliveries, and emergency services during the COVID-19 pandemic. With increasing vehicle ownership, the demand for replacement tires is expected to rise during the forecast period.

The market has witnessed the emergence of flourishing online sales channels, driven by the government-imposed lockdown. Tire companies swiftly adapted to online sales channels to overcome the distribution challenges. Numerous online tire stores, such as MyTyre, Blackcircles.com, Oponeo, and Tyre Shopper, offer a wide range of tires from various brands, providing customers with detailed information to make informed choices.

The United Kingdom tire market is divided into OEM and replacement segments based on end-users. The OEM segment holds the largest market share, driven by the presence of leading automobile manufacturers in the country, including Aston Martin, Rolls-Royce, Mini, Land Rover, and Jaguar. The replacement segment also accounts for a substantial market share, driven by the limited lifespan of tires and high vehicle ownership rates.

Key players in the United Kingdom tire market include 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 market is highly concentrated, with premium tire manufacturers such as Michelin, Pirelli, and Bridgestone dominating the market. These players offer a wide range of tires for different vehicle types and focus on improving distribution channels, including specialty stores and online platforms. Competitive strategies such as partnerships, mergers, acquisitions, and joint ventures are also prevalent in this market.

Consulting analysts can provide crucial insights to businesses seeking opportunities in the United Kingdom tire market, facilitating informed strategic decisions. The comprehensive analysis provided in the report covers growth potential, upcoming trends, and statistics of the market. It also examines the competitive landscape, challenges, and dynamics of the market.

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Market Overview
Market Size & Forecast by Value, 2018-2028
Market Size and Forecast, By Segment

By Design
Radial
Bias

By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)

By End-User
OEM
Replacements

By Distribution Channel
Online Distributors
Offline Distributors

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This release was published on openPR.