Recent data from the European Tyre and Rubber Manufacturers' Association (ETRMA) highlights a mix of optimism and challenges in Europe’s tyre market. While ETRMA members experienced an uptick in replacement tyre sales during the third quarter of 2024, the broader trend since 2019 reveals a persistent shift towards imported tyres capturing market share.
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In Q3 2024, ETRMA members reported an increase in replacement tyre volumes, marking a positive shift following several challenging quarters. This quarterly growth reflects a moderate rebound amid a difficult economic backdrop of high energy costs and inflation, which have curbed consumer spending and affected the automotive sector across Europe.
Despite the Q3 recovery, the tyre market’s longer-term trajectory reveals that imported tyres have been steadily gaining ground since 2019. ETRMA members have faced consistent sales declines through 2023 and early 2024, with imports increasingly filling the gap in the European market.
Economic challenges, including widespread inflation and rising energy prices, have particularly affected domestic manufacturers, while geopolitical tensions have disrupted supply chains, reduced demand, and led to inventory shortfalls across the region. These factors, combined with the growing influx of imported tyres, have made it challenging for ETRMA members to regain market share.
The recent rebound has not been uniform across tyre segments:
As ETRMA members adapt to evolving market conditions, the industry faces an array of challenges, from fluctuating raw material costs to the Red Sea crisis impacting shipping logistics. The latest data underscores the need for strategic adaptability to stay competitive, particularly in consumer and truck tyre segments, where market dynamics have shifted most drastically.
For European tyre manufacturers, 2024 presents both hurdles and opportunities to stabilise their market presence amid the sustained rise of imports. The industry will continue to rely on innovation, cost management, and targeted investments in higher-demand tyre segments to capture future growth opportunities.
