Report Overview

Increasing number of vehicle ownership, spurring demand for winter and all-season tires due to the country's climate, stringent safety regulations, and growing tourism and transportation industries, which boost replacement tire sales and overall market growth, all contributing to the growth of the Austria Tire Market during the forecast period between 2023 and 2029.

Austria Tire Market - Industry Trends & Forecast Report, 2029

Austria tire market size was estimated at USD 900.98 million in 2022. During the forecast period between 2023 and 2029, the size of Austria tire market is projected to grow at a CAGR of 3.87% reaching a value of USD 1,131.4 million by 2029. Austria tire market's growth is driven by several key factors. Firstly, the country's robust automotive industry and a high rate of vehicle ownership ensure consistent demand for tires, both in the replacement and OEM markets. Also, stringent winter tire regulations in Austria boost sales of seasonal tires, as winters are severe in many regions. Further, rising awareness of safety and environmental concerns encourages consumers to invest in premium and eco-friendly tire options. E-commerce platforms have also facilitated tire sales, offering convenience and a wider product range. Overall, these factors contribute to the expansion of the Austria tire market.

Austria Tire Market - Overview

A tire is a vital automotive component designed to provide traction, support, and stability to vehicles. Typically made from rubber and reinforced with various materials like fabric and steel, tires are cylindrical and mounted on a vehicle's wheels. They serve several critical functions, including grip on the road surface, shock absorption, and load-bearing capabilities. Tires come in various types, including all-season, winter, and performance variants, each optimized for specific driving conditions. Proper maintenance, such as monitoring tire pressure and tread depth, is essential for safety and fuel efficiency. Tires are a fundamental element ensuring the safe and efficient operation of automobiles.

Growth Drivers

Increasing Demand for Tires

Austria tire market is experiencing robust expansion, primarily driven by the nation's sustained economic prosperity. Austria's flourishing economy has bolstered consumer spending power, leading to increased vehicle ownership and an upsurge in automotive sales. This, in turn, fuels the demand for tires as replacements and upgrades. Also, the growing trend towards eco-friendly and high-performance tires further stimulates market growth, as consumers prioritize safety and environmental concerns. As Austria's economy continues to thrive, the tire market is poised to thrive as well, presenting opportunities for both domestic and international tire manufacturers to flourish.

Restraints

Market Saturation

One significant restraint facing the Austria tire market is market saturation. With a relatively small population and a mature automotive industry, Austria has reached a point where the demand for tires is largely met. This saturation means limited opportunities for substantial growth in terms of volume. Manufacturers and distributors may find it challenging to expand their market share and increase sales significantly. To overcome this restraint, businesses in the Austria tire market must focus on innovation, offering specialized products or targeting niche segments to remain competitive and sustain profitability in a highly competitive environment.

Prolonging Geopolitical Tensions in Eastern Europe and West Asia

The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.

Meanwhile in the Eastern Europe, the Russia-Ukraine war has been prolonging for more than a year. Also, the war in West Asia and escalating geopolitical tensions in West Asia and Middle East will affect industries across verticals and regions. Oil & gas is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, oil prices increased by more than 4.5% or more than USD 4 a barrel in Asia trade on October 09, 2023. Brent crude surged USD 4.18, or about 5%, to USD 88.76 a barrel, meanwhile the US West Texas Intermediate crude was up more than 5% or USD 4.23 at USD 87.02 a barrel. This spike in oil and energy costs will have a domino effect on multiple industries. As fossil fuel is one of the main raw materials for the production of tires, companies and end users in the Austria tire market face the brunt of rising fuel prices. Volatile and higher fuel prices could increase the cost of tires, resulting in the declined demand for tires affecting their sales and market growth.

Impact of COVID-19 on Austria Tire Market

The COVID-19 pandemic significantly impacted the Austria tire market. During the initial outbreak and subsequent lockdowns, the demand for tires plummeted as travel restrictions and reduced economic activity led to decreased vehicle usage. Manufacturing and supply chain disruptions also hindered tire production and distribution. However, as restrictions eased and people sought safer alternatives to public transport, there was a gradual recovery in the market, driven by increased consumer interest in personal vehicles. This shift in consumer behavior, coupled with a growing awareness of the importance of safe tires, contributed to a resurgence in the Austria tire market as it adapts to the pandemic's challenges.

Austria Tire Market Segmental Coverage

Austria Tire Market - By Vehicle Type

By vehicle type, Austria tire market is divided into Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, and Three Wheeler segments. The passenger car segment is the largest in the Austria tire market. This category represents the highest volume of tire sales, as it includes tires for standard passenger vehicles, which are commonly used for personal transportation throughout the country. While other segments like Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, and Three Wheelers also contribute to the market, the Passenger Car segment dominates due to the prevalence of such vehicles on Austrian roads, reflecting the country's emphasis on personal mobility and urban commuting.

Austria Tire Market - By Tire Type

By tire type, Austria tire market is divided into Radial and Bias segments. Radial tires are known for their advanced design, featuring ply cords radiating from the tire's center, which provides improved performance, durability, and fuel efficiency. Conversely, Bias tires have a diagonal ply construction, offering robustness and stability, making them suitable for specific applications. While Radial tires dominate the modern automotive landscape due to their technological advancements, Bias tires remain relevant in specialized industries like agriculture and off-road vehicles, catering to distinct customer needs and preferences in the Austrian tire market.

Austria Tire Market - By Sales Channel

By sales channel, Austria tire market is divided into Dealer/Distributor, and Online segments. The Dealer/Distributor segment encompasses traditional brick-and-mortar tire shops and distribution channels, serving customers through physical storefronts. On the other hand, the Online segment represents the growing trend of purchasing tires through e-commerce platforms, allowing consumers to browse and buy tires online, often with the convenience of home delivery or installation services. While both segments coexist, the Online segment has been witnessing significant growth in recent years, driven by the increasing preference for online shopping and the convenience it offers to tire buyers in Austria.

Austria Tire Market - By Demand Category

By demand category, Austria tire market is divided into OEM and Replacement segments. The replacement segment is the largest and most important segment. This area includes the upgrading and changing of tires on pre-existing vehicles, such as industrial machines, commercial vehicles, and passenger cars. The Replacement segment is a crucial part of the Moroccan tire industry due to the country's expanding vehicle fleet and rising demand for tire replacement due to wear and tear. As a result, tire producers and distributors frequently concentrate their efforts on serving this big market sector.

Competitive Landscape

Austria tire market is fiercely competitive, with Michelin, Continental, Pirelli, Bridgestone, Hankook, Nokian, and Kumho. 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

• August 2022 - Bridgestone and AWS Announce Strategic Relationship Focused on Platform Development and Launching New Customer Solutions.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	Austria
Product/ Service Segmentation	Vehicle Type, Tire Type, Sales Channel, Demand Category.
Key Players	Michelin, Continental, Pirelli, Bridgestone, Hankook, Nokian, and Kumho.

 

 

By Vehicle Type

• Passenger Car

• Light Commercial Vehicle

• Medium and Heavy Commercial Vehicles

• Off the Road (OTR)

• Two Wheelers

• Three-Wheeler

By Tire Type

• Radial

• Bias

By Sales Channel

• Dealer/Distributor

• Online

By Demand Category

• OEM

• Replacement

1. Research Framework
   1. Research Objective
   2. Tire Type Overview
   3. Market Segmentation
2. Executive Summary
3.  Austria Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing sale of automobiles
         2. Replacement Demand
      2. Restraints
         1. Economic Factors
         2. Price Volatility
      3. Opportunities
         1. Rising demand for electric vehicles
         2. Increasing demand for eco-friendly tires
      4. Challenges
         1. Technological Complexity
         2. Changing Consumer Preferences
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  Austria Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Vehicle Type
         1. Passenger Cars
         2. Light Commercial Vehicles (LCVs)
         3. Medium and Heavy Commercial Vehicles (M&HCVs)
         4. Off-the-Road (OTR) Vehicles
         5. Two Wheelers
         6. Three Wheelers
      2. By Tire Type
         1. Radial
         2. Bias
      3. By Sales Channel
         1. Dealers/Distributors
         2. Online Stores
         3. Others
      4. By Demand Category
         1. OEMs
         2. Replacement
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Austria Tire Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of COVID-19 on Austria Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Michelin
   2. Continental
   3. Pirelli
   4. Bridgestone
   5. Hankook
   6. Nokian
   7. Kumho
   8. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Demand Category
   5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       Austria Tire Segmentation

Figure 2       Austria Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Austria Tire Market Size, By Value (USD Million), 2019–2029

Figure 5       Austria Tire Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       Austria Tire Market Share, By Tire Type, By Value, 2019–2029

Figure 7       Austria Tire Market Share, By Sales Channel, By Value, 2019–2029

Figure 8       Austria Tire Market Share, By Demand Category, By Value, 2019–2029

 

List of Tables

 

Table 1 Austria Tire Market Size, By Value (USD Million), 2019–2029

Table 2 Austria Tire Market Share, By Vehicle Type, By Value, 2019–2029

Table 3 Austria Tire Market Share, By Tire Type, By Value, 2019–2029

Table 4 Austria Tire Market Share, By Sales Channel, By Value, 2019–2029

Table 5 Austria Tire Market Share, By Demand Category, By Value, 2019–2029

Table 6        Michelin Company Overview

Table 7        Michelin Financial Overview

Table 8        Continental Company Overview

Table 9        Continental Financial Overview

Table 10      Pirelli Company Overview

Table 11      Pirelli Financial Overview

Table 12      Bridgestone Company Overview

Table 13      Bridgestone Financial Overview

Table 14      Hankook Company Overview

Table 15      Hankook Financial Overview

Table 16      Nokian Company Overview

Table 17      Nokian Financial Overview

Table 18      Kumho Company Overview

Table 19      Kumho Financial Overview