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European tire market to cross €44b by 2021

New York – The European tire market is expected to grow to $49 billion (€44 billion) by 2021, according to a report by market research firm TechSci Research.

Growth, said the report, will be driven by an anticipated stabilisation of crude oil price, rising vehicle sales, vehicle-fleet expansions and implementation of “favourable government policies”.

Europe is home to more than 90 tire manufacturing facilities, 16 research & development centres and 12 leading tire manufacturers.

According to the report, with Europe finally recovering from the 2008 financial crisis, the automotive and tire…

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