A recent report published by Infinium Global Research on winter tire market provides an in-depth analysis of segments and sub-segments in the global as well as regional winter tire market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional winter tire market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global winter tire market. According to the report, the global winter tire market is projected to grow at a CAGR of 4.58% over the forecast period of 2019-2025.
In 2019, Hankook Tire & Technology group and Toyota Motor Corporation announced that the new 2020 Corolla will be equipped with the Kinergy GT tires. The tires demonstrated outstanding performance in wet, dry and winter conditions. Winter tires are fully dedicated to better grip and performance in winter conditions. Many of the auto component manufacturers have their winter tires commercial available in the market. Continental’s VikingContact 7 winter tires are available in 91 sizes ranging from 15 inches to 20 inches. While Goodyear’s WinterCommand is a studded mid-tier winter tire available in 54 sizes covering fitments on passenger cars, CUVs, SUVs, and light trucks.
The automobile industry, particularly in the Nordic and Scandinavian region is growing. Increasing the sale of vehicles in these regions is the major driving factor for the growth of the winter tire market. Most of the car manufacturers provide the winter tire as standard in their cars in the regions with cold climate conditions. Moreover, the governments of these regions have implemented regulations for using winter tires on all vehicles in order to provide safety. The regular tires tend to lose grip on the roads and slide in the cold climates, thus the use of winter tires provides safety to the cars in cold regions. The use of winter tires in some countries is mandatory, which in turn drives the growth of the winter tire market. Furthermore, growing awareness regarding general road safety has boosted demand for the winter tires. However, the winter tire market is restricted to the regions with cold climatic conditions, which makes it a niche market. This has been the restricting factor for the winter tire market. Additionally, increasing technological advances is expected to develop better products in the future, which provides profitable opportunities for players in the market.
In terms of region, Europe generated the highest revenue for the winter tires, dominating the global market. The dominance of Europe attributed to stringent government regulations for the implementation of winter tires and harsh climatic conditions, particularly in the Nordic and Scandinavian regions. North America held the second largest share in the global winter tire market following Europe. The significant share of North America in the market attributes to the strict regulations in some states of the U.S and Canada.
The report on global winter tire market covers segments such as type, sales channel, and vehicle type. On the basis of type, the sub-markets include studded, and studless. On the basis of sales channel, the sub-markets include OEM, and aftermarket. On the basis of vehicle type, the sub-markets include passenger vehicle, and commercial vehicle.
The report provides profiles of the companies in the market such as Bridgestone Corporation, Continental AG, Michelin Group, Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Nokian Tyres Oyj, Hankook Tire & Technology group, Yokohama Rubber Company, Limited, Apollo Vredestein Belux SA, Hangzhou Zhongce Rubber Co., Ltd., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of winter tire market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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