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
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.