Automotive Winter Tire Market to Grow at Expeditious CAGR by 2025: Growth Drivers and Top Impacting Factors

Winter Tires which are usually also referred to as snow tires are specialty tires made from advanced rubber compounds with specific tread design to increase traction while driving on snow and ice. Usually, the rubber tread of summer tires or all-season tires can become stiff in cold conditions and therefore may fail to provide the required traction. Hence, there is requirement for winter tires. Advance rubber compounds and resins are used for production of winter tires. This helps regain the necessary traction. Therefore, winter tires are widely accepted in countries that experience cold climates.

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Winter tires are often used in temperatures lower than 45 Fahrenheit. Moreover, they are also equipped with metal or ceramic studs that protrude outwards from the tires which provides additional traction in condition of closely packed snow or ice. Many countries and regions in the world have some specific regulations related to winter tires.

Winter tires have following advantages:

•It allows better adherence or grip on snow or ice
•It reduces fuel consumption and provide good traction
•It can reduce the braking distance by over 10% on wet roads
•It provides better driving conditions and improved safety compared to summer tires or tires with chains.

Rise in sales of automobiles, particularly in countries with cold climates such as Canada, is one of the major factor that boosts the growth of the market. Nearly all countries with cold climates are working toward mandatory use of winter tires due to safety concerns and fuel efficiency. Moreover, many insurance companies are offering discount on premiums for vehicles equipped winter tires. Further, there is increase in safety awareness among consumers, which in turn fuels the demand for winter tires.

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The global winter tire market is segmented based on rim size, presence of stud, sales channel, and vehicle type. Based on rim size, the winter tire market is segmented into 13-15, 16-18, 1921, 2226. Based on stud presence, the winter tire market is classified into studded and studless. Based on sales channel, the winter tires market is bifurcated into OEM and Aftermarket. Based on vehicle type, the winter tire market is classified into two-wheelers, passenger cars, and commercial vehicles. In addition, the winter tire market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the key players operating in the market are Bridgestone Corporation, Continental AG, Nexen Tire Corporation, Sumitomo Rubber Industries, The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., The Yokohoma Rubber Co., MICHELIN, Hankook Tire, Toyo Tire & Rubber Co., Cheng Shin Rubber Ind. Ltd., and Giti Tire.

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Key Market Segment

By Rim Size
13-15
16-18
1921
2226

By Presence of Stud
Studded
Studdless

By sales channel
Aftermarket
OEM

By Vehicle Type
Two-wheelers
Passenger Cars
Commercial Vehicle
Light Commercial Vehicles
Heavy Commercial Vehicles

By Region
North America
U.S.
Canada
Mexico

Europe
UK
Germany
France
Russia
Rest of Europe

Asia-Pacific
China
Japan
South Korea
Vietnam
Rest of Asia-Pacific

LAMEA
Latin America
Middle East
Africa

Key Market Players Profiled in the Report

•Bridgestone Corporation
•Continental AG
•Nexen Tire Corporation
•Sumitomo Rubber Industries
•The Goodyear Tire & Rubber Company
•Pirelli & C.S.p.A.
•The Yokohoma Rubber Co.
•MICHELIN, Hankook Tire,
•Toyo Tire & Rubber Co.,
•Cheng Shin Rubber Ind. Ltd.,
•Giti Tire

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