Automotive Winter Tire Market to Grow at Expeditious CAGR by 2025: Growth Drivers and Top Impacting Factors
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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.
Key Benefits For Stakeholders:
•This study presents the analytical depiction of the automotive seat frame market analysis along with the current trends and future estimations to depict the imminent investment pockets.
•The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
•The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
•The current market is quantitatively analyzed from 2018 to 2025 to benchmark the financial competency.
•Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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Key Market Segment
By Rim Size
By Presence of Stud
By sales channel
By Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
Rest of Europe
Rest of Asia-Pacific
Key Market Players Profiled in the Report
•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.,
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