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

04-05-2019 08:14 PM CET | Logistics & Transport

Press release from: Allied Market Research

Automotive Winter Tire Market to Grow at Expeditious CAGR

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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•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
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

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

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