Press release
Winter Tires Market: Independent Aftermarket Accounted for 52% of Sales in 2017 || Key Players: Continental AG, Compagnie Générale des Établissements Michelin SCA, Goodyear Tire & Rubber Co., Nokian Renkaat Ojy, Pirelli & C. Spa
Fact.MR estimates the global demand for winter tires to surpass 319 million units in 2028. This is likely to equate nearly US$ 43 billion opportunity by 2028. The global winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028. This research analysis demonstrates key trends and market dynamics across regional segments incorporated, which are likely to impact current as well as future expansion of the global winter tires market.
Independent Aftermarket Accounted for 52% of Global Winter Tire Sales in 2017
End-users show a marked preference for independent aftermarket, with this sales channel accounting for nearly 52% volume share of the market in 2017. The status quo is likely to remain unchanged during Fact.MR’s review period, OES maintaining its position as the second prominent sales channel
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Premium winter tire companies are making incremental improvements – both in terms of technical upgrades and addition of new sizes. For example, Nokian Tyres added new sizes to WR A4, its flagship winter tyre range for Central Europe. The company has made these premium winter tyres available in modern electric cars as well. Continental AG also launched its new range of Winter Contact TS 860 S tires. These premium tires are available in 18”-21” size range, and are targeted at highly motorized vehicles.
Asian winter tire manufacturers Hankook Tire and Yokohama Tire also have a significant penetration in this landscape, with cost being the key differentiator. Although Fact.MR’s study revealed that end-users prefer premium winter tires owing to positive perception and reliability, Asian manufacturers are steadily gaining traction as the market makes a steady shift from niche to mainstream.
Europe
Austria: Winter tires are compulsory in the country for the period November 1st to April 15th. Winter tires are also compulsory for certain bus categories for the period November 1 to March 15.
Bulgaria: From 15th of November to 1st March, winter tires with a minimum tread depth of 4mm are mandatory
Czech Republic: Winter tires are mandatory from 1st November to 1st April, with minimum tread depth of 4mm
Estonia: Winter tires are mandatory from 1st December to end February. The minimum tread depth these tires need to have is 3mm
Germany: The changes in regulations in 2010 have made winter, or all-season tires mandatory in wintry conditions
Iceland: Winter or all season-tires are mandatory from 1st November to 14th April.
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16”-19” – The Shift Towards Larger Rim Sizes becoming Pervasive
The preference towards larger rim sizes is gaining ground. This trend is pervasive across all vehicle types – two wheelers, passenger cars, LCV, and HCV. Nearly 60 million 16”-19” passenger car winter tires were sold in 2017, which was the highest across all vehicle classes.
Winter tire manufacturers are not oblivious to the emerging opportunities in this fledgling landscape. In a bid to consolidate their market position, key market participants are focusing on launching advanced winter tires that offer optimal performance under rapid temperature changes.
Winter Tire Market: Competitive Landscape
The coherent analysis of competitive scenario of the winter tire market is backed up by the Porters’ Five Force Analysis. Further, the Porters’ Five Force Analysis focuses on feasible strategies of the pertinent players in the winter tire market. Additionally, the report also elucidates SWOT analysis, company profile, product portfolio, recent development, company profile, key differentiation and annual revenue.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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