Winter Tire Market Research and Forecast 2019-2025

Winter tires market is projected to showcase a steady growth during the forecasted period. Winter tires are mainly designed to roll on ice and snow surface. The tread designs of the winter tires are employed to expand the traction of winter tires on the surface of ice and snow. Snow tires are mainly designed to drive under severe winter conditions, at a temperature below 7°C (45°F). Snow tires come with ceramic or metal studs that protrude from the tire to expand the tire traction on the hard packed icy and snowy road. Apart from snow and ice surface winter tires can also be operated on various other surfaces, including wet or dry pavements, and muddy surface among others.

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Favorable government laws to support the use of winter tires in the countries with cold climate are a major factor to drive the growth of the winter tire market. The use of vehicles for both personal and commercial use in the cold climate countries is increasing as vehicles have become more of a commodity than a luxury product due to higher disposable incomes of the consumers in cold climate regions. Therefore, the mandatory use of winter tires in these vehicles in the countries with cold climate is making a major contribution to the growth of the winter tire market. Almost all the countries with harsher winters, such as UK, Canada, Germany, and Scandinavian countries are making the use of winter tire mandatory, amid safety concerns and fuel efficiency of the vehicles.

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Moreover, many companies offer discount on insurance premiums for vehicles equipped winter tires which is driving people to prefer winter tires over conventional tires. In Quebec (Canada), since, 2008 the use of winter tires is mandatory between December 15 and March 15, and a fine ranging from $160- $250 is levied as a punishment. While, in British Columbia, winter tires are required by law in certain mountainous regions from October 1 to April 30. In New Bruncewickit is mandatory for school buses to use winter tires. In Ontario, the insurance companies are legally required to give discount to the drivers that use winter tires.

Current Market trends covered in the market report

• R&D and product innovation is a major growth strategy adopted by the key players of the winter tire market.
• Winter tire is a niches market restricted to the cold region it can be a major factor to restrain the growth of the winter tire market across the globe.
• Government regulation to propel the market growth.

Winter Tire Market Segmentation

By Type

• Studded tier

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

By Sales Channel

• OEM
• Aftermarket

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Global Winter Tire Market – Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Apollo Tyres Ltd.
• Bridgestone Corp.
• Cheng Shin Rubber Ind Co. Ltd.
• Continental AG
• Cooper Tire & Rubber Co.
• Hankook Tire & Technology Co., Ltd.
• JSC Cordiant
• Michelin Group
• Nexen Tire Corp.
• Nokian Tyres PLC
• Pirelli & C. S.p.A.
• PJSC Nizhnekamskshina
• Sumitomo Rubber Industries Ltd.
• The Goodyear Tire & Rubber Co.
• The Kumho Tire Co.
• The Yokohama Rubber Co. Ltd.
• Toyo Tire & Rubber Co.
• Zhongce Rubber Group Co. Ltd.

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