Global Winter Tires Market Is Forecast To Surpass US$ 36.6 Billion Valuation By 2032
The global winter tires market is valued at US$ 24.1 Bn in 2022, and is forecast to surpass US$ 36.6 Bn valuation by 2032, expanding at a CAGR of 4.2% from 2022 to 2032.Winter tires account for close to 1% share of total tire sales worldwide, and are largely in demand across selected geographies.
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Global Winter Tires Market - Demand Drivers
"Growing Automobile Industry to Support Demand Growth of Winter Tires"
Growing automobile industry is boosting demand growth of vehicle winter tires, especially in countries that have cold climates. Growth of the snow tires market is directly proportional to escalating demand for automobiles, for both, personal and commercial use.
Demand is estimated to rise 1/5 of current levels on the back of multiple factors. For instance, countries with cold climates are mandating the application of winter tires amid rising safety concerns and need for fuel efficiency. In addition to this, companies are offering discounts on insurance premiums for vehicles that are equipped with winter tires, which is further boosting the use of winter tires.
With the rise in disposable income of consumers and growth of the automobile industry, consumers are replacing their conventional tires with winter tires amid rising number of stringent norms and rapid innovation by tire manufacturers, thereby fueling the sales of winter tires.
Critical insights enclosed in the report:
In-depth assessment of the leading market players in the Winter Tires market
The regional analysis of the different market segments and sub-segments
Recent mergers, acquisitions, collaborations, partnerships, and R&D activities.
SWOT analysis of the prominent players in the Winter Tires market
Y-o-Y revenue growth of the Winter Tires market during the forecast period
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The global winter tires market is highly competitive and fragmented because of the presence of several regional and international players. Marketing strategies such as mergers and acquisitions, expansions, partnerships, and collaborations are being adopted by key winter tire suppliers.
Along with this, new product development is also a strategic approach by companies to expand their presence in the market and garner a wider consumer base.
Bridgestone Corp., in 2021, acquired Azuga Holdings Inc. This acquisition is likely to enhance the company's development in tire-centric and mobility solutions, thereby leading to improvement in fleet safety, sustainability, and performance.
Goodyear Tire & Rubber Co., in 2021, announced the completion of the acquisition of Cooper Tire & Rubber Company, which will strengthen its leadership position in tire industry over the coming years.
Fact.MR has provided detailed information about the price points of key manufacturers in the winter tires market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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Report Benefits & Key Questions Answered
Winter Tires Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
Winter Tires Historical volume analysis: The report provides a comparison of Winter Tires historical sales and projected sales performance for 2021-2031.
Winter Tires manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Inflammatory Skin Diseases Treatment Market. It carefully gauges the impact of changing healthcare needs of key demographics globally
Winter Tires Consumption by demographics: The report investigates consumer behavior affecting Winter Tires demand outlook for the assessment period. Effect of their keenness for digital trends on Winter Tires is carefully analyzed
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