Press release
Winter Tire Market Growth, Size, Driving Factors, Share, Demand Patterns, Trends Analysis And Forecast 2024-2033 | Key Players: Bridgestone Corporation, Apollo Tyres Limited, Continental AG, Cheng Shin Rubber Industry Co. Ltd., Goodyear Tire and Rubber Co
Winter Tire Market Report
The Business Research Company offers in-depth market insights through Winter Tire Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The winter tire market size has grown strongly in recent years. It will grow from $23.47 billion in 2023 to $24.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to seasonal demand, government regulations, safety concerns, automotive industry growth, consumer awareness, insurance premium reductions.
The winter tire market size is expected to see strong growth in the next few years. It will grow to $31.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to climate change impact, regulatory support, rising disposable income, winter tourism, global expansion of winter conditions, public awareness programs. Major trends in the forecast period include adoption of studless tires, advancements in tire technology, sustainability and eco-friendly materials, online tire sales and e-commerce growth, performance-oriented winter tires..
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Market Segmentation:
The winter tire market covered in this report is segmented -
1) By Product Type: Studded, Stud-Less
2) By Rim Size: 12''- 17'', 18''-21'', >22''
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Sales Channel: Original Equipment Manufacturers, Aftermarket
Major Driver - Automotive Industry Surge Fuels Demand For Winter Tires
The rising growth of the automobile industry is expected to propel the growth of the winter tires market going forward. The automotive industry refers to an industry involved in designing, manufacturing, wholesale, retailing, and maintaining motor vehicles. Winter tires are used in automobiles to provide good traction in extreme cold, and on icy, snowy, or slushy roads, whereas rubber used in tires remains softer that makes it more flexible, allowing the tire to conform to the road and provide better performance in extremely cold conditions. Moreover, countries with cold climates are mandating the usage of winter tires, amid safety concerns and fuel efficiency which results in increased demand for winter tires. For instance, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, UK's car production has risen to 7.4% to 69,524 units as compared to the previous years. Therefore, the rising growth of the automotive industry is driving the growth of the winter tires market.
Competitive Landscape:
Major companies operating in the winter tire market report are Bridgestone Corporation, Apollo Tyres Limited, Continental AG, Cheng Shin Rubber Industry Co. Ltd., Goodyear Tire and Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Madras Rubber Factory Ltd., Maxxis International GmbH, Compagnie Générale des Établissements Michelin SCA, Nankang Rubber Tire Corp. Ltd., Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Sailun Group Co. Ltd., Shandong Linglong Tire Co. Ltd., Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Triangle Group Ltd., Yokohama Rubber Company Limited, Zhongce Rubber Group Co. Ltd., CEAT Limited, Trelleborg AB, Cooper Tire & Rubber Co., Giti Tire Pte Ltd., Vredestein Tyres, Westlake Tyres, Xingyuan Tire Group Co., Ltd., ZC Rubber Group Co. Ltd., Zhejiang Double Arrow Rubber Co., Ltd. .
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Top Trend - Breakthrough In Ice Braking And Snow Handling Performance
Product innovation is a key trend gaining popularity in the winter tires market. Major companies operating in the winter tires market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2021, Goodyear Tire & Rubber Company, a US-based multinational tire manufacturing company, introduced UltraGrip Arctic 2 tire, a studded tire for passenger cars and SUVs for unbeaten ice braking, snow braking & handling performance. UltraGrip Arctic 2 tire's unique features include an arctic eagle claw stud, snow grip technology, and noise control that provides strong performance in all snow conditions through wider grooves and higher edge density with optimal ice grip and an innovative anchoring system for improved stud retention which enables ice performance throughout the lifetime of the tire.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Winter Tire Market Characteristics
3. Winter Tire Market Trends And Strategies
4. Winter Tire Market - Macro Economic Scenario
5. Winter Tire Market Size And Growth
…..
27. Winter Tire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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