Winter Tire Market accounted for USD 25.18 billion in 2023 and is expected to reach USD 37.77 billion by 2030

Forecast Increase in Revenue:

Winter Tire Market accounted for USD 25.18 billion in 2023 and is expected to reach USD 37.77 billion by 2030 at a CAGR of 5.96 percentage during the forecast period.

Winter Tire Market Overview:

The Winter Tire Market, valued at USD 25.18 billion in 2023, is projected to reach USD 37.77 billion by 2030, growing at a CAGR of 5.96%. Winter tires, specifically designed for traction on snow and ice, are essential in temperatures below 7 degrees Celsius. Increasing demand for higher rim diameter tires, driven by the popularity of SUVs and high-ground-clearance vehicles, along with a heightened focus on automotive safety in winter conditions, are major factors propelling market growth. Furthermore, the introduction of innovative products, such as retractable stud tires, highlights the industry's ongoing advancements.

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Drivers in the Winter Tire Market:

Key drivers of the Winter Tire Market include the increasing number of automobiles for personal and commercial use, particularly in cold climate regions, and the growing emphasis on vehicle safety during winter conditions. Regulatory mandates in many countries requiring winter tire usage, coupled with the rising disposable incomes leading to higher vehicle sales, significantly boost market demand. Additionally, insurance companies offering discounts for vehicles equipped with winter tires further drive consumer preference for these specialized tires.

Winter Tire Market Trends:

The Winter Tire Market is experiencing notable trends such as the rising preference for larger rim size tires (18"-21") among SUV owners, driven by the need for greater stability and performance in snowy conditions. The ongoing innovation by global tire manufacturers, leading to the development of more advanced and expensive winter tire options, is also a significant trend. Moreover, the heightened focus on safety features and improved grip on ice and snow is pushing consumers towards high-quality winter tires, thereby influencing market growth positively.

𝐍𝐞𝐞𝐝 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 + 𝐆𝐫𝐚𝐩𝐡𝐬 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/inquiry-before-buying/14685/

Winter Tire Market Opportunities:

Opportunities in the Winter Tire Market are expanding with the increasing adoption of winter tires in regions experiencing harsher winters due to climate change. The development of advanced testing facilities near manufacturing centers supports innovation and quality assurance in winter tire production. Additionally, the rise in SUV sales and the subsequent demand for larger rim size winter tires present significant growth prospects. Companies can leverage these opportunities by introducing new, innovative products and expanding their presence in emerging markets.

What is Winter Tire Market Regional Insight?

The European Winter Tire Market is poised for significant growth, driven by stringent winter tire legislation and rising consumer spending power. Meanwhile, North America is expected to be the most profitable market, accounting for 32% of the global share and projected to grow at a 4.5% CAGR. The long prevalence of cold temperatures and specific certification processes for winter tires in North America drive demand and enable the development of premium products, ensuring robust revenue generation in this region.

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Segmentation Analysis of the Winter Tire Market

by Tire Type

Studded
Studless

by Sales Channel

OEM
After Market

by Vehicle type

Passenger Cars
Light Motor Vehicles
Heavy Motor Vehicles

by Rim Size

12''-17''
18''-21''
>22''

Who is the largest manufacturers of Winter Tire Market worldwide?

1. Bridgestone Corporation (Japan)
2. Sumitomo Rubber Industries, Ltd. (Japan)
3. Toyo Tire & Rubber Co., Ltd. (Japan)
4. Apollo Tyres Limited (India)
5. Jk Tyres (India)
6. MRF Ltd (India)
7. Zhongce Rubber Group Co., Ltd. (China)
8. Linglong Tire (China)
9. CST Tires (China)
10. Triangle Group (China)
11. Nexen Tire Corporation (South Korea)
12. Hankook Tire (South Korea)

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Key Offerings:

Past Market Size and Competitive Landscape
Winter Tire Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Winter Tire Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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