Press release
Steady Expansion Forecast for Winter Tire Market, Projected to Reach $32.64 Billion by 2029
Winter Tire
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Winter Tire Market Size Valuation Forecast: What Will the Market Be Worth by 2025?_x000D_
The dimensions of the winter tire industry has been progressively expanding in recent years. The market, which stands at $24.68 billion in 2024, is set to rise to $25.81 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.6%._x000D_
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Winter Tire Market Size Forecast: What's the Projected Valuation by 2029?_x000D_
Anticipations for the winter tire market size suggests a considerable expansion in the upcoming years, with a projected increase to $32.64 billion in 2029, following a compound annual growth rate (CAGR) of 6.0%. The proliferation during the forecast period can be credited to factors such as the influences of climate change, supportive regulations, increased disposable income, a surge in winter tourism, the worldwide spread of winter conditions, and public sensitization initiatives. Notable trends expected to shape the forecast period embrace the use of studdles tires, cutting-edge developments in tire technology, commitment to sustainability and environmentally-friendly materials, the rise of online tire sales and e-commerce, and a focus on performance-oriented winter tires._x000D_
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https://www.thebusinessresearchcompany.com/report/winter-tire-global-market-report_x000D_
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What Are the Drivers Transforming the Winter Tire Market?_x000D_
The continuous progression of the auto industry is projected to fuel the expansion of the winter tires market. The motor industry, which encompasses the planning, production, wholesale, retail, and maintenance of motor vehicles, boosts the usage of winter tires. These tires are deployed in automobiles to ensure excellent grip in extremely cold weather, on icy, snowy, or slushy roads. The rubber used in these tires maintain their flexibility in cold conditions, allowing them to adapt to the road for top performance. Besides, nations experiencing colder climates are enforcing the use of winter tires due to safety and fuel efficiency concerns, which in turn increases their demand. For instance, the Society of Motor Manufacturers and Traders (SMMT) reported in November 2022 that UK's car production rose by 7.4% to 69,524 units compared to the previous years. Hence, the accelerated progression of the car industry is fueling the expansion of the winter tires market._x000D_
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What Long-Term Trends Will Define the Future of the Winter Tire Market? _x000D_
Product innovation has emerged as a crucial trend in the winter tires industry. Major players in this market are increasingly focusing on innovative product development to solidify their market presence. A perfect demonstration of this occurred in June 2024 when Apollo Tyres, a leading Indian tire manufacturer, unveiled the Vredestein Wintrac Pro+. This premium winter tire is designed for high-performance automobiles and SUVs, including the latest batch of performance-focused electric vehicles. The updated tire comes with an advanced tread compound that boosts grip, traction, and braking in snow, slush, and icy conditions-all while decreasing rolling resistance for improved fuel efficiency or a longer driving radius. The Wintrac Pro's admirable wet clutch and extraordinary durability have been preserved. The Wintrac Pro+ integrates a specially crafted mix of cutting-edge polymers and resins that keep the tread blocks flexible even in extremely low temperatures, promoting improved performance on snow-covered surfaces._x000D_
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Which Segments in the Winter Tire Market Offer the Most Profit Potential?_x000D_
The winter tire market covered in this report is segmented - _x000D_
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1) By Product Type: Studded, Stud-Less_x000D_
2) By Rim Size: 12'- 17', 18'-21', >22'_x000D_
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles_x000D_
4) By Sales Channel: Original Equipment Manufacturers, Aftermarket_x000D_
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Subsegments:_x000D_
1) By Studded: Metal Studded Tires, Ceramic Studded Tires _x000D_
2) By Stud-Less: All-Weather Winter Tires, Performance Winter Tires, Touring Winter Tires _x000D_
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https://www.thebusinessresearchcompany.com/customise?id=9200&type=smp_x000D_
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Which Firms Dominate the Winter Tire Market by Market Share and Revenue in 2025?_x000D_
Major companies operating in the winter tire market include 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, 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. _x000D_
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Which Regions Offer the Highest Growth Potential in the Winter Tire Market?_x000D_
Europe was the largest region in the winter tire market in 2024. The regions covered in the winter tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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