Winter Tire Market accounted for USD 23.77 billion in 2022 and is expected to reach USD 35.65 billion by 2029 at a CAGR of 5.96 % during the forecast period.
Winter Tire Market Overview:
The Winter Tire market research report looks into and analyses the market’s position during the predicted period. It is an in-depth study that focuses on fundamental and secondary drivers, market dominance, key segments, and geographic analysis. The research also looks at notable individuals, large collaborations, mergers, and acquisitions, as well as contemporary innovation and corporate strategy.
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Winter Tire Market Scope:
We examined the The Winter Tire Market from every angle conceivable, including both primary and secondary research methodologies. This helped us better grasp current market dynamics such as supply-demand imbalances, pricing trends, product preferences, and consumer behavior. The information is then gathered and evaluated using a variety of market estimations and data validation procedures. In addition, we have an in-house data forecasting engine that predicts market growth until 2027.
Winter Tire Market Dynamics:
The world’s growing vehicle industry and its use, particularly in nations with cold climates, are the main factors boosting the market for winter tyres. The market for winter tyres is likely to expand in the next years as vehicle production rises along with the number of cars being used for both personal and business purposes. As consumers’ disposable incomes have grown, the demand for cars has increased, making them more of a commodity than a luxury good. This rising demand has directly impacted the expansion of the winter tyre industry.
Winter Tire Market Segmentation:
by Tire Type (2022-2029)
• Studded
• Studless
Studded tyres are well-liked among tyre types because they include metal studs embedded in the treads that increase traction. The worst ice driving conditions can be handled by these tyres. To improve traction, studded tyres aid in breaking through ice and snow-covered roads. As a result, it is anticipated that the market for studded winter tyres would expand at a CAGR of 3.9% over the forecast period. In 2022, the Studless market category accounted for over 43% of the whole market. The surge in studless tyre demand across the globe is mostly to blame for this. In a number of European and North American countries, studded tyres are forbidden. Additionally, it is anticipated that a boom in the sales of luxury and premium vehicles will guarantee the Studless segment’s domination.
by Sales Channel (2022-2029)
• OEM
• After Market
The OEM category is anticipated to develop at the greatest CAGR based on Sales Channel throughout the projection period. OEM tyres can flex and absorb impacts since they are flexible. An OEM tire’s tread and sidewall function independently. OEM tyres deliver more of the vehicle’s power to the ground, which increases output while lowering fuel consumption.
by Vehicle type (2022-2029)
• Passenger Cars
• Light Motor Vehicles
• Heavy Motor Vehicles
Because these tyres help to prevent collisions, injuries, and fatalities, the Passenger cars category is anticipated to expand at a 4.9% CAGR over the forecast period. Snow tyres are necessary for human safety while driving in these conditions since they provide the best traction for passenger vehicles in freezing temperatures.
by Rim Size (2022-2029)
• 12’’-17’’
• 18’’-21’’
• >22’’
Due to the increased demand from SUV owners, the 18″–21″ rim size tyre is anticipated to be valued USD 7.63 billion by the end of 2022. Winter tyres for SUVs and other high-clearance vehicles often have rim sizes between 18 and 21 inches. SUV sales are steadily rising, especially in Europe and North America, as a result of rising disposable income, economic expansion, and psychological factors including the perception of SUV ownership as a prestige and power symbol. 43% of new passenger car sales in these nations are SUVs.
Winter Tire Market Key Players:
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)
13. Kumho Tire (South Korea)
14. Giti Tire (Singapore)
15. Nankang Rubber Tire (Taiwan)
16. Maxxis Tires (Taiwan)
17. Continental AG (Germany)
18. Pirelli & C.S.p.A. (Italy)
19. CEAT (Italy)
20. MICHELIN (France)
21. Nokian Tyres plc (US)
22. Yokohama Tire Corporation (US)
23. The Goodyear Tire & Rubber Company (US)
24. Cooper Tire & Rubber Company (US)
25. Sailun Tires (Canada)
Primary and secondary research is used to identify market leaders, as well as primary and secondary research to assess market revenue. As part of the core study, in-depth interviews with major thought leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing professionals were done. In-depth interviews with notable thought leaders and industry specialists, such as experienced front-line personnel, CEOs, and marketing professionals, were conducted as part of primary research, while secondary research included a review of the major manufacturers’ annual and financial reports. Secondary data is utilized to compute percentage splits, market shares, growth rates, and global market breakdowns that are then compared to historical data.
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Regional Analysis:
The research examines the local industry in-depth, utilizing both qualitative and quantitative data. It provides an overview and prediction of the global The Winter Tire market segment by segment. It also projects and estimates the market size for five key regions from 2022 to 2026: North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. The The Winter Tire market in each area is further segmented into regions and sectors. The research studies and anticipates a wide range of nations, as well as current trends and opportunities in the sector.
COVID-19 Impact Analysis on The Winter Tire Market:
We thoroughly researched and analyzed the Global The Winter Tire Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the global The Winter Tire industry’s potential, providing statistical data on market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The study’s main goal is to provide industrial enterprises with a strategic analysis of COVID-19’s impact. This analysis looked at the marketplaces of key countries at the same time and emphasized their market potential.
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Key Questions Answered in the The Winter Tire Market Report are:
What are the most promising high-growth opportunities in the global The Winter Tire sector, as defined by product category, End User, and Region?
Which The Winter Tire market segments will expand the fastest, and why?
Which areas will expand the fastest, and why?
What are the primary elements influencing The Winter Tire market dynamics? What are the primary drivers and obstacles in the The Winter Tire market?
What are the The Winter Tire market’s business risks and dangers?
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