Winter Tire Market Overview:
The Winter Tire Market research provides a comprehensive insight into the competition, including the market share and company profiles of the world’s biggest rivals. The research scope covers a comprehensive examination of the Winter Tire Market, as well as the causes for variances in the industry’s growth across a variety of sectors.
Winter Tire Market accounted for USD 22.44 billion in 2021 and is expected to reach USD 35.66 billion by 2029 at a CAGR of 5.96 % during the forecast period.
Market Scope:
Top-down and bottom-up approaches are used to validate market size and estimate market size by segment. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights based on usage rate and average sale price are applied to each area to generate percentage splits, market shares, and segment breakdowns. The country-wise divisions of the overall market and its sub-segments are determined by the percentage adoption or usage of the specified market Size in the relevant area or nation.
Segmentation:
By Tire Type, Studded tires are popular because they include metal studs set into the treads, which give more grip. These tires can withstand the most severe ice-driving conditions. Studded tires help break through packed snow and ice-covered roads to give a better grip. As a result, the studded winter tires segment is expected to grow at a 3.9% CAGR during the forecast period. The Studless segment held around 43% of the total market share in 2021. This is mostly due to an increase in demand for Studless tires throughout the world. Studded tires are banned in a number of European and North American nations. Furthermore, a surge in the sale of luxury and premium automobiles is expected to ensure the Studless segment’s dominance is expected to provide profitable prospects for manufacturers in the winter tire market.
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Key Players:
• Bridgestone Corporation (Japan)
• Sumitomo Rubber Industries, Ltd. (Japan)
• Toyo Tire & Rubber Co., Ltd. (Japan)
• Apollo Tyres Limited (India)
• Jk Tyres (India)
• MRF Ltd (India)
• Zhongce Rubber Group Co., Ltd. (China)
• Linglong Tire (China)
• CST Tires (China)
• Triangle Group (China)
• Nexen Tire Corporation (South Korea)
• Hankook Tire (South Korea)
• Kumho Tire (South Korea)
• Giti Tire (Singapore)
• Nankang Rubber Tire (Taiwan)
• Maxxis Tires (Taiwan)
• Continental AG (Germany)
• Pirelli & C.S.p.A. (Italy)
• CEAT (Italy)
• MICHELIN (France)
• Nokian Tyres plc (US)
• Yokohama Tire Corporation (US)
• The Goodyear Tire & Rubber Company (US)
• Cooper Tire & Rubber Company (US)
• Sailun Tires (Canada)
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Primary and secondary research is used to identify market leaders, and primary and secondary research are used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and markeWinter Tireg executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and markeWinter Tireg executives, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.
The biggest players in the Winter Tire market are as follows:
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Regional Analysis:
Individual market influencing components and changes in market laws impacWinter Tireg current and future market trends are also covered in the Winter Tire market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer fooWinter Tireg. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Winter Tire Market:
End-user industries where Winter Tire are utilized saw a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, and the United States, as well as Spain, France, and India, due to a halt in operations. This resulted in a significant decrease in the revenues of enterprises in these industries, as well as in demand for Winter Tire manufacturers, harming the Winter Tire market’s growth in 2020. End-user business demand for Winter Tire has decreased as a result of lockdowns and an increase in COVID-19 occurrences throughout the world.
Key Questions Answered in the Winter Tire Market Report are:
- In 2021, which segment accounted for the most share of the Winter Tire market?
- What is the competitive landscape of the Winter Tire market?
- What are the key factors influencing Winter Tire market growth?
- In the Winter Tire market, which region has the most market share?
- What will be the CAGR of the Winter Tire market during the forecast period (2022-2027)?
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