WILMINGTON, DE / ACCESSWIRE / October 4, 2022 / Transparency Market Research Inc. - The global winter tire market is prognosticated to reach a value of US$ 37.20 Bn by 2031, according to a research report by Transparency Market Research (TMR). Furthermore, the study by TMR finds that the market for winter tire is expected to expand at a CAGR of 4.96% during the forecast period, from 2022 to 2031.
According to the analysts at TMR, the non-studded tire type segment of the winter tire market is expected to maintain its dominant position and expand at a CAGR of 5.39% during the forecast period. The growth of the segment is ascribed to several important factors including a surge in the use of non-studded tires globally. This aside, the market segment is expected to gain profitable prospects in North America and Europe owing to a ban for studded tires in many regional nations. Moreover, the segment growth is driven by rise in the demand for premium and luxury vehicles globally.
Companies in the winter tire market are increasing their budgets pertaining to the R&D projects in order to develop technologically improved products. Such efforts are likely to help players in the expansion of their product portfolios. Moreover, several enterprises in the winter tire market are using the strategies of mergers, acquisitions, and new product launches in order to stay ahead of the competition, states a TMR analysis.
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Winter Tire Market: Key Findings
- Several nations such as Russia, Canada, Scandinavia, and the northern side of the U.S. are known for notable winter snow, state analysts of a TMR report on the winter tire market. Thus, driving a vehicle becomes impossible during the winter season in these nations as the roads are covered by thick layer of snow. Hence, the need for winter tires is being rising among vehicle owners from these nations. Owing to this factor, the winter tire manufacturers & suppliers are expected to gain profitable prospects in the forthcoming years.
- The government authorities of several nations across the globe including Europe and several states of Canada and the U.S. have mandated the installing of winter tires to vehicles during October to March of each year. This factor is driving the sales growth in the global winter tire market, states a TMR report. This aside, a surge in inclination among end-users toward the use of winter tires with increased rim sizes is prognosticated to fuel the expansion opportunities in the regional winter tire market in the near future.
Winter Tire Market: Growth Boosters
- Rise in the demand for 18"-21" rim size winter tires due to their ability to provide improved performance and greater stability is driving expansion of the automotive winter tire market size
- Surge in the application of non-studded winter tires globally is boosting the winter tire market demand
- Increase in the sales of passenger vehicles worldwide is expected to help in the expansion of the winter tire market share during the forecast period
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Winter Tire Market: Key Players
Some of the key players profiled in the report are:
- Cheng Shin Rubber Ind. Ltd.
- Bridgestone Corporation
- Cooper Tire & Rubber Company
- Continental AG
- Hangzhou Zhongce Rubber Co., Ltd.
- Giti Tire
- Kumho Tire Co., Inc.
- Hankook Tire
- Nexen Tire Corporation
- MICHELIN
- Pirelli & C.S.p.A.
- Nokian Tyres plc
- The Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries, Ltd.
- Toyo Tire & Rubber Co., Ltd.
- The Yokohoma Rubber Co., Ltd.
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Winter Tire Market Segmentation
- By Rim Size
- 12''- 17''
- 18''-21''
- >22''
- By Tire Type
- Studded Tires
- Non-studded Tires
- By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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