Europe witnesses’ winter at an extreme level which drives the winter tires market's growth, where the rising sale of passenger vehicles also adds impetus to the market's growth.
Newark, Aug. 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global winter tires market is expected to grow from USD 14.3 billion in 2021 to USD 20.0 billion by 2030, at a CAGR of 3.8% during the forecast period 2022-2030.
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These tires are used while driving in cold regions and especially in snow-based areas and on the icy surface. These tires are designed in such a way that it is optimized to work at temperatures below 7 degrees Celsius (45-degree Fahrenheit). The rising awareness regarding consumer safety and strict regulations in several cold countries fuels the market's growth. Winter tires have 30% to 40% shorter stopping distance compared to a vehicle with regular tires. The rising sale of passenger and lightweight commercial vehicles in Nordic countries and Central Europe countries such as Croatia and Austria have made the incorporation of winter tires mandatory. Several strict government regulations in countries such as Romania and the Czech Republic have made winter tires compulsory every year during the harsh winter and heavy snowfall. For instance, Michelin Group in 2021 announced that they are working toward making winter tires 100% sustainable by 2050. The company also partnered with various organizations such as Axens, Nouvelles, Pyrowave, Carbios, IFP Energies Enviro, and BlackCycle.
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To enhance their market position in the global winter tires market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The increasing growth in automotive production coupled with sales across different vehicles increases the demand for winter tires. The penetration of the latest technologies within the manufacturing process and rising competition among tire manufacturers have improved the growth of the winter tire market. However, these tires are suitable for use during the winter season, and the tires need to be changed during the other seasons, hindering the market's growth. In countries like Canada, insurance providers offer a discount on the installation of winter tires, as they help minimize the risk of a collision due to snow or ice. Such lucrative offers are expected to boost the sales of winter tires and provide an excellent opportunity for the market's growth. Further, there is an increase in consumer safety awareness, which adds impetus to the market's growth.
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● In 2021, the studded segment dominated the market with the largest market share of 63% and market revenue of 9.0 billion.
The product type segment is divided into studded and studless. In 2021, the studded segment dominated the market with the largest market share of 63% and market revenue of 9.0 billion. Studded tires have significant gaps, which helps in increasing the traction on snow and ice, propelling the segment's growth.
● In 2021, the passenger vehicles segment accounted for the largest share of the market, with 47% and a market revenue of 6.7 billion.
The vehicle type segment is divided into passenger, light, and heavy commercial vehicles. In 2021, the passenger vehicles segment accounted for the largest share of the market, with 47% and a market revenue of 6.7 billion. The rising disposable income of people these days increased the sale of passenger vehicles, driving the segment's growth.
● In 2021, the aftermarket segment accounted for the largest share of the market, with 71% and a market revenue of 10.1 billion.
The distribution channel segment is divided into OEM and Aftermarket. In 2021, the aftermarket segment accounted for the largest share of the market, with 71% and market revenue of 10.1 billion. The increasing lifespan of vehicles increases the sale of winter tires through the aftermarket distribution channel.
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Regional Segment Analysis of the Winter Tires Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Europe emerged as the largest market for the global winter tires market, with a market share of around 40.6% and 5.8 billion of the market revenue in 2021. Strict governmental initiatives in countries such as Croatia, Slovenia, the UK, Lithuania, Bulgaria, Sweden., etc., regarding the use of winter tires are expected to boost the market's growth. Furthermore, the ongoing developments in the winter tires also fuel the market's growth during the forecast period.
Key players operating in the global winter tires market are:
● Bridgestone Corporation
● Nokian Tyres plc
● Continental ag
● Nexen Tire Corporation
● Sumitomo Rubber Industries, Ltd.
● The Goodyear Tire & Rubber Company
● Pirelli & C.S.P.A
● Hangzhou Zhongce Rubber Co., Ltd.
● The Yokohama Rubber Co., Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global winter tires market based on the below-mentioned segments:
Global Winter Tires Market by Product Type:
Global Winter Tires Market by Vehicle Type:
● Passenger vehicles
● Light commercial vehicles
● Heavy commercial vehicle
Global Winter Tires Market by Distribution Channel:
About the report:
The global winter tires market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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