winter tire market Report Overview
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The global winter tire market size is expected to grow from USD 12.72 billion in 2022 and market is expected to reach USD 14.32 billion by 2028, at a compound annual growth rate (CAGR) of 2.0% during the forecast period.
High-quality tires with unique tread patterns made for traction on snow and ice are referred to as winter tires or snow tires. Even at 7 degrees Celsius, these tires are still usable. Winter tire usage is governed by a variety of laws in various nations and parts of the world. The usage of winter tires by car owners during the colder months is now required by the governments of numerous nations throughout the world. It consequently creates potential for growth for the top tire producers to release a new line of tires with exceptional features that complement the weather, road, and vehicle as a whole and improve the overall driving experience.
Additionally, the expanding vehicle fleet would continue to play a significant role in propelling the demand for winter tires and expanding the market. Additionally, the market growth is being significantly boosted by the growing demand for automobiles with increased fuel efficiency and the provision of fast tire repairs and replacements.
COVID-19 Impact: COVID 19 Outbreak Limit The Market Growth
The introduction of Covid-19 back in 2020 had a big impact on the automobile and tire industries and brought up a number of first-time difficulties for the global winter tire market. Tire manufacturers had significant revenue losses as a result of the crisis's raw material shortage, supply chain disruptions, delivery and manufacturing delays, price changes, etc., despite the implementation of lockdowns and rigorous movement restrictions to stop the spread.
However, as Covid-19 instances started to progressively decline, limitations were eased and commercial operations resumed. This allowed tire producers to restart their operations and meet the expanding demand for tires from consumers. Furthermore, in response to the pandemic, a number of tire manufacturers changed their business models to rely on digital platforms, selling their goods online and providing door-to-door delivery and installation to clients. This helped the market expand despite the crisis.
Latest Trends
"Necessity Of Winter Tire Rising The Demand For Automobiles"
The need for winter tires is rising as a result of rising vehicle sales and rising automobile manufacturing. The market for winter tires is expanding more quickly because of increased rivalry among tire producers and the incorporation of cutting-edge technologies into the manufacturing process. Due to diverse climatic circumstances, such as long winters, and government rules requiring the use of winter tires from October to March in Europe and North America, the market for winter tires has been expanding.
winter tire market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Studded, Studless. Studded is anticipated to have the dominant market share.
- By Application Analysis
Based on application, the market can be divided into Passenger Tires, Light Truck/SUV Tires, Others. Passenger Tires will be the dominating segment during forecast period.
Driving Factors
"Growing Auto Industry to Support Increase in Demand for Winter Tires"
Winter tire demand for vehicles is rising as a result of the expanding automotive sector, particularly in nations with cold climates. The market for snow tires is expanding in direct proportion to the rising demand for cars, both for personal and business use.
On account of several variables, demand is predicted to increase by 1/5 of current levels. For instance, due to growing safety concerns and the requirement for fuel efficiency, countries with cold climates are requiring the use of winter tires. In addition, businesses are providing insurance premium discounts for vehicles with winter tires, which are encouraging more people to use them.
Consumers are replacing their regular tires with winter tires as a result of more stringent regulations and quick innovation by tire producers, which is fueled by increased disposable income and the expansion of the vehicle sector.
"Winter Tires' Safety Features Will Boost the Market"
The main benefit of winter tires is that they provide more traction than regular all-season tires because they are specifically made for cold temperatures and bad weather. Since these tires are flexible, they offer superior traction in the snow and ice. They are utilized for a specific amount of time each year and, if properly maintained, may survive for up to four or five seasons.
It is anticipated that the additional safety provided by snow and ice tires will increase consumer demand by 1.9X throughout the projected period. The main cause of this is that they are made to offer superior emergency response, efficient braking, enhanced adhesion, and greater cornering performance than all-season tires.
Restraining Factors
"Establishing High-Standard Testing Facilities Is Required"
Advanced winter tire testing facilities, however, have appeared close to manufacturing centers to help manufacturers with the testing facilities, hence fostering market expansion over the ensuing years. The market expansion is hampered by the fact that these tires should only be used in the winter and that they must be replaced during the other seasons. The demand for winter tires is rising as more people switch from their old tires to winter ones due to rising consumer spending power. The sale of more expensive products and increased profits in the worldwide winter tire industry are both being fueled by rapid innovation by international tire manufacturers' winter tire offers.
winter tire market Regional Insights
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"Europe to Capture Maximum Market Share During 2022-2028"
The Europe winter tire market is expected to grow at a robust CAGR during the upcoming years. Due to the region's cold climate, which necessitates the usage of winter tires on cars for a sizable portion of the year, high growth and demand are linked to it. Strict government regulations regulating the usage of winter tires are anticipated to spur market expansion in nations like Croatia, Slovenia, the U.K., Lithuania, Bulgaria, and Sweden. Moreover, throughout the projected time, the market would rise due to ongoing improvements in winter tires.
The U.S. lacks incorporation and legislation requiring the use of winter tires, although this is projected to change in the near future in several states. North America's high demand for winter tires in Canada is anticipated to continue during the forecast period. Due to rising vehicle demand in China's cold regions, China is also anticipated to become a significant market for winter tire producers. With some of the world's snowiest cities present, Japan is a significant market for winter tires. But there is a small but growing market for winter tires in the Middle East and Africa. Peru is anticipated to lead Latin America's demand for winter tires.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Bridgestone (Japan)
- Michelin (France)
- Continental (Germany)
- Goodyear (U.S.)
- Nokian Tires (U.S.)
- Hankook (South Korea)
- Nizhnekamskshina (Russia)
- Pirelli (Italy)
- Cooper Tire (U.S.)
- Yokohama (Japan)
- Toyo Tire (Japan)
- Kumho Tire (South Korea)
- JSC Cordiant (Russia)
- Zhongce (China)
- GITI Tire (Singapore)
- Triangle (China)
- Apollo (India)
- Cheng Shin (Taiwan)
- Nexen Tire (South Korea)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 12.72 Billion in 2022 |
| Market Size Value By | US$ 14.32 Billion by 2028 |
| Growth Rate | CAGR of 2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global Winter Tire Market expected to touch by 2028?
The global Winter Tire Market is expected to touch USD 14320 million by 2028.
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What CAGR is the Winter Tire market expected to exhibit during 2022-2028?
The Winter Tire market is expected to exhibit a CAGR of 2.0 % over 2022-2028.
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Which are the driving factors of the Winter Tire market?
Winter tires safety features are key factors that would boost the Winter Tire market.
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Which are the top companies operating in the Winter Tire market?
GITI Tire (Singapore), Triangle (China), Apollo (India), Cheng Shin (Taiwan), and Nexen Tire (South Korea) are some of the major Winter Tire market players.
