Winter Tire Market Forecast 2019-2026 Growth Drivers, Regional Outlook
Winter Tire Market was valued US$19.2 Bn. in 2017 and is estimated to reach US$ 28.11 Bn by 2026 at a CAGR of about 4.88%.
Winter tires are made from advanced rubber compounds occupying unique tread patterns in order to increase traction while driving on snow and ice. The major factors boosting the growth of Winter Tires market is increasing growth of the automobile industry, particularly in countries with cold climates. Growing concern for safety is fuelling the demand for winter tires. Increase in vehicle sales in Nordic countries is also boosting the demand for winter tires. Countries in Central Europe such as Austria and Croatia have made the incorporation of winter tires mandatory. Countries that experience cold winters but little or no snow are anticipated to witness a demand of winter tires in the near future in order to improve safety of the vehicle. Winter tires is a niche market and is restricted to cold regions, thus acting as a hindering factor for the expansion of the market.
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Winter tire market is segmented into product type, sales channel, vehicle type, and region. On the basis of tire type, the Studless tire segment is expected to expand at a prominent growth rate during the forecast period. Studded tires are banned in number of states in the U.S. and in most the countries in Central Europe such as Luxembourg, Croatia, and the Czech Republic, as they damage roads and also generate dust.
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Based on vehicle type, the winter tire market can be categorized into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment holds a prominent share of the winter tire market and is projected to dominate the market during the forecast period. The increased adoption of passenger vehicle makes this segment crucial for the winter tire market.
In terms of region, Europe is a significant market for winter tires market followed by North America. Canada have high demand for winter tires in North America, and is anticipated to remain a prominent market through the forecast period. Further, China is anticipated to emerge as another important market for winter tire manufacturers due to rise in demand for vehicles in the countries cold regions.
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Key Players Profiled and Analysed in the Report
Bridgestone Corporation, Nokian Tyres plc, Continental AG, Nexen Tire Corporation, Sumitomo Rubber Industries, Ltd., The Yokohoma Rubber Co., The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., Hangzhou Zhongce Rubber Co., Ltd., Ltd., MICHELIN, Hankook Tire, Toyo Tire & Rubber Co., Ltd., Kumho Tire Co., Inc., Cheng Shin Rubber Ind. Ltd., Giti Tire, and Cooper Tire & Rubber Company.
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Scope of the Winter Tire Market
Winter Tire Market by Tire Type
• Studded
• Studless
Winter Tire Market by Sales Channel
• OEM
• Aftermarket
Winter Tire Market by Vehicle Type
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
Winter Tire Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players in Winter Tire Market
• Bridgestone Corporation
• Nokian Tyres plc
• Continental AG
• Nexen Tire Corporation
• Sumitomo Rubber Industries, Ltd.
• The Yokohoma Rubber Co.
• The Goodyear Tire & Rubber Company
• Pirelli & C.S.p.A.
• Hangzhou Zhongce Rubber Co.
• MICHELIN
• Hankook Tire
• Toyo Tire & Rubber Co., Ltd.
• Kumho Tire Co., Inc.
• Cheng Shin Rubber Ind. Ltd.
• Giti Tire
• Cooper Tire & Rubber Company
• N.V. Apollo Vredestein BeLux S.A.
MAJOR TOC OF THE REPORT
Chapter One: Winter Tire Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Winter Tire Market Competition, by Players
Chapter Four: Global Winter Tire Market Size by Regions
Chapter Five: North America Winter Tire Revenue by Countries
Chapter Six: Europe Winter Tire Revenue by Countries
Chapter Seven: Asia-Pacific Winter Tire Revenue by Countries
Chapter Eight: South America Winter Tire Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Winter Tire by Countries
Chapter Ten: Global Winter Tire Market Segment by Type
Chapter Eleven: Global Winter Tire Market Segment by Application
Chapter Twelve: Global Winter Tire Market Size Forecast (2019-2026)
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