All Weather Tire Market Size, Share & Industry Analysis, By Rim Size, By Sales Channel (OEM., Aftermarket), By Vehicle Type (Passenger Cars., Light Commercial Vehicles, Heavy Commercial Vehicles) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
All-weather tires are broadly used around the globe on numerous vehicles. They are appropriate for use in most areas globally in adverse climatic conditions, except in regions where the temperature is below 7 degrees Celsius. The primary function of the tires is to protect the wheel rim and provide the required force between the vehicle and road surface. All-weather tires offer an optimal combination of features such as longer tread life compared to summer tires and adequate performance in dry and wet environments
The factors such as strict government regulations towards tire labeling, increased vehicle ownership, and a rise in awareness of vehicle maintenance are expected to drive the growth of the market. Additionally, a rise in demand among aftermarket dealers for modification of the original vehicle tire is expected to drive the market growth. However, factors such as high prices of all-weather tires and replacement of all-weather tires during December/January with winter tires as they are not suitable for extreme winter conditions are expected to hamper the market growth
Key Market Driver -
The factors such as strict government regulations towards tire labeling, increased vehicle ownership and rise in awareness of vehicle maintenance are expected to drive the market growth.
Key Market Restraint -
The factors such as high prices of all-weather tires and replacement of all-weather tries to winter tires as they are not capable of operating below 7 degree Celsius, are expected to hamper the market growth
Market Segmentation:
The global all-weather tire market is segmented by rim size, sales channel, vehicle type, and geography. Based on rim size, the market is further sub-segmented into 12’’-17’’, 18’’-21’’, and >22’’. The 18’’-21’’segment accounted for the largest market share in 2020. These tires have a lower profile which maintains suitable clearance when they are driven through terrains and potholes. It also makes the suspension fully rebound and compress. These factors will drive the growth of this segment. Based on the sales channel, the market is segmented into OEM and aftermarket. The aftermarket segment is expected to dominate the market during the forecast period. Factors such as the increased number of retailers, distributors, and online channel operators offering products at competitive prices are expected to increase aftermarket tires' share during the forecast period. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment accounted for the largest market share in 2020. Factors such as increased sales of passenger cars in the countries such as China and India with a rise in disposable income of the consumers are expected to drive the growth of the segment.
Key Players:
Major players operating in the global all-weather tire market include Bridgestone Corporation, Kumho tire Co. Inc., Michelin Group, Continental AG, Pirelli & C.S.P.A, Sumitomo Rubber Industries Ltd., The Goodyear Tire and Rubber Co., Yokohoma Rubber Co., Ltd. and China National Tire & Rubber Co., Ltd. among others
Key Insights
- New Advancements in All-Weather Tire Market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global all-weather tire market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. Factors such as increased sales of passenger cars in countries such as China and India with adverse climatic conditions and growing aftermarket industry in the region are expected to boost the growth of the market. North America is expected to show steady growth in the market during the forecast period. Factors such as a rise in industrialization, increased demand for fuel-efficient vehicles, and favorable government guidelines are expected to drive the growth of the market. Europe is expected to show substantial growth in the market during the forecast period due to the presence of major market players in the region and considerable investments in establishing joint ventures with local vehicle brands.
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Segmentation
ATTRIBUTES | DETAILS |
By Rim Size |
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By Sales Channel |
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By Vehicle Type |
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By Geography |
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- Ongoing
- 2023
- 2019-2022
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