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Automotive Winter Tire Market Size, Share & Industry Analysis, By Tire Type (Studded, Non-Studded), By Rim Size, By Vehicle Type (Passenger Cars, Light commercial vehicles, Heavy commercial vehicles) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105842 | Status : Ongoing

 

KEY MARKET INSIGHTS

Winter tires, also known as snow tires, are specially designed tires for regions with heavy snowfall. These tires consist of specially designed thread that provides traction while driving on roads with ice or snow. Along with the traction, these tires are also designed for operating in low temperatures usually lower than 7 degrees Celcius. Moreover, winter tires are highly popular across western countries due to heavy snowfalls, low temperatures, and snow-packed roads.


Increasing demand for safe and comfortable driving in heavy snowfall regions is expected to boost the demand for winter tires. Additionally, rising automotive sales across Nordic countries are anticipated to fuel the market growth during the forecast period. Moreover, mandatory regulations enforced by the government across western countries such as Croatia, Austria, and others combined with the increasing preference of the populace to equip their vehicles with winter tires for driving convenience is anticipated to drive the market growth

For instance, in October 2020, the Provincial government enforced the mandatory regulations to use winter tires for traveling on most of the BCs highways. Increasing demand for commercial and passenger automotive across countries with cold climates will influence the market growth in upcoming years. However, their none to low adoption in regions with a warm climate and their high cost are some factors that may restrain the market growth in years to come.

Key Market Driver -

Growing demand for safe driving in countries with cold climate is expected to drive the market growth over the forecast period.

Key Market Restraint -

High cost of winter tires may restrain the market growth during the forecast period.


Market Segmentation:


The Automotive Winter Tire Market is segmented by tire type, by rim size, by vehicle type, and by region.

By tire type, the market is segmented into studded and non-studded.

The non-studded segment is expected to witness the fastest growth rate over the forecast period. Studded tires are banned in various countries across North America and Europe, including the U.S., Croatia, Luxembourg, and others, due to their capacity to damage the road. Whereas non-studded winter tires perform almost as efficiently as studded, owing to technological advancement. Hence, their growing utilization is anticipated to fuel the non-studded segment growth in years to come.

By rim size, the market is segmented into 12’’-17’’, 18’’-21’’, >22.’’

The 18’’-21’’ segment is expected to witness an eye-catching growth rate over the forecast period. Growing sales of SUVs and vehicles with a big rim size are driving the segment growth. Additionally, a large rim provides high traction and enhances stability, which is essential in snow-packed roads. Hence, their high demand influences the market. Moreover, increasing safety concerns among the populace are also expected to boost the segment growth.

By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Growing disposable income and sales of passenger cars are expected to fuel the segment growth. Moreover, increasing demand for passenger cars with pre-installed winter tires in cold regions will positively influence the segment growth. However, light commercial vehicles are also expected to witness a significant growth rate due to the increasing number of commercial import-export activities across the cold regions.

Key Players:


Major players operating in the global Automotive Winter Tire Market include Bridgestone Corp, 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., MICHELIN, Hankook Tire, Toyo Tire & Rubber Co., Ltd., Kumho Tire Co., Inc., Cheng Shin Rubber Ind. Ltd., and Giti Tire among the others.

Key Insights



  • New Advancements in Automotive Winter Tire Market

  • Number of Products, Key Countries, 2020

  • New Product and Launches, Key Players


Regional Analysis:


Based on geography, the Automotive Winter Tire Market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Europe is expected to witness the fastest growth rate over the forecast period. Harsh winters across European countries and ice-packed roads in Europe are expected to boost the demand for winter tires in the region. Additionally, the presence of technological advancement further supports the development of these tires to ensure more efficient transportation. Moreover, Mandatory regulations enforced by the governments in European countries are expected to influence the market growth in upcoming years. North America is also anticipated to witness an eye-catching CAGR over the forecast period. Rising consumer awareness regarding the benefits of automotive winter tires is expected to drive the market in years to come. Asia Pacific is expected to register a slow CAGR as compared to Europe and North America due to the presence of warm regions and lack of awareness and availability of winter tires in some developing and underdeveloped countries in APAC.

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Segmentation


























  ATTRIBUTE

  DETAILS

By Tire Type



  • Studded

  • Non-Studded



By Rim Size



  • 12’’-17’’

  • 18’’-21’’

  • >22.’’



By Vehicle Type



  • Passenger Cars

  • Light commercial vehicles

  • Heavy commercial vehicles



By Geography



  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World






  • Ongoing
  • 2023
  • 2019-2022

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