According to Vision Research Reports, the global winter tire market size is projected to reach around US$ 28 Bn by 2027. The market is expected to swell with a CAGR of 3.4% over the forecast period from 2020 to 2027.
Winter tires are made from advanced rubber compounds possessing unique tread patterns in order to increase traction while driving on snow and ice. The rubber tread of all-season tires or summer tires becomes stiff in cold conditions and fails to provide the required traction. Usage of advanced rubber compounds and resins in manufacturing of winter tires enables to regain the necessary traction and hence, are widely accepted in countries that experience cold climates.
Rising awareness among consumers regarding safety is expected to drive the global winter tire market to exceed US$ 28 Bn by 2027. Winter tires have 30% to 40% shorter stopping distance as compared to a vehicle equipped with all-season tires. Growing concern for safety is fueling the demand for winter tires. Rising 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. Government authorities in countries such the Czech Republic and Romania issue winter tire regulation, every year, depending on the severity of winter. Stringent government regulations in Europe pertaining to the usage of winter tires is a major driver of the winter tire market. Winter tires need to be installed after the temperature falls below 7 degrees even during non-snow conditions, as the rubber treads of summer or all-season tires stiffen. Countries that experience cold winters but little or no snow are expected to witness a demand of winter tires in the near future in order to improve safety of the vehicle. In countries, such as Canada, the insurance provider offers discount on premium on installation of winter tires, as they minimize the risk of a collision. Such lucrative offers are expected to boost the sales of winter tires, which in turn is anticipated to propel the winter tire market.
Key players operating in the global winter tire market include 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 Yokohoma Rubber Co., 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.
Rising Importance of Driving Safety Propels Market Growth
Rising interest for driving security is boosting the interest for winter tires. Summer or all-season tires become solid at low temperatures and subsequently, lose footing. Vehicles outfitted with winter tires are said to stop at a 30% shorter separation than a vehicle furnished with all-season or summer tires. Winter tires empower better braking and vehicle moving in virus atmospheres and consequently, an expanding number of shoppers are embracing winter tires.
Stringent winter tire guidelines sanctioned in Europe and Russia is an essential driver of the winter tire market in Europe and Russia. Winter tires are compulsory in a few nations in Europe, for example, Austria, the Czech Republic, Estonia, and Latvia. In 1999, the winter law was passed in Sweden and crash rates were analyzed for post-enactment period and pre-enactment period. A decrease in crash by 11% to 14% was watched.
Rising Harshness of Winters in These Countries to Boost Market Growth
Serious winter experienced in the Nordic sub-district and Central Europe is driving the winter tire market in Europe. Rising vehicle deals in nations in the Nordic sub-district and Central Europe is boosting the interest for winter tires in these sub-areas. Rising shopper reasonableness is additionally a noteworthy driver of the winter tire market. Winter tires, basically, should be fitted to vehicles when temperatures fall beneath 7 °C, as the elastic tracks lose adaptability and footing regardless of snow conditions. Rising purchaser mindfulness and interest for security is relied upon to support the interest for winter tires in nations encountering low temperatures, however no snowing, in this way boosting the winter tire market. North America is a worthwhile market for winter tires because of overwhelming snowing in Canada and northern conditions of the U.S. High number of light business vehicles and traveler vehicles on-street is further boosting the winter tire market in the area.
Ascend in purchaser pattern for energetic appearance of vehicle and high freedom vehicles is energizing the interest for winter tires in the 18-inch to 21-inch fragment. Tires with higher edge sizes give better cornering solidness and mobility and henceforth, are seeing extreme interest.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million & CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Revenue forecast, company share, competitive landscape, growth factors and trends
U.S., Germany, U.K, India, China, Brazil
The Winter Tire market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Winter Tire market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Winter Tire market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Winter Tire market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Winter Tire market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Winter Tire capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Winter Tire by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Winter Tire market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Winter Tire market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Winter Tire market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Winter Tire industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Winter Tire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Winter Tire market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Winter Tire market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Winter Tire market. These factors have benefited the growth of the global market for Winter Tire. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Winter Tire. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Winter Tire are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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