Winter Tires also known as snow tires are specialty tires with specific tread design appropriate for traction on snow and ice. These tires can be used in temperatures lower than 7 degree Celsius and are often equipped with metal or ceramic studs that jut out from the tires to further increase traction in condition of closely packed snow or ice. Different countries and regions across the globe have specific regulations for winter tires, and its usage, and govern the design and availability winter tires in that region. The global winter tires market is expected to expand with an impressive CAGR over the forecast period.
The major factors boosting the growth of Winter Tires market is rising growth in the automobile industry, particularly in countries with cold climates. With the growing number of automobiles for both personal and commercial uses, the market for Winter Tires grows hand in hand with vehicle production and is projected to grow on a positive scale in the upcoming years. Vehicles have become more of a commodity than a luxury product owing to higher disposable incomes of the consumers leading to higher demand for automobiles thereby directly influencing the growth of Winter Tires market. Almost all countries with cold climates are gradually mandating the usage of winter tires, amid safety concerns and fuel efficiency.
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Further many companies offer discount on insurance premiums for vehicles equipped winter tires, further driving people to prefer winter tires over conventional tires. Increasing number of stringent norms for the same is expected to drive the global winter tires market. Further, with increasing purchasing power of customers, demand for winter tires is increasing as many car owners are replacing their legacy tires with winter tires. Rapid Innovation by global tire manufacturers, in their winter tire offerings is also fuelling the sale of costlier products and driving more revenues in the global winter tires market.
Geographically, Winter Tires market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Western Europe is expected to be the global leader in terms of demand for winter tires, amid presence of countries such as Finland, Sweden, Norway, UK, and Iceland, which offer several incentives and impose certain regulations for the adoption of winter tires.
Eastern Europe is also a prominent region, due to presence of snowy regions of Russia and Poland. In the US, incorporation and laws regarding winter tires is under states discretion, and many states are expected to mandate the use of winter tires in near future. Canada has high demand for winter tires in North America, and is expected to remain a prominent market through the forecast period.
Further, China is expected to emerge as another important market for winter tire manufacturers due to increasing demand for vehicles in the countries cold regions. Japan is also a prominent market for winter tires, amid presence of some of the world’s most snowy cities. Middle East and Africa, however attracts niche demand for winter tires. In Latin America, Peru is expected to drive the demand for winter tires.
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Winter Tires Market: Key Players Some of the players identified in Global Winter Tires market are:- ,Bridgestone Corporation,Cooper Tire & Rubber ,Company,Hangzhou Zhongce Rubber CO., LTD.,Cheng Shin Rubber Ind. Co., Ltd.,Continental Aktiengesellschaft,,,Nexen Tire Corporation,Nokian Tyres plc,Pirelli & C. S.p.A.,Sumitomo Rubber Industries, Ltd.,,The Goodyear Tire & Rubber Company,The Yokohama Rubber Co., Ltd.,Toyo Tire & Rubber Company,Hankook Tire Co. Ltd.,N.V. Apollo Vredestein BeLux S.A.,