Automotive Winter Tire Market
The Automotive Winter Tire Market is expected to grow at a faster CAGR during the forecast period (2020-2027).
The factors driving the growth of Automotive Winter Tire Market includes growing sales of Automobiles in the Nordic Countries such as Norway, Denmark, Sweden and Finland, rising number of car owners and growing demand for energy efficient and high-quality tires. According to the report published by CEIC, the total Motor vehicles sales in Norway has significantly increased from 180,592 units in 2020 to reaching all time high of 217,572 units in December 2021, which is expected to boost the Automotive Winter Tire Market size in Norway. Moreover, the regulations imposed by the Governing bodies in the Western Countries on safety concerns related to automobiles along with huge discounts offered by the insurance companies for the purchase of winter tires enabled vehicles, are some of the additional factors supplementing the Global Automotive Winter Tire Market. In addition, the rising disposable incomes, increasing innovation on the winter tires by the global automotive manufacturers and improving living standards, are further pushing the market growth.
However, the growth of Automotive Winter Tire Market is hindered due to growing concerns about global warming and climate change.
The major players operating in the market are Sumitomo Rubber Industries, The Yokohama Rubber Co., Ltd., Nexen Tire, Continental AG, The Goodyear Tire Rubber Company, Pirelli C. S.p.A, Toyo Tire Corporation, CST, Bridgestone Corporation and Giti Tire among others.
Stud- Segment Analysis
Based on stud, the studdless segment is anticipated to expand at a significant CAGR over the forecast period because they improve the grip on snow which helps the user to studs claw into the ice, while improving the overall vehicle handling responsiveness.
Vehicle Type- Segment Analysis
Based on vehicle type, the passenger cars segment is anticipated to grow at a remarkable CAGR during the forecast period. The growing consciousness about the benefits of winter tires amongst the car owners in the cold climate regions and increasing concerns about the car safety, are some of the factors responsible for the growth of the segment.
Regional – Segment Analysis
Based on region, the European region is projected to capture sizeable market share over the forecast period. The increasing snowfall in the Countries such as Austria, Norway, Finland, Russia and Sweden, subsidies provided by Governments on the purchase of winter tires, technological advancements in the winter tires and high per-capita incomes, are some of the important factors influencing the market growth in Europe.
Market Segmentation
Global Automotive Winter Tire Market by Rim Size
- 13 – 15
- 16 – 18
- 19 – 21
- Above 21
Global Automotive Winter Tire Market by Stud
- Studded
- Studdless
Global Automotive Winter Tire Market by Sales Channel
- Aftermarket
- OEM
Global Automotive Winter Tire Market by Vehicle Type
- Two-wheelers
- Passenger Cars
- Commercial Vehicle
Global Automotive Winter Tire Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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