Winter Tire Market Size Projected to Reach USD 37.20 billion by 2031, With 4.96% CAGR: Transparency Market Research, Inc.
Regulatory frameworks and technological advancements will influence the market demand for winter tires.
Wilmington, Delaware, United States, Jan. 08, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global winter tire market was worth US$ 22.44 billion in 2021. A CAGR of 4.96% is expected between 2022 to 2031. A total of US$ 37.20 billion is expected to be generated by the winter tire market by 2031. Automated vehicles and electric vehicles may have an effect on tire design and technology. An electric drivetrain, for instance, may pose specific challenges to winter tires.
Data analytics and artificial intelligence (AI) may help predict winter tire maintenance. Because of smart sensors, drivers may be able to monitor their tires’ condition, pressure, and wear, preventing future problems. Consumer education regarding the safety and performance advantages of winter tires may increase their adoption. Raising awareness through marketing campaigns might be key.
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Vehicle systems and winter tires may become more integrated. Optimal traction and stability control performance could be achieved by collaborating between tire manufacturers and automakers.
Key Findings of the Market Report
- Based on the high demand among SUV owners, the 18″-21″ rim size segment generated US$ 7.62 billion by the end of 2022.
- In terms of tire type, the non-studded tire segment is expected to maintain the status quo and increase at a CAGR of 5.39%.
- The passenger vehicle segment is projected to expand at a CAGR of 5.05% during the forecast period.
- Due to the global expansion of the transportation industry, heavy commercial vehicles are expected to increase at a CAGR of 4.74%.
- Europe held a 57.52% market share for winter tires in 2021.
Global Winter Tire Market: Growth Drivers
- A seasonal change in weather conditions is the most significant driver. Winter tires are widely used in regions with cold winters and frequent snowfall for better traction, handling, and safety. A significant improvement in overall road safety can be attributed to the use of winter tires, which have a better grip on snow and ice during the winter months. Winter tires can become more popular when consumers become more aware of the importance of safety.
- Some insurance companies offer discounts on winter tires during the cold season. Taking advantage of discounts may encourage consumers to buy winter tires. Continuing advances in tire technology and improvements in rubber compounds and tread designs enhance the performance of winter tires. Technological advancements may make consumers more likely to purchase these tires.
Global Winter Tire Market: Regional Landscape
- Europe experiences various winter conditions, from mild, rainy to cold, and snowy. Some countries, such as Germany and the United Kingdom, require their vehicles to have winter tires when it comes to the winter season. Cold and snowy weather in Europe makes winter tires popular. Increasing road safety awareness and road safety campaigns can boost demand for winter tires.
- Several European countries lower insurance premiums for drivers who use winter tires. The cost of these tires can be an incentive for motorists to purchase them. The use of winter tires is regarded as a mandatory practice in some parts of Europe during the winter months. Winter tire demand can be greatly influenced by cultural norms and consumer preferences.
- The affordability and performance of winter tires may increase in certain European countries as disposable income levels rise. In high-traffic areas and areas with congestion, winter tires may be prioritized for road safety. Climate change may lead to more unpredictable extreme weather events, requiring consumers to choose the right tires.
- In Europe with popular winter tourism destinations, winter tires may be in greater demand. Winter sports enthusiasts and tourists often require appropriate tires for their safety. Winter tires contribute to the overall market demand by protecting fleets of vehicles in Europe, contributing to their safety and reliability.
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Global Winter Tire Market: Key Players
A large number of vendors control the majority of the global winter tire market. Research and development activities are primarily spent on introducing highly advanced products by most of the firms. Players adopt strategies such as expanding product portfolios and acquiring other companies.
- Bridgestone Corporation
- Cheng Shin Rubber Ind. Ltd.
- Continental AG
- Cooper Tire & Rubber Company
- Giti Tire
- Hangzhou Zhongce Rubber Co. Ltd.
- Hankook Tire
- Kumho Tire Co. Inc.
- Nexen Tire Corporation
- Nokian Tyres plc
- Pirelli & C.S.p.A.
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohoma Rubber Co., Ltd.
- Toyo Tire & Rubber Co. Ltd.
- In December 2023, Continental WinterContact TS 870 P won the British Trade Magazine Tyre Reviews’ test of Ultra High-Performance winter tires for 2023/2024.
Global Winter Tire Market: Segmentation
By Rim Size
- 12’’- 17’’
By Tire Type
- Studded Tires
- Non-studded Tires
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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