According to Markntel Advisors Report, Winter Tire Market is expected to grow at a significant growth rate, and the analysis period is 2022-2027, considering the base year as 2021.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Winter tires are designed to run on snowy or icy roads while providing better grip & traction to the vehicle. Equipped with metal or ceramic studs that function exceptionally well in lower temperatures, these tires ensure greater vehicle safety. Governments of several countries worldwide have made it mandatory for vehicle owners to use winter tires during the colder months. It, in turn, is generating growth opportunities for the leading tire manufacturers to introduce a new range of tires with excellent features complimenting the weather, road, and the vehicle altogether and enhancing the overall driving experience.

 

Global Winter Tire Market Research Report & Summary:

The Global Winter Tire Market is projected to grow at a CAGR of around 5.12% during the forecast period, i.e., 2022-27.        

Time Period Captured in the Report:

• Historical Years: 2017-20
• Base Years: 2021
• Forecast Years: 2022-27

Who are the Key Players Operating in the Winter Tire Market?

The top companies of the Winter Tire Market ruling the industry are: 

Bridgestone, Michelin, Goodyear, Continental, Nokian, Hankook, Pirelli, Yokohama, Sumitomo, Toyo, Kumho

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What is Included in Winter Tire Market Segmentation?

The Winter Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Type of Vehicle
  • Passenger Car
  • Light Commercial Vehicle (LCV)
  • Medium & High Commercial Vehicle (MHCV)
  • Others
• By OEM Vs Replacement
• By Region
  • North America
  • Europe
  • Russia & CIS
  • Asia Pacific
• By Sales Channel
  • Exclusive Stores
  • Authorized Dealers or Distributors
  • Others
• By Price Category
  • Budget
  • Economy
  • Premium
• By Rim Diameter
  • Upto 12”
  • 12.1” to 15”
  • 15.1” to 18”
  • 18” to 22.5”
  • Above 22.5”

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Market Segmentation

Based on the Rim Size:

• Up to 12”
• 1” to 15”
• 1” to 18”
• 18” to 22.5”
• Above 22.5”

Here, the demand for winter tires of rim size 18” to 22.5” is projected to demonstrate the fastest growth in the Global Winter Tire Market during 2022-27. It owes principally to the growing vehicle fleet of passenger cars like SUVs using larger rims for greater traction & stability on snowy & ice-packed roads, i.e., showcasing their mounting demand across different corners of the world. Besides, growing concerns over safety & timely inspection of vehicles & tires are also contributing to the overall growth of the winter tire market.

Based on the Type of Vehicle:

• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Medium & High Commercial Vehicles (MHCV)

Here, passenger cars are expecting the largest market share through 2027, principally due to the improving economic conditions of people & their rising inclination toward private ownership of vehicles for local commutate, i.e., demonstrating a rise in the passenger car fleet globally and directly impacting the demand for winter tires.

Moreover, the increasing inclination of consumers toward purchasing passenger cars with pre-installed winter tires, especially across countries with colder temperatures, is further playing a prominent role in driving the global market. Furthermore, with an upswing in tourism & greater focus on delivering cab/taxi services, the sales of passenger cars are elevating rapidly & positively influencing the demand for winter tires.

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