According to the MarkNtel Advisors’ research report, “Global Winter Tire (Tyre) Market Analysis, 2020 (A real-time winter tire database tracking 32 countries)”, the global winter tire market is expected to grow at a CAGR exceeding 5% during 2020-25. The key reasons that can be attributed to the snowballing winter tire market are active monitoring and regulation by the governments in several regions, restricted use of studded tires, rising awareness among the customers about the benefits and use of winter tires across the globe.
Northern and Eastern Europe was the largest market for winter tires due its cold climatic conditions, witnessing heavy snowfall for more than 6 months in a year. Therefore, the Governments in the countries such as Finland, Sweden, Austria, Russia, etc. has made it mandatory to use winter tires for a period varying between 4 to 6 months in a year during winter season. While numerous other countries in region are encouraging their citizen to use winter tires.
Bridgestone, Michelin, Nokian, Goodyear Grabbed Substantial Market Share
In 2019, Bridgestone, Michelin, Goodyear, Continental, Pirelli, Sumitomo, Hankook, Yokohama, Cheng Shin, Zhongce Rubber, GITI, Cooper, Toyo, Kumho, were the prominent players operating in the global winter tire market. However, Bridgestone, Michelin, Goodyear and Nokian amassed majority market share, revealed by MarkNtel Advisors in its research report, “Global Winter Tire (Tyre) Market Analysis, 2020 (A real-time winter tire database tracking 32 countries)”, Michelin and Nokian generated a considerable amount of their revenues from Europe, while the US was major market for Goodyear and Bridgestone had a fair distribution of its revenues in from Europe and North America. The companies have increased their R&D budgets to introduce quality products. Moreover, the companies are increasingly targeting the opportunities in China, Japan, South Korea, Switzerland, France, Poland, and Ukraine.
Cost Remains a Challenge for Greater Penetration
As per the Customer Survey conducted by MarkNtel Advisors, high cost of winter tires remains a key challenge for the vehicle owners in 2019. While, majority of the customers opines that all-season tires are good enough to meet their requirements.
“Global Winter Tire (Tyre) Market Analysis, 2020 (A real-time tire database tracking 32 countries),” provides comprehensive qualitative and quantitative insights on the market potential, tire sales trend, sales by type of vehicle tires, OEM and replacement sales, global and regional competition, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Winter Tire Manufacturers, sales trend in terms of seasons and performance tires, tire rim size, price range, etc. across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type of Vehicle (Passenger Cars, Light Commercial Vehicles, Medium & High Commercial Vehicles)
2. By Demand (OEM Vs Replacement)
3. By Region (North America, Europe, Asia Pacific)
4. By Country (The US, Canada, Austria, Bosnia Herzegovina, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Finland, France, Germany, Latvia, Lithuania, Norway, Poland, Romania, Spain, Serbia, Slovenia, Slovakia, Sweden, Switzerland, Ukraine, The United Kingdom, China, South Korea, Japan)
5. By Sales Channel (Online, Distributors Channel, Others)
6. By Price Category (Budget, Economy, Premium)
7. By Rim Diameter (Upto 12”, 12.1” to 15”, 15.1” to 18”, 18” to 22.5”, Above 22.5”)
8. By Company (Bridgestone, Michelin, Goodyear, Continental, Pirelli, Sumitomo, Hankook, Yokohama, Cheng Shin, Zhongce Rubber, GITI, Cooper, Toyo, Kumho, etc.)
Key questions answered in the study:
1. What are the current and future trends of the Global Winter Tire Market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the region?
4. How the competition has been shaping across the region followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Global Winter Tire Market?
6. What are the customer orientation, purchase behavior, and expectations from the winter tire manufacturers across various regions?