The Global Winter Tire Market is projected to grow at a CAGR of 5.12% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The growth of the market is likely to be driven primarily by governments of different countries worldwide imposing stringent laws for vehicle owners to install winter tires in their vehicles during the colder months of the year to avoid road accidents.
Moreover, increasing awareness among people about the benefits of winter tires like greater safety on snowy & icy roads, better grip & vehicle handling, and specially designed treads to cut through ice, among others, are also instigating their demand and fueling the overall market growth, further states the research report, “Global Winter Tire Market Analysis, 2022.”
Passenger Cars to Remain the Prominent Contributor to the Market Growth through 2027
The rapidly increasing passenger car fleet and the growing awareness among people about the importance & benefits of timely tire repairs & replacements to ensure utmost safety & enhanced vehicle performance on different terrains during the colder months are driving the winter tire industry.
Besides, various norms imposed by governments of several countries worldwide toward deploying winter tires in vehicles in order to avoid potential road accidents & attain benefits like improved grip & better handling are other crucial aspects infusing the demand for winter tires for passenger cars and, in turn, fueling the overall market growth.
With Extremely Cold Temperatures, Europe to Lead the Winter Tire Market
Various countries across Europe witness colder weather throughout the year, which is why it generates the maximum demand for winter tires globally. Governments of Finland, Sweden, Estonia, Latvia, Lithuania, Bulgaria, Croatia, Slovenia, & the UK have mandated vehicle owners to use winter tires all around the year. Hence, these aspects are encouraging the leading tire manufacturers across these countries to expand their product portfolio & customer base, which, in turn, projects lucrative prospects for the Europe Winter Tire Market through 2027.
The leading companies operating in the Global Winter Tire Market are Bridgestone, Michelin, Goodyear, Continental, Nokian, Hankook, Pirelli, Yokohama, Sumitomo, Toyo, and Kumho.
Key Questions Answered in the Research Report