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.
The Global Winter Tire Market is projected to grow at a CAGR of around 5.12% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven mainly by the mounting focus of governments of different countries worldwide on addressing the rising cases of road accidents & imposing stringent norms for the installation of winter tires during the colder months.
Besides, the growing vehicle fleet would remain a prevalent factor in driving the sales of winter tires and stimulating the market growth. In addition, the rising need for enhanced fuel efficiency in vehicles and offering timely tire repairs & replacement are also playing a crucial role in augmenting the market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The United States, Canada|
|Europe: 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|
|Russia & CIS: Russia, Armenia, Kazakhstan, Belarus|
|Asia Pacific: China, Japan, South Korea|
|Key Companies Profiled||Bridgestone, Michelin, Goodyear, Continental, Nokian, Hankook, Pirelli, Yokohama, Sumitomo, Toyo, Kumho|
|Unit Denominations||USD Million/Billion|
Moreover, the growing competition among the leading tire manufacturers, i.e., portraying the increasing availability of tires with advanced features, budgets, & capabilities that meet the vehicle requirements & ensure their safety, is another aspect promoting the market expansion.
Additionally, as winter tires offer greater safety, especially on snowy & icy roads, and thus reduce the risks of accidents, their rapidly escalating demand among consumers would drive the global market through 2027. Furthermore, growing awareness among drivers about the benefits of winter tires like effective braking & cornering, enhanced reactiveness during emergencies, better adhesion, etc., further project lucrative prospects for the pleading players operating in the Global Winter Tires Market in the coming years.
Impact of Covid-19 on the Global Winter Tire Market
The advent of Covid-19 back in 2020 led the automotive & tire industries to undergo significant impacts and introduced several unprecedented challenges for the Global Winter Tire Market. With the imposition of lockdowns & stringent movement restrictions to curb the spread, tire manufacturers faced massive revenue losses due to shortage of raw materials, supply chain disruptions, delivery & production delays, price fluctuations, etc., amidst the crisis.
However, as Covid-19 cases began declining gradually, restrictions were uplifted & business operations recommenced, which, consequently, allowed tire manufacturers to resume their business and cater to the growing consumer requirements for tires. Moreover, in light of the pandemic, several tire manufacturers made a paradigm shift to digital platforms to sell their products via e-commerce websites & offer door-step delivery & installation to their customers, which helped the market to grow amidst the crisis.
Based on the Rim Size:
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:
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.
Geographically, the Global Winter Tire Market expands across:
Amongst all regions globally, Europe is anticipated to dominate the Winter Tire Market with the largest share during 2022-27. It attributes primarily to different countries across the region with colder temperatures and snow-packed & icy roads during most months.
Finland, Sweden, Estonia, Latvia, Lithuania, Bulgaria, Croatia, Slovenia, and the UK, among others, are the most prominent countries where governments have made it mandatory for vehicle owners to install winter tires. It, in turn, is also generating growth opportunities for the leading players to introduce new varieties of winter tires equipped with different features, budgets, & benefits and, in turn, expand their product portfolio & customer base across the region.
Moreover, as the vehicle fleet across the UK is rapidly increasing, especially with the growing inclination toward Electric Vehicles (EV) to curb carbon emissions, the demand for winter tires is expected to soar exponentially and propel the regional market growth in the coming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Winter Tire Market is projected to grow at a CAGR of around 5.12% during 2022-27.
A. A swift inclination toward timely inspection of vehicles & tires to ensure optimum safety & enhance the overall driving experience on snowy & icy roads are the key factors driving the Global Winter Tire Market.
A. Growing adoption of EVs to curb carbon emissions, i.e., instigating leading tire manufacturers to introduce a variety of EV-compatible winter tires and meet the rising consumer requirements worldwide, is the emerging trend in the Global Winter Tires.