The North America winter tires market holds 28.8% of the global market share, and is set to register 4.5% CAGR over the assessment period of 2022-2032.
The global winter tires market is valued at US$ 24.1 Bn in 2022, and is forecast to surpass US$ 36.6 Bn valuation by 2032, expanding at a CAGR of 4.2% from 2022 to 2032. Snow tires, or winter tires, are appropriately designed for traction on ice and snow. As these automotive tires are equipped with ceramic or metal studs, they can be used in lower temperatures. Different countries and regions across the globe have regulations on usage and the design of winter tires to be used in cold climatic conditions, thereby providing a gain of 96 BPS to the winter tires market over the coming years.
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The future of the winter tires market looks promising, driven by several factors:
- Continued Technological Advancements: Manufacturers will continue to invest in research and development to create winter tires with even better performance, longevity, and sustainability.
- Climate Change Impact: As climate change intensifies, the need for reliable winter tires will only increase. More regions may implement mandatory winter tire regulations.
- Growing Electric Vehicle Market: Electric vehicles (EVs) are becoming more common, and manufacturers are developing winter tires specifically designed for EVs to address their unique weight distribution and performance requirements.
- Sustainable Tire Production: Environmental concerns will drive the adoption of sustainable tire production processes, reducing the carbon footprint of winter tires.
Competitive landscape:
The global winter tires market is highly competitive and fragmented because of the presence of several regional and international players. Marketing strategies such as mergers and acquisitions, expansions, partnerships, and collaborations are being adopted by key winter tire suppliers.
Along with this, new product development is also a strategic approach by companies to expand their presence in the market and garner a wider consumer base.
For instance:
- Bridgestone Corp., in 2021, acquired Azuga Holdings Inc. This acquisition is likely to enhance the company’s development in tire-centric and mobility solutions, thereby leading to improvement in fleet safety, sustainability, and performance.
- Goodyear Tire & Rubber Co., in 2021, announced the completion of the acquisition of Cooper Tire & Rubber Company, which will strengthen its leadership position in tire industry over the coming years.
Fact.MR has provided detailed information about the price points of key manufacturers in the winter tires market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Winter Tires Industry Research by Segmentations
· By Product Type :
- Studded
- Stud-less
· By Vehicle Type :
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
· By Sales Channel :
- Original Equipment Manufacturers
- Aftermarket
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Winter Tires make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Winter Tires Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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