Winter Tire Market size to reach USD 37.77 Bn by 2030 at a CAGR of 5.96 percent says Maximize Market Research

Winter Tire Market size to reach USD 37.77 Bn by 2030 at a CAGR of 5.96 percent says Maximize Market Research
Winter Tire Market
Winter Tire Market growing thanks to rising winter tourism and outdoor activities. Winter Tire Market research was conducted by segmenting the market into Tire Type, Sales Channel, Vehicle type and Rim Size

Maximize Market Research, a leading global Automotive and Transportation research firm, that delivers data and analysis on the global and regional Automotive and Transportation industry has published a Winter Tire Market report. The domain expert has analysed the Winter Tire Market from local as well as global points of view. The total market opportunity for Cell Analysis was USD 25.18 Bn in 2023 and is expected to grow at 5.96 percent CAGR through the forecast period to reach USD 37.77 Bn by 2030.

Market Size in 2023: USD 25.18 Billion

Market Size in 2030: USD 37.77 Billion

CAGR: 5.96 Percent

Forecast Period: 2024-2030

Base Year: 2023

Number of Pages: 272

No. of Tables: 96

No. of Charts and Figures: 87

Segment Covered: By Tire Type, Sales Channel, Vehicle type and Rim Size

Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs

Winter Tire Market Report Scope and Research Methodology

The report provides deep insights into the Winter Tire Market, covering all the major aspects. The report includes local, regional and global levels analysis of the market, which also covers all key global manufacturers with their profiles and strategic perspectives. The report provides an analysis of the drivers, challenges, restraints and opportunities prevailing in the Winter Tire Market with extensive information on the processing and manufacturing requirements, cost of setting up a manufacturing unit, returns on investment and profit margins. This helps new entrants to get a picture of the opportunities in the Winter Tire Industry along with the capital required for set-up.

For the competitive analysis, key players and new entrants in the Winter Tire Industry are listed by region, revenue, financial status, mergers and acquisitions, portfolio, technological advancements adopted, fierce marketing strategies, etc. The analysis aids stakeholders, new entrants, researchers, investors, entrepreneurs, market players and followers for an easy comparison of various elements of the Winter Tire market, presenting future outlook with expected trends and risks in the market.

The bottom-up approach was employed to validate the Winter Tire Market size in terms of value by different segments. Data was collected employing both primary and secondary data collection methods and the data collected by both the research methods were combined, which made the report authentic. Surveys, administering questionnaires and telephonic interviews with industry specialists, entrepreneurs, market leaders and marketing professionals were included in the primary methods. Secondary sources include official databases of various organisations and government sites, industry journals, annual reports, white papers, releases of product manufacturers and suppliers in the Winter Tire industry, and paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Winter Tire Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Winter Tire Market.

Winter Tire Market Overview

Winter Tires, known as snow tires, operate on various surfaces, including pavement (wet or dry), mud, ice, or snow. They have unique tread patterns and rubber compounds that remain flexible at lower temperatures. The Winter Tire Market is expected to grow rapidly during the forecast period. The increase in disposable income of consumers and rapid innovations by winter tire manufacturers are fuelling sales of the tires.

Winter Tire Market Dynamics

The demand for winter tires is increasing majorly because of the growing automotive industry, especially in countries having cold climates. The Winter Tire Market growth is directly proportional to an increase in demand for automobiles, for both, commercial and personal use. The rising popularity of winter tourism and outdoor recreational activities is also highly contributing to the winter tires demand.

The winter tires are required to meet regulatory standards. So, tire manufacturers need holistic testing facilities to test their offerings. Proper storage and handling facilities are required for winter tires during off-season periods to maintain their performance and longevity. Many consumers face challenges in the storage of bulky winter tires, especially in urban areas where the storage space is limited.

Winter Tire Market Regional Insights

European Winter Tire Market dominated the global market with the highest share in 2023. This is attributed to the region’s cold climatic conditions for which winter tires are required. The regional market is also expected to grow rapidly in the future because of increasing safety awareness and technological advancement in tires.

North American Winter Tire Market is expected to grow rapidly during the forecast period. In the region, the US states and Canadian provinces control the use of winter tires. Quebec is the only city in Canada that requires winter tires throughout.

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Winter Tire Market Segmentation

By Tire Type

  • Studded
  • Studless

By Sales Channel

  • OEM
  • After Market

By Vehicle type

  • Passenger Cars
  • Light Motor Vehicles
  • Heavy Motor Vehicles

Based on Vehicle type, the Passenger Cars segment held the largest Winter Tire Market share in 2023. This is attributed to the high demand for it because it prevents collisions and injuries, which helps reduce fatalities. Winter tires provide the best traction for passenger cars in cold temperatures. This is majorly required for human safety while driving.

By Rim Size

  • 12’’-17’’
  • 18’’-21’’
  • >22”

Winter Tire Market Key Competitors include:

  1. Bridgestone Corporation (Japan)
  2. Sumitomo Rubber Industries, Ltd. (Japan)
  3. Toyo Tire & Rubber Co., Ltd. (Japan)
  4. Apollo Tyres Limited (India)
  5. Jk Tyres (India)
  6. MRF Ltd (India)
  7. Zhongce Rubber Group Co., Ltd. (China)
  8. Linglong Tire (China)
  9. CST Tires (China)
  10. Triangle Group (China)
  11. Nexen Tire Corporation (South Korea)
  12. Hankook Tire (South Korea)
  13. Kumho Tire (South Korea)
  14. Giti Tire (Singapore)
  15. Nankang Rubber Tire (Taiwan)
  16. Maxxis Tires (Taiwan)
  17. Continental AG (Germany)
  18. Pirelli & C.S.p.A. (Italy)
  19. CEAT (Italy)
  20. MICHELIN (France)
  21. Nokian Tyres plc (US)
  22. Yokohama Tire Corporation (US)
  23. The Goodyear Tire & Rubber Company (US)
  24. Cooper Tire & Rubber Company (US)
  25. Sailun Tires (Canada)

Key questions answered in the Winter Tire Market are:

  • What are the global trends in the Winter Tire Market?
  • What are the upcoming industry applications and trends for the Winter Tire Market?
  • What are the factors contributing to the final price of the Winter Tire Market?
  • What is the expected demand for different types of products in the Winter Tire Market during the forecast period?
  • What are the recent industry trends that can be implemented to generate additional revenue streams for Winter Tire Market?
  • How is the intervention from regulatory authority shaping the Winter Tire Market?
  • Who are the leading companies and what are their portfolios in the Winter Tire Market?
  • What are the major challenges that the Winter Tire Market could face in the future?
  • Who held the largest market share in the Winter Tire Market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2022)
  • Past Pricing and price curve by region (2018 to 2022)
  • Market Size, Share, Size & Forecast by Different Segment | 2024−2030
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Segmentation – A detailed analysis by Tire Type, Sales Channel, Vehicle type, Rim Size and Region
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:

Tires Market – The market size is expected to reach USD 169.06 million by 2029 at a CAGR of 4.2 percent during the forecast period. The market is expected to be driven by increasing vehicle production and sales.

Connected Tires Market – The market size is expected to reach USD 96.50 million by 2030 at a CAGR of 58.5 percent during the forecast period. The market is expected to be driven by the increasing adoption of connected and autonomous vehicles.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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