Winter Tires Market Outlook (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.

Multiple macroeconomic and industry-specific factors influence the demand for winter tires. For instance, government regulations mandating the use of winter tires is one of the signification demand driving factor for the market.

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Key findings of the Winter Tires market study:

·         Regional breakdown of the Winter Tires market based on predefined taxonomy.

·         Innovative manufacturing processes implemented by Winter Tires vendors in detail.

·         Region-wise and country-wise fragmentation of the Winter Tires market to grasp the revenue, and growth outlook in these areas.

·         Changing preferences among consumers across various regions and countries.

·         Factors (Positive and Negative) impacting the growth of the global Winter Tires market.

Competitive Landscape: Top Companies in Winter Tires Market

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:

1. 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.
2. 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.

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Winter Tires Industry Research by Segmentations:

• By Product Type :

o    Studded

o    Stud-less

• By Vehicle Type :

o    Passenger Vehicles

o    Light Commercial Vehicles

o    Heavy Commercial Vehicles

• By Sales Channel :

o    Original Equipment Manufacturers

o    Aftermarket

• By Region :

o    North America

o    Latin America

o    Europe

o    East Asia

o    South Asia & Oceania

o    MEA

 

Queries addressed in the Winter Tires market report:

·         Why are the Winter Tires market players targeting region for increased product sales?

·         What patented technologies are the players utilizing in the global Winter Tires market?

·         Which regions are displaying the fastest growth in the Winter Tires market?

·         What are the underlying micro- macroeconomic factors affecting the global Winter Tires market?

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