Winter tires are advanced rubber compound design with larger gaps than those on summer tires. Such tires are majorly used while driving on snow and ice surface. Tires designed for winter conditions are optimized to operate at temperatures below 7 °C (45 °F). Some snow tires have metal or ceramic studs that protrude from casing to increase traction on hard-packed snow or ice. Winter tire market is anticipated grow promising all over the world in coming years.
The "Global Winter Tire Market Analysis to 2028" is a specialized and in-depth study of the Automotive and Transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the winter tire market with detailed market segmentation by stud presence, vehicle type, sales channel, and geography. The report provides key statistics on the market status of the leading winter tire market players and offers key trends and opportunities in the market.
- Based on stud presence, the global winter tire market is segmented into studded and studless.
- On the basis of vehicle type, the market is segmented into passenger cars, light motor vehicles and heavy motor vehicles.
- Based on sales channel, the market is bifurcated into OEM and after market.
- Growing automobile industry in various developing countries of the world.
- Unorganized retail sector in some developing countries
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The winter tire market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the winter tire market in these regions.
IMPACT OF COVID-19 ON WINTER TIRE MARKET
The outbreak of the COVID-19 has severely impacted the automotive, transportation and other related industries adversely. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption of global supply chain has left an adverse impact on the automotive industry. This pandemic restricted movement of people from one place to another. Also considering salary cuts or job losses, buying capacity of the consumer was also reduced. Restrictions of limited workforce at production site also affected the market from supply side. All the mentioned factors have impacted the winter tire market considerably.
The report covers key developments in the winter tire market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from winter tire market are anticipated to lucrative growth opportunities in the future with the rising demand for winter tires in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the winter tire market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Bridgestone India Private Ltd.
- Continental AG
- Cooper Tire Rubber Company
- Giti Tire
- Hankook Tire
- NEXEN TIRE
- THE YOKOHAMA RUBBER CO., LTD.
- Toyo Tire Group Global
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.