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I AgreeAnalysis of Winter Tires market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
Report Attributes |
Details |
Winter Tires Market Size (2021A) |
US$ 23.2 Bn |
Estimated Market Value (2022E) |
US$ 24.1 Bn |
Forecasted Market Value (2032F) |
US$ 36.6 Bn |
Global Market Growth Rate (2022-2032) |
4.2% CAGR |
Europe Market Share (2021) |
~32% |
Europe Growth Rate (2022-2032) |
~4.9% CAGR |
Germany Growth Rate (2022-2032) |
~5.1% CAGR |
Market Share of Top 5 Companies |
~19% |
Key Companies Profiled |
|
Winter tires account for close to 1% share of total tire sales worldwide, and are largely in demand across selected geographies.
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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.
Several countries with harsh and cold climate conditions have enacted laws to make winter tires mandatory to be used in certain months. These factors have led to a spike in demand for winter tires across these region.
Fact.MR projects that the global market for winter tires is expected to witness growth at 4.2% CAGR during 2022 and 2032 in comparison to the CAGR of 2.8% from 2017 and 2021.
This image provides market share analysis by product type, vehicle type, and region in a nutshell. Under product type segment, studded tires dominated the market by holding 54.3% share in 2021.
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“Growing Automobile Industry to Support Demand Growth of Winter Tires”
Growing automobile industry is boosting demand growth of vehicle winter tires, especially in countries that have cold climates. Growth of the snow tires market is directly proportional to escalating demand for automobiles, for both, personal and commercial use.
Demand is estimated to rise 1/5 of current levels on the back of multiple factors. For instance, countries with cold climates are mandating the application of winter tires amid rising safety concerns and need for fuel efficiency. In addition to this, companies are offering discounts on insurance premiums for vehicles that are equipped with winter tires, which is further boosting the use of winter tires.
With the rise in disposable income of consumers and growth of the automobile industry, consumers are replacing their conventional tires with winter tires amid rising number of stringent norms and rapid innovation by tire manufacturers, thereby fueling the sales of winter tires.
“Safety Features Offered by Winter Tires to Propel Market Growth”
Automobile winter tires are specially designed for low temperatures and harsh weather, and offer better traction than conventional all-season tires, which is the main advantage of winter tires. These tires are flexible, and so, they provide better grip on ice and snow. They are used for a certain period of time in a year, and can lasts longer, maybe 4 to 5 seasons, if maintained properly.
The provision of extra safety offered by snow and ice tires narrowing down the risks of accidents is estimated to fuel market growth by 1.9X during the period of forecast. The main reason for this lies in the fact that they are designed to provide effective braking, improved adhesion, and better cornering performance, along with reacting better in emergency situations than all-seasons tires.
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“Need for Setting Up High-standard Testing Facilities”
As automotive winter tires need to meet regulatory standards, tire manufacturers need holistic testing facilities to test their offerings. However, replicating exact winter conditions can be a bit challenging for them to test tire performance. This can restrict market growth by 0.4X during the period of forecast.
However, sensing the gaps, advanced winter tire testing facilities have sprung up near manufacturing hubs to assist manufacturers with the testing facilities, thus supporting market growth over the coming years.
“Demand for Winter Tires Highest in Europe”
The Europe winter tires market accounts for the largest market share of 32.3%, and is projected to expand at a CAGR of 4.9% over the forecast years.
High growth and demand in this region is attributed to the presence of cold climatic conditions, which requires the use of winter tires in automobiles for a considerable time of the year.
“Strict Safety Regulations in North America”
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.
Market growth in North America is attributed to long prevalence of cold conditions in the region, which leads to additional demand for vehicle winter tires.
In addition to this, winter tires in North America are being certified using a specific test protocol to make sure that these tires meet winter traction performance standards. This allows manufacturers of winter tires to produce premium tires to meet the required standards, which is likely to support high revenue generation.
“Sales of Studded Winter Tires Account for Higher Market Share”
The automobile winter tires market, under product type, is segmented into studded winter tires and stud-less winter tires. Studded tires account for the larger market share of 54.3%.
Studded tires are preferred more as they have metal studs embedded within the treads, and these strong pieces of metal provide added traction. These tires are capable of handling most extreme icy driving conditions. As such, the studded winter tires segment is projected to expand at 3.8% CAGR during the forecast years of 2022-2032.
The stud-less winter tires segment holds 45.7% market share and is slated to register 4.5% CAGR over the period of forecast. The segment is expected to register higher growth as these tires are being preferred more now due to unique technologies such as advances in rubber compounding, tread designs, etc.
“Passenger Vehicles Drive Most Demand for Winter Tires”
Under vehicle type segment, the winter tires market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
Passenger vehicles dominate the market by holding 51.3% market share, and are bound to register 4.7% CAGR during the assessment period. This is because these tires prevent collisions and injuries, and help in reducing fatalities.
Snow tires provide the best traction for passenger vehicles in cold temperatures, and therefore are highly required for the safety of human life while driving in these conditions.
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:
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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The global winter tires market is estimated at US$ 24.1 Bn in 2022.
Global demand for winter tires is anticipated to surpass US$ 36.6 Bn by 2032-end.
From 2017 to 2021, the global market for winter tires expanded at 2.8% CAGR.
Prominent players in the winter tires market are Bridgestone Corp., Continental AG, Michelin, Goodyear Tire & Rubber Co., and Nokian Renkaat Oyj.
Europe tops the global winter tires market accounting for 32.3% market share in 2022.
Studded winter tires hold 54.3% share in the global sales of winter tires.