The prospects of winter tire manufacturers depend as much on consumer perception as on the uncertain weather conditions.
According to our survey, nearly 60% of respondents agreed to using winter tires. However, there was still room for improvement in this landscape, as 40% respondents said they were currently not using any winter tires. Although the outlook on the winter tires market remains positive, the high dependency of this market on weather conditions continues to create situations of over-supply as well as scarcity.
Winter Tires Market Regulatory Landscape
The winter tires market is as much influenced by technological innovation and consumer awareness, as it is by regulations mandating their use. The spike in winter tire sales in Canadian provinces is a case in point. Winter tire manufacturers are to be benefit if the growing spate of regulations becomes pervasive. Several countries in Europe and North America have enacted laws regarding appropriate use of winter tires.
- Austria: Winter tires are compulsory in the country for the period November 1st to April 15th. Winter tires are also compulsory for certain bus categories for the period November 1 to March 15.
- Bulgaria: From 15th of November to 1st March, winter tires with a minimum tread depth of 4mm are mandatory
- Czech Republic: Winter tires are mandatory from 1st November to 1st April, with minimum tread depth of 4mm
- Estonia: Winter tires are mandatory from 1st December to end February. The minimum tread depth these tires need to have is 3mm
- Germany: The changes in regulations in 2010 have made winter, or all-season tires mandatory in wintry conditions
- Iceland: Winter or all season-tires are mandatory from 1st November to 14th April.
Other European countries where winter tires are mandatory include Latvia, Lithuania, Moldova, Montenegro, Russia, Serbia, Slovenia, and Sweden.
There are no specific regulations that mandate the use of winter tires in the US, however, most experts recommend using winter tires in wintry conditions. The recommendation is especially important for drivers in the northern states.
All the provinces in Canada recommend installing four winter tires when the temperature drops to less than 7 degree Celsius; however, Quebec is the only province where it’s mandatory for every vehicle to have winter tires.
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Winter Tire Testing: A Challenge for Manufacturers
Replicating the exact wintry conditions to test the performance of tires continues to be a challenge for winter tire manufacturers. Winter conditions can be extreme, and tire manufacturers often need assistance of holistic testing facilities to know how their offerings will actually perform under typical wintry conditions.
Sensing the gaps in the market, advanced winter tire testing facilities have sprung up near manufacturing hubs. For example, Test World is on an expansion spree, and has bought additional land in Finland to meet future demand for tire testing. Test World has been worked extensively with Hankook Tire, and built up its testing facility in Finland.
Manufacturers Eyeing Lucrative European Winter Tire Market to Consolidate their Position
Europe has traditionally remained a lucrative market for winter tires globally. Many countries in Europe have harsh winters, which makes driving a challenging prospect. The fact that a number of European countries have made winter tires mandatory during certain months has led to a spike in demand. For example, Nokian Tires, one of the leading names in the global winter tires market, has a strong presence all over Europe. Also, Continental Scandinavia winter tires are specially designed to meet the extreme winter conditions in Scandinavian countries. Overall, Europe will continue to be strategically important for winter tire manufacturers.
The global winter tires market is likely to surpass 319 million units by 2028 – in terms of revenues, this represents a market value worth US$ 43 billion.
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Fact.MR’s study issues forecast on the global winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028. This research analysis demonstrates key trends and market dynamics across regional segments incorporated, which are likely to impact current as well as future expansion of the global winter tires market.
Detailed Assessment on Global Winter Tires Market
Primary objective of this report is to deliver updates on growth of the global winter tires market. The market for winter tires is largely dependent upon weather patterns for growth. However, several prominent winter tire manufacturers report robust sales, on the basis of advanced tire technology, consumer education, and company regulation.
Leading manufacturers in the global winter tires market are focusing on the development of novel products, in a bid to expand their product portfolio and boost sales. For example, Nokian Tyres has recently introduced its new, state-of-art range of winter tires. This high quality, versatile winter tire range is developed keeping in mind specific demands of winter conditions.
The report initiates with an executive summary of the global winter tires market, which provides an in-depth assessment and forecast on all the market segmented encompassed. Market estimates apropos of segmentation analysis are offered in the form of revenues, market share, absolute dollar opportunity, and CAGR.
A chapter on overview follows the executive summary, which offers a brief introduction to the market, along with a concise definition of the targeted product – winter tires. Growth influential factors such as demand determinants & deterrents, trends, and opportunities have also been included in the overview.
Segmentation Analysis on Global Winter Tires Market
Succeeding chapters in the report impart in-depth analysis, actionable insights and accurate forecasts on the global winter tires market, in terms of a segmentation analysis. The global market for winter tires has been categorized into five key segments, namely, product type, vehicle type, sales channel, width, and region. The vehicle type segment has further been classified on the basis of the tire size required.
The report also offers value- and volume-based forecast on the winter tires market across the regional segments. Drawing inferences from key regional trends that contribute to the winter tire market’s growth, estimations and forecasts on the regional markets have been evaluated. The report further examines the degree at which global trends are affecting the market expansion in each region.
(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Detailed Analysis on Winter Tires Market’s Competitive Landscape
The final chapter of the report elucidates the competitive landscape of the global winter tires market, for providing the report readers with detailed analysis on the market participants engulfed. This chapter enables the industry leaders as well as emerging players in the market to devise novel strategies and make fact-based business decisions.
Analysis offered on the market players is in terms of company overview, product overview, key financials, key developments, and SWOT analysis. This report is the compilation of authentic information, and quantitative & qualitative assessment by industrial experts. Data offered in the report is validated using micro and macro-economic factors.
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