Pune, May 11, 2023 (GLOBE NEWSWIRE) -- "As per SNS Insider, the All-Weather Tire Market had a worth of USD 203.81 billion in 2022, and it is projected to attain a value of USD 339.86 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period of 2023-2030".
Market Report Scope
All-weather tires, also known as all-season tires, are designed to provide reliable performance and handling in a variety of weather conditions. These tires are engineered to offer a balance between the capabilities of summer and winter tires, providing drivers with a single tire option that can handle rain, light snow, and dry pavement. All-weather tires are also designed to perform well in colder temperatures. While summer tires become hard and lose grip in cold weather, and winter tires may wear down quickly on dry pavement in warmer temperatures, all-weather tires are designed to remain flexible and provide good traction in both hot and cold conditions.
Market Analysis
The all-weather tire market is projected to experience a surge in revenue growth in the upcoming years. The increasing need for tires that can provide excellent traction and safety in harsh winter weather conditions is driving the market's expansion. All-weather tires, also known as all-season tires, are designed to offer high flexibility, ensuring exceptional driving performance even when road conditions change with the changing seasons. Furthermore, all-weather tires are engineered to be more durable than standard all-season tires, making them a practical investment. With their reinforced construction, all-weather tires can withstand the rigors of winter driving, including extreme temperatures and harsh road conditions. This durability results in a longer lifespan for the tire, reducing the need for frequent replacements.
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Impact of Recession
The impact of a recession on the all-weather tire market is complex and multifaceted. While there may be some challenges to overcome, there are also potential opportunities for growth and innovation in this industry. Tire manufacturers and distributors that are able to adapt to changing consumer demands and market conditions may be able to thrive even in challenging economic times.
Key Regional Development
The all-weather tire market in the Asia Pacific region continues to experience robust growth, with a dominant presence in the global market. The rapid expansion of the automotive industry, coupled with the increasing demand for all-weather tires, has fueled the market's growth in the region. As one of the largest automotive aftermarkets in the world, the Asia Pacific region remains a vital driver of the global market. The region's strong focus on agriculture has also contributed significantly to the growth of the market. Countries like China, Japan, and India have a massive agricultural sector, which necessitates the use of heavy-duty vehicles and equipment.
Key Takeaway from All-Weather Tire Market Study
- The OEM segment is poised to dominate the market in the coming years. With their unique advantages in design, performance, and customer support, OEM all-weather tires are an attractive choice for many drivers who want a tire that can handle all seasons and all conditions.
- The passenger cars segment is set to take the lead in the market, as the demand for these tires continues to grow. With changing weather patterns and increasing awareness about the benefits of all-weather tires, it is clear that this market is poised for significant expansion in the coming years.
Recent Developments Related to All-Weather Tire Market
- Toyo Tires® has recently launched its newest innovation in tire technology, the Celsius® II All-Weather Touring Tire. Designed for drivers who want year-round versatility and performance, the Celsius® II is the perfect solution for those who experience a wide range of weather conditions.
- Goodyear has recently launched a new all-season tire called the Cooper® ProControl™, which is designed to provide drivers with enhanced performance in a wide range of weather conditions. This new tire is the latest addition to Goodyear's already impressive lineup of high-quality tires, and it is sure to be a popular choice for drivers who want a reliable and versatile tire that can handle any driving situation.
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All-Weather Tire Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 203.81 Billion |
| Market Size by 2030 | US$ 339.86 Billion |
| CAGR | CAGR of 6.6% From 2023 to 2030 |
| Key Segments | • by Rim Size (12”-17”, 18”-21”, >22”) • by Sales Channel (OEM, Aftermarket) • by Vehicle Type (Passenger cars, LCV, HCV) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Continental AG (Germany), CEAT Ltd. (India), Bridgestone Corporation (Japan), Pengda Rubber Product Factory (China), Zhejiang PDW Industrial Co., Ltd. (China), Michelin (France), The Goodyear Tyre & Rubber Company (US), Aliner Automotive Equipment Pvt. Ltd. (India), Pirelli & C. S.p.A. (Italy), Sumitomo Corporation (Japan), Yokohama Tire Corporation (Japan), Nokian Tyres plc (Finland), Hankook Tire & Technology Co., Ltd. (South Korea), Toyo Tire Corporation (Japan), Shandong Tang Ren Import and Export Trading Co., Ltd. (China), Hebei Huichao Machinery Parts Co., Ltd. (China), Jiangxi Deyou Technology Co., Ltd. (China), Trading Company (China), Shandong Juling Group (China), Auto Tool Equipment Solution (India), and Qingdao Keter Tyre Co. Ltd |
| Market Drivers | •Rising consumer awareness about vehicle emissions is likely to promote the use of all-weather tires. •A shift in consumer preference toward fuel-efficient transportation technologies. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global All-Weather Tire Market Segmentation, by Rim Size
9. Global All-Weather Tire Market Segmentation, by Sales Channel
10. Global All-Weather Tire Market Segmentation, by Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Cases and Best Practice
15. Conclusion
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