Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Winter Tire Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Expansion and Technological Advancements Propel the Winter Tire Industry to New Heights
The winter tire industry has witnessed a significant surge, with the market size expanding from $23.47 billion in 2023 to a projected $24.84 billion in 2024, showcasing a robust compound annual growth rate (CAGR) of 5.9%. An in-depth market analysis reveals crucial drivers such as seasonal demand and regulatory measures fueling this growth, along with burgeoning consumer awareness and safety considerations. Automotive industry developments and insurance incentives have further buttressed market expansion.
Anticipations are set high for the winter tire market, which is expected to reach $31.08 billion by 2028, growing at a steady CAGR of 5.8%. The report examines several factors contributing to this growth, including climate change effects, regulatory endorsements, rising disposable income, winter tourism boom, and burgeoning public education on winter driving safety. Key trends shaping the market include the adoption of studless winter tires, advanced tire technologies, eco-conscious materials, a surge in online tire commerce, and a strong focus on performance-oriented winter tires.
An upswing in the automotive sector is identified as a prime stimulant for the winter tire market's expansion. As vehicles navigate increasingly challenging icy and snowy conditions, the demand for winter tires, which utilize a more pliable rubber for enhanced flexibility and traction, is on the rise. Especially in climates where winter tire utilization is mandated, the market receives substantial demand. A compelling example provided is the UK's car production increase of 7.4% to 69,524 units in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT).
Notably, the winter tire market is also gaining momentum due to the alarming rate of accidents on icy thoroughfares. Enhanced design features like softer rubber compounds and deeper tread grooves in winter tires substantially increase vehicular control and traction, directly contributing to accident prevention on icy roads. The report cites distressing statistics from the United States Department of Transportation, stating an estimated 121,156 crashes in snowy conditions for the year 2021.
The report highlights technological innovations as a pivotal element in the market dynamics, with top industry players focusing on product advancement to secure a competitive edge. One such example is Goodyear Tire & Rubber Company's UltraGrip Arctic 2 tire, released in March 2021, which boasts superior performance on both ice and snow. Another key advancement is Continental AG's Conti Scandinavia HD3 tire, launched in April 2023, featuring groundbreaking 3D siping technology for impeccable grip and longevity.
In addition, the report reviews significant market strategies, such as Goodyear Tire & Rubber Company's acquisition of Cooper Tire & Rubber Company in June 2021, aimed at strengthening Goodyear's market presence and broadening its outreach in North America.
Evaluating the geographical influence, Europe emerged as the market leader for winter tires in 2023. The comprehensive report spans across diverse regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing insights into the market's vast global footprint.
Delving into the product types, there is an emphasis on both studded and studless winter tires catering to various rim sizes and vehicle types and available via numerous sales channels. The report meticulously segments the market to offer stakeholders a granular view of the intricate family of winter tires.
The research delivers unmatched market intelligence, encompassing not just the size and regional shares, but also competitors' standings and extensive market segmentation. This powerful tool aims to equip industry leaders and decision-makers with the comprehensive data required to prevail in the ever-adapting landscape of the winter tire industry.
Note: The market value indicated in this synopsis encapsulates enterprise revenues accrued directly from sales, grants, or donations, and does not account for resale revenues along the supply chain or as part of other products.
A selection of companies mentioned in this report includes
- Bridgestone Corporation
- Apollo Tyres Limited
- Continental AG
- Cheng Shin Rubber Industry Co. Ltd.
- Goodyear Tire and Rubber Company
- Hankook Tire & Technology Co. Ltd.
- Kumho Tire Co. Inc.
- Madras Rubber Factory Ltd.
- Maxxis International GmbH
- Compagnie Générale des Établissements Michelin SCA
- Nankang Rubber Tire Corp. Ltd.
- Nexen Tire Corporation
- Nokian Tyres plc
- Pirelli & C. S.p.A
- Sailun Group Co. Ltd.
- Shandong Linglong Tire Co. Ltd.
- Sumitomo Rubber Industries Ltd.
- Toyo Tire Corporation
- Triangle Group Ltd.
- Yokohama Rubber Company Limited
- Zhongce Rubber Group Co. Ltd.
- CEAT Limited
- Trelleborg AB
- Cooper Tire & Rubber Co.
- Giti Tire Pte Ltd.
- Vredestein Tyres
- Westlake Tyres
- Xingyuan Tire Group Co., Ltd.
- ZC Rubber Group Co. Ltd.
- Zhejiang Double Arrow Rubber Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/saoqdu
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