The latest report on Winter Tire Market by Infinium Global Research gives complete coverage of the Winter Tire Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Winter Tire such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing the Sale of Vehicles in These Regions is the Major Driving Factor for the Growth of the Winter Tire
In 2019, Hankook Tire & Technology group and Toyota Motor Corporation announced that the new 2020 Corolla will be equipped with the Kinergy GT tires. The tires demonstrated outstanding performance in wet, dry and winter conditions. Winter tires are fully dedicated to better grip and performance in winter conditions.
Many of the auto component manufacturers have their winter tires commercial available in the market. Continental’s VikingContact 7 winter tires are available in 91 sizes ranging from 15 inches to 20 inches. While Goodyear’s WinterCommand is a studded mid-tier winter tire available in 54 sizes covering fitments on passenger cars, CUVs, SUVs, and light trucks.
The automobile industry, particularly in the Nordic and Scandinavian region is growing. Increasing the sale of vehicles in these regions is the major driving factor for the growth of the winter tire market. Most of the car manufacturers provide the winter tire as standard in their cars in the regions with cold climate conditions. Moreover, the governments of these regions have implemented regulations for using winter tires on all vehicles in order to provide safety.
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Increasing Technological Advances is Expected to Develop Better Products in the Future
The regular tires tend to lose grip on the roads and slide in the cold climates, thus the use of winter tires provides safety to the cars in cold regions. The use of winter tires in some countries is mandatory, which in turn drives the growth of the winter tire market. Furthermore, growing awareness regarding general road safety has boosted demand for the winter tires.
However, the winter tire market is restricted to the regions with cold climatic conditions, which makes it a niche market. This has been the restricting factor for the winter tire market. Additionally, increasing technological advances is expected to develop better products in the future, which provides profitable opportunities for players in the market.
In terms of region, Europe generated the highest revenue for the winter tires, dominating the global market. The dominance of Europe attributed to stringent government regulations for the implementation of winter tires and harsh climatic conditions, particularly in the Nordic and Scandinavian regions. North America held the second largest share in the global winter tire market following Europe. The significant share of North America in the market attributes to the strict regulations in some states of the U.S and Canada.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Winter Tire.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.