Winter Tires Market Demonstrates a Spectacular Growth by 2028

Published: Thu Aug 29 2019


The penetration of winter tires continues to gain ground in heavy commercial and light commercial vehicles â€" a trend that is complementing the steady demand from passenger cars segment. According to Fact.MR study, nearly 220 million units were sold in 2017, with passenger cars accounting for over 50% of sales.


Request for the Report Summary: https://www.factmr.com/report/725/winter-tire-market

A combination of macroeconomic and industry-specific factors is influencing demand for winter tires. Government regulation mandating the use of winter tires is an important driver for the overall supply chain. During the period 2014-2018, favorable regulations mandating the use of winter tires have given a fillip to the overall market.

Countries with harsher winters, such as the US, UK, Canada, Germany, and Scandinavian countries have enacted laws to make winter tires mandatory under certain conditions. In Scandinavian countries, the regulations on winter tire use are stringer in the heavy commercial vehicle (HCV) segment. A significant spike in demand has been witnessed after regulations were introduced in these countries.


The preference towards larger rim sizes is gaining ground. This trend is pervasive across all vehicle types â€" two wheelers, passenger cars, LCV, and HCV. Nearly 60 million 16”-19” passenger car winter tires were sold in 2017, which was the highest across all vehicle classes.


Request for the Sample of the Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=725


Winter tire manufacturers are not oblivious to the emerging opportunities in this fledgling landscape. In a bid to consolidate their market position, key market participants are focusing on launching advanced winter tires that offer optimal performance under rapid temperature changes.


Premium winter tire companies are making incremental improvements â€" both in terms of technical upgrades and addition of new sizes. For example, Nokian Tyres added new sizes to WR A4, its flagship winter tyre range for Central Europe. The company has made these premium winter tyres available in modern electric cars as well. Continental AG also launched its new range of Winter Contact TS 860 S tires. These premium tires are available in 18”-21” size range, and are targeted at highly motorized vehicles.


Asian winter tire manufacturers Hankook Tire and Yokohama Tire also have a significant penetration in this landscape, with cost being the key differentiator. Although Fact.MR’s study revealed that end-users prefer premium winter tires owing to positive perception and reliability, Asian manufacturers are steadily gaining traction as the market makes a steady shift from niche to mainstream.


Get the Discount on the Report: https://www.factmr.com/connectus/sample?flag=D&rep_id=725


About Us

Fact.MR’s methodology is robust and comprehensive. We employ a range of tools and assets to develop an all-encompassing coverage of a range of industries. We compile data points at local, country, regional, and global level â€" our approach to capturing the finest nuances, without losing sight of the bigger picture helps us in developing accurate and reliable forecasts and estimates.

Fact.MR has a standard set of guidelines and standards that help maintain a level of consistency across all of our research offerings. The standardization includes step-by-step documentation of the methodologies and guidelines on the sources that are to be used for incorporation of objective and accurate data.

The standardization also involves use of industry-wide analytical tools, and rigorous quality checks to validate market forecasts and sizes. Our unwavering focus on standardization ensures that clients receive the same quality of research and analysis that Fact.MR is known for.

Contact Us

FactMR
Suite 9884
27 Upper Pembroke Street,
Dublin 2, Ireland
Tel: +353-1-4434-232
Tel: +353-1-6111-593
Email: sales@factmr.com
Blog: https://theheraldmedia.com/

Contact Name: Aman
Contact Email: sales@factmr.com

Visit website »