According to Stratistics MRC, the Global Winter Tire Market is accounted for $19.09 billion in 2020 and is expected to reach $28.28 billion by 2028 growing at a CAGR of 5.8% during the forecast period. Rising growth in the automobile industry particularly in countries with cold climates, growing number of automobiles for both personal and commercial uses, growth of Winter Tires hand in hand with vehicle production are major factors driving the growth of the market. However, winter tires is a niche market and is restricted to cold regions is hampering the market.
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By vehicle type, passenger vehicles segment is experiencing considerable market growth, due to the increased adoption of passenger vehicle makes this segment crucial for the winter tire market. Based on the geography, Europe is dominating the market during the forecast period. Due to the global leader in terms of demand for winter tires, amid presence of countries which offer several incentives and impose certain regulations for the adoption of winter tires. Eastern Europe is also a prominent region, due to presence of snowy regions of Russia and Poland.
Some of the key players profiled in the Winter Tire Market include Apollo Tyres Ltd., Bridgestone Corp., Cheng Shin Rubber Ind Co. Ltd., Continental AG, Cooper Tire & Rubber Co., Hankook Tire & Technology Co., Ltd., JSC Cordiant, Michelin Group, Nexen Tire Corp., Nokian Tyres PLC, Pirelli & C. S.p.A., PJSC Nizhnekamskshina, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Co., The Kumho Tire Co.
Types Covered:
• Studded Tier
• Stud Less Tier
Vehicle Types Covered:
• Passenger Vehicles
• Commercial Vehicles
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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