Global Winter Tire Market Anticipated to Achieve High CAGR Percentages during 2018-2028
The global winter tires market is likely to surpass 319 million units by 2028 – in terms of revenues, this represents a market value worth US$ 43 billion.
[USPRwire, Wed Jan 02 2019] In order to study the various trends and patterns prevailing in the concerned market, FactMR has included a new report titled “Global Winter Tire Market Anticipated to Achieve High CAGR Percentages during 2018-2028” to its wide online database including upcoming trends and growth factors through 2018-2028. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report studies the winter tire market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. According to our survey, nearly 60% of respondents agreed to use winter tires. However, there was still room for improvement in this landscape, as 40% respondents said they were currently not using any winter tires. Although the outlook on the winter tires market remains positive, the high dependency of this market on weather conditions continues to create situations of over-supply as well as scarcity.
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The winter tires market is as much influenced by technological innovation and consumer awareness, as it is by regulations mandating their use. The spike in winter tire sales in Canadian provinces is a case in point. Winter tire manufacturers are to be benefit if the growing spate of regulations becomes pervasive. Several countries in Europe and North America have enacted laws regarding appropriate use of winter tires.
Other European countries where winter tires are mandatory include Latvia, Lithuania, Moldova, Montenegro, Russia, Serbia, Slovenia, and Sweden.
There are no specific regulations that mandate the use of winter tires in the US, however, most experts recommend using winter tires in wintry conditions. The recommendation is especially important for drivers in the northern states.
All the provinces in Canada recommend installing four winter tires when the temperature drops to less than 7 degree Celsius; however, Quebec is the only province where it’s mandatory for every vehicle to have winter tires.
Replicating the exact wintry conditions to test the performance of tires continues to be a challenge for winter tire manufacturers. Winter conditions can be extreme, and tire manufacturers often need assistance of holistic testing facilities to know how their offerings will actually perform under typical wintry conditions.
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Sensing the gaps in the market, advanced winter tire testing facilities have sprung up near manufacturing hubs. For example, Test World is on an expansion spree, and has bought additional land in Finland to meet future demand for tire testing. Test World has been worked extensively with Hanook Tire, and built up its testing facility in Finland.
Europe has traditionally remained a lucrative market for winter tires globally. Many countries in Europe have harsh winters, which makes driving a challenging prospect. The fact that a number of European countries have made winter tires mandatory during certain months has led to a spike in demand. For example, Nokian Tires, one of the leading names in the global winter tires market, has a strong presence all over Europe. Also, Continental Scandinavia winter tires are specially designed to meet the extreme winter conditions in Scandinavian countries. Overall, Europe will continue to be strategically important for winter tire manufacturers.
Table of Content:
- Executive Summary
1.1. Summarizing Key Findings
1.2. Wheel of Fortune
1.3. Selected announcement for restricting measures
1.4. Opportunity Assessment
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