The global winter tires market is expected to grow from USD 14.3 billion in 2021 to USD 20.0 billion by 2030, at a CAGR of 3.8% during the forecast period 2022-2030. The growth in the automobile industry, especially in countries with cold weather, drives the market’s growth. With the development in the manufacturing of vehicles for both personal and commercial uses, the demand for winter tires increases with vehicle production. It is expected to grow rapidly during the forecast period. The rise in disposable income of consumers influenced the sale of automobiles, thereby directly influencing the market’s growth. However, the outbreak of the Covid-19 pandemic negatively affected the market’s growth as lockdown restrictions were imposed to stop the spread of the disease. Due to this, several manufacturing units were temporarily closed, affecting the production of the winter tires market.
The studded segment dominated the market with a market revenue of 9.0 billion in 2021
The product type segment of the winter tires market is divided into studded and studless. In 2021, the studded segment dominated the market with a market revenue of 9.0 billion. Studded winter tires increase vehicle traction, reducing the chances of a collision on the icy surface during winter seasons, and propelling the segment’s growth.
The passenger vehicle segment is expected to grow at the fastest CAGR of 4.6% over the forecast period.
The vehicle type segment of the winter tires market is divided into passenger, light, and heavy commercial vehicles. Over the forecast period, the passenger vehicle type segment is expected to grow at the fastest CAGR of 4.6%. The increasing disposable income of consumers drives the segment’s growth.
The aftermarket segment accounted for the largest share of the market, with 71%.
The distribution channel segment of the winter tires market is divided into O.E.M. and Aftermarket. In 2021, the aftermarket segment dominated the market, accounting for around 71% of global revenue. The increasing lifespan of vehicles leads to the repeated purchase of tires as they have a limited lifespan. The tires purchased are mostly from resellers which drives the segment’s growth.
Regional Segmentation Analysis:
The winter tires market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Europe region is expected to be the largest market during the forecast period. The winter tires market in Europe has been expanding rapidly due to the increasing sale of passenger vehicles and commercial vehicles in the region. In addition, the rising technological developments in automobiles also propel the market’s growth in the region.
The major players in the winter tires market include Nokian Tyres plc, Bridgestone Corporation, Continental ag, Sumitomo Rubber Industries, Ltd., Pirelli & C.S.P.A., Nexen Tire Corporation, The Goodyear Tire & Rubber Company, Hangzhou Zhongce Rubber Co., Ltd., The Yokohama Rubber Co., Ltd., and MICHELIN, among others.