Winter Tire Market Overview:
The Winter Tire market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Winter Tire Market as well as the factors influencing regional variations in the growth of the sector.
Winter Tire Market accounted for USD 22.44 billion in 2021 and is expected to reach USD 35.66 billion by 2029 at a CAGR of 5.96 % during the forecast period.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Drivers:
The world's growing automobile industry and its use, particularly in nations with cold climates, are the main factors boosting the market for winter tyres. The market for winter tyres is expected to expand in the coming years as vehicle production rises along with the number of cars being used for both personal and business purposes. As consumers' disposable incomes have grown, the demand for cars has increased, making them more of a commodity than a luxury good. This increased demand has directly impacted the growth of the winter tyre market. Due to safety and fuel efficiency concerns, almost all nations with cold climates have made the use of winter tyres mandatory.
Segmentation:
Studded tyres are well-liked among tyre types because they have metal studs embedded in the treads that increase traction. The worst ice driving conditions can be handled by these tyres. To improve traction, studded tyres aid in breaking through ice and snow-covered roads. As a result, it is anticipated that the market for studded winter tyres will expand at a CAGR of 3.9% over the forecast period. In 2021, the Studless market segment accounted for roughly 43% of the overall market. The increase in studless tyre demand across the globe is primarily to blame for this. In a number of European and North American countries, studded tyres are forbidden.
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Key Players:
To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and market breakdowns. The results of these calculations are then compared to primary data. The Winter Tire market is dominated by the following businesses:
• Bridgestone Corporation (Japan)
• Sumitomo Rubber Industries, Ltd. (Japan)
• Toyo Tire & Rubber Co., Ltd. (Japan)
• Apollo Tyres Limited (India)
• Jk Tyres (India)
• MRF Ltd (India)
• Zhongce Rubber Group Co., Ltd. (China)
• Linglong Tire (China)
• CST Tires (China)
• Triangle Group (China)
• Nexen Tire Corporation (South Korea)
• Hankook Tire (South Korea)
• Kumho Tire (South Korea)
• Giti Tire (Singapore)
• Nankang Rubber Tire (Taiwan)
• Maxxis Tires (Taiwan)
• Continental AG (Germany)
• Pirelli & C.S.p.A. (Italy)
• CEAT (Italy)
• MICHELIN (France)
• Nokian Tyres plc (US)
• Yokohama Tire Corporation (US)
• The Goodyear Tire & Rubber Company (US)
• Cooper Tire & Rubber Company (US)
• Sailun Tires (Canada)
Regional Analysis:
The regional overview of market research for Winter Tire also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.
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COVID-19 Impact Analysis on Winter Tire Market:
Owing to a halt in operations, the growth of end-user industries using Winter Tire decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Winter Tire manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Winter Tire has been severely decreased.
Key Questions Answered in the Winter Tire Market Report are:
- Which market segment accounted for the most percentage of Winter Tire in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Winter Tire market's growth?
- Which region dominates the Winter Tire market in terms of market share?
- What is the expected market CAGR from 2022 to 2029?
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