How Has The Winter Tire Market Size Evolved Historically?
The winter tire market has seen considerable growth due to a variety of factors.
• In recent times, there has been a robust growth in the winter tire market size. Projections indicate an increase from $24.68 billion in 2024 to $26.13 billion in 2025, reflecting a Compound Annual Growth Rate (CAGR) of 5.9%. This surge during the historic period is associated with factors like seasonal demand, governmental policies, safety considerations, the expansion of the automotive industry, customer awareness, and a decline in insurance premiums.
What Is The Projected Growth Of The Winter Tire Market By 2029?
The Winter Tire market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of winter tires is predicted to experience robust growth in the forthcoming few years, with a projection of reaching $33.45 billion in 2029, reflecting a Compound Annual Growth Rate (CAGR) of 6.4%.
This market expansion in the forecast period can be accredited to factors such as the effects of climate change, governmental support, increase in disposable income, the popularity of winter tourism, global prevalence of winter conditions, and community awareness initiatives. The future market trends are expected to be the adoption of studless tires, progress in tire technology, use of sustainable and environmentally-friendly materials, growth in online tire sales and e-commerce, and the emergence of performance-based winter tires.
What Are The Key Drivers Fueling Growth In The Winter Tire Market?
The upswing in the automobile industry is predicted to drive the advancement of the winter tires market. The automotive sector encompasses activities such as design, production, wholesale, retail, and maintenance of motor vehicles. Winter tires, used in vehicles to ensure adequate traction in severe cold, on icy, snowy, or slushy roads, utilize rubber that stays softer for flexibility. This allows the tire to adapt to the road and deliver superior performance in extremely cold situations. Additionally, nations experiencing cold climates are promoting the use of winter tires due to safety precautions and fuel efficiency, leading to a rise in the demand for these tires. For instance, the Society of Motor Manufacturers and Traders (SMMT), a UK-based motor vehicle trade association, reported in November 2022 that the UK's car production had increased by 7.4% to 69,524 units compared to the previous years. Therefore, the flourishing automotive industry is stimulating the growth of the winter tires market.
What Are The Principal Market Segments In The Global Winter Tire Industry?
The winter tire market covered in this report is segmented –
1) By Product Type: Studded, Stud-Less
2) By Rim Size: 12'- 17', 18'-21', >22'
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
4) By Sales Channel: Original Equipment Manufacturers, After market
Subsegments:
1) By Studded: Metal Studded Tires, Ceramic Studded Tires
2) By Stud-Less: All-Weather Winter Tires, Performance Winter Tires, Touring Winter Tires
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Which Emerging Market Trends Are Altering The Winter Tire Industry?
Product innovation is emerging as a significant trend in the winter tires market. To fortify their market positions, major players are focusing on the development of unique products. For instance, Apollo Tyres, a company based in India known for producing tyres, introduced the Vredestein Wintrac Pro+ in June 2024. This high-end winter tyre is designed specifically for ultra-high-performance cars and SUVs, including the latest models of performance-oriented electric vehicles. The tyre showcases an advanced tread compound which amplifies grip, traction, and braking on surfaces covered with snow, slush, and ice, and simultaneously decreases rolling resistance, thus boosting fuel economy or extending driving range. The Vredestein Wintrac Pro+ not only retains the exemplary wet grip and top-tier durability of the Wintrac Pro but also introduces a custom blend of state-of-the-art polymers and resins. This component enables the tread blocks to stay flexible even in severe cold weather, and thus enhances performance on snowy surfaces.
Who Are the Key Players In The Winter Tire Market?
Major companies operating in the winter tire market include:
• Bridgestone Corporation
• Apollo Tyres Limited
• Continental AG
• Cheng Shin Rubber Industry Co. Ltd.
• Goodyear Tire and Rubber Company
• Hankook Tire & Technology Co. Ltd.
• Kumho Tire Co. Inc.
• Madras Rubber Factory Ltd.
• Maxxis International GmbH
• Compagnie Générale des Établissements Michelin SCA
• Nankang Rubber Tire Corp. Ltd.
• Nexen Tire Corporation
• Nokian Tyres plc
• Pirelli & C. S.p.A
• Sailun Group Co. Ltd.
• Shandong Linglong Tire Co. Ltd.
• Sumitomo Rubber Industries Ltd.
• Toyo Tire Corporation
• Triangle Group Ltd.
• Yokohama Rubber Company Limited
• Zhongce Rubber Group Co. Ltd.
• CEAT Limited
• Cooper Tire & Rubber Co.
• Giti Tire Pte Ltd.
• Vredestein Tyres
• Westlake Tyres
• Xingyuan Tire Group Co. Ltd.
• ZC Rubber Group Co. Ltd.
• Zhejiang Double Arrow Rubber Co. Ltd.
What Are The Regional Insights Into The Winter Tire Market?
Europe was the largest region in the winter tire market in 2024. The regions covered in the winter tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
