Winter Tires Market - Forecast(2023 - 2028)

Report Code: ATR 1022 Report Format: PDF + Excel

Winter Tires Market Overview:


Winter Tires Market size is estimated to reach $32.5 billion by 2030, growing at a CAGR of 4.7% during the forecast period 2023-2030. Increasing demand for SUVs and light trucks, increasing demand for winter tires due to extreme weather conditions are propelling the Winter Tires Market growth.
Additionally, the regulations and mandates are also driving demand for winter tires in many regions. These regulations and mandates are usually imposed by government bodies to ensure the safety of drivers are creating substantial growth opportunities for the Winter Tires Market. According to the 2022 Canadian consumer winter tire study conducted by the RAC, 76% of drivers who use winter tires believe that their use has prevented them from encountering hazardous driving situations such as loss of control or collisions. These factors positively influence the Winter Tires industry outlook during the forecast period.

Market Snapshot:
Winter Tires Market - Report Coverage:


The “Winter Tires Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-
depth analysis of the following segments in the Winter Tires Market.

Attribute

Segment

By Product Type

● Stud-Less 

● Studded 

Performance

By Type

● Inner Tube

Tubeless

By Drive Train

● ICE 

Electric

By Vehicle Type


● Light Commercial Vehicle

● Heavy Commercial Vehicle

● Passenger Cars

Two Wheelers

By Rim Size   


● 12-17 Inches

● 18-21 Inches 

● Above 22 Inches 

By Sales Channel


● Original Equipment Manufactures

            ●After Market

By Geography 


● North America (U.S., Canada and Mexico)

● Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), 

● Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

● South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

● Rest of the World (Middle East and Africa).


COVID-19 / Ukraine Crisis - Impact Analysis:

 

● The pandemic caused disruptions in the global supply chain, which led to production delays and supply chain bottlenecks. The closure of manufacturing facilities and restrictions on international trade resulted in a shortage of raw materials, which led to higher prices for some winter tire components such as rubber.

● Russia was one of the world's largest producers of natural rubber, a key component in the manufacturing of winter tires. The conflict with Ukraine resulted in economic sanctions and restrictions on trade, which led to a reduction in the availability of raw materials for winter tire production.

Key Takeaways:

● Fastest Growth Europe Region

Geographically, in the global Winter Tires Market share, Europe is analyzed to grow with the highest CAGR of 5.3% during the forecast period 2023-2030. This region will continue to experience severe winter weather conditions, making winter tires a necessity for safe and reliable driving. Additionally, stringent winter tire regulations, increasing awareness about road safety and the rising popularity of SUVs will further drive the market growth. In 2022, as per camprest article, the use of winter tires (with a minimum profile height of 3.5 mm) is mandatory in mountainous regions such as the Alps, Pyrenees, Central Massif and Corsica in France during the period from November 1 to March 31. Additionally, the requirement may also be implemented in other regions or on specific roads based on individual regulations, indicated by appropriate road signs featuring pictograms of mountains, tires, chains and the words "ZONE" or "FIN DE ZONE."

● Stud-Less to Register the Fastest Growth

In the Winter Tires Market analysis, the Stud-Less segment is estimated to grow with the highest CAGR of 5.2% during the forecast period owing due to to their convenience, versatility and environmental friendliness. Studless tires are designed with specialized rubber compounds and tread patterns that provide increased traction on snow and ice. They are also suitable for use in both winter and wet conditions, making them a popular choice for regions with varying winter weather. In July 2022, Toyo Tires introduced the M937, a studless winter tire that offered long-lasting performance. This specialized tire, available in a single size, was designed to provide excellent traction and control during winter conditions.  

●  Passenger Cars is Leading the Market

According to the Winter Tires Market forecast, the Passenger Cars held the largest market share of 52.1% in 2022. Winter tires are essential for safe driving in cold weather conditions and the increasing popularity of SUVs and crossover vehicles has contributed to the growth of the market. Additionally, advancements in tire technology have made winter tires for passenger vehicles more effective as well as efficient than ever before and making them a popular choice among consumers.

● Increasing Demand for Specialized Winter Tires for Electric Vehicles

Electric vehicles tend to be heavier than traditional gasoline-powered vehicles and put additional strain on the tires, especially in winter conditions. The EVs often have specific requirements for tire performance related to range, efficiency and noise reduction. This has led to the development of specialized winter tires for electric vehicles, which are designed to provide optimal performance in cold and snowy conditions while also meeting the unique requirements of electric vehicles. In 2022, Hankook's iON winter tires featured the company's Sound Absorber technology and a specially designed tire pattern that minimized noise and reduced air resistance in electric vehicles (EVs). This tire design aimed to improve efficiency and increase the EV's range. The iON winter tires were available in sizes ranging from 18 to 22 inches.

● Increasing Demand for SUVs and Light Trucks

SUVs and light trucks are popular among consumers for their versatility, comfort and safety features. SUVs and Light Trucks commonly used for off-road as well as outdoor activities and making them an ideal vehicle for winter conditions. Winter tires are essential for safe driving in cold weather conditions, particularly in regions with heavy snowfall and ice. This led the demand for SUVs and light trucks. In 2023, as per Mark Lines Automotive Sales report, the increased sales of SUVs and trucks resulted in a 9.1% growth, reaching a total of 1,089,419 units sold. This surge in sales contributed to a significant market share of 78.1% for winter tires specifically designed for SUVs and trucks.

● Shortage of Skilled Labor Hamper the Market Growth

The shortage of skilled labor for winter tire manufacturing is a major challenge for the market growth. Manufacturing winter tires requires specialized skills and knowledge, particularly in the areas of rubber compounding, tire building and quality control. The shortage of skilled workers in these areas can lead to production delays, quality issues and increased costs. This can ultimately impact the availability and affordability of winter tires for consumers. 

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the winter Tires Market. The top 10 companies in this industry are listed below:

1. MICHELIN (PILOT SPORT 3, ENERGY XM2 +)

2. Bridgestone Corporation ((Potenza S001, Dueler H/T D684)

3. Continental AG (VanContact™ Ultra, SportContact™ 7)

4. Nokian Tyres plc (HAKKAPELIITTA R5 SUV, HAKKAPELIITTA C4)

5. The Goodyear Tire & Rubber Company (Goodyear Assurance®, Goodyear Wrangler®)

6. The Yokohama Rubber Co., Ltd (ADVAN Sport V107, Wdrive WY01)

7. Pirelli & C. S.p.A. (P ZERO™ (PZ4) , POWERGY™ ) 

8. Sumitomo Rubber Industries, Ltd. (DUNLOP, FALKEN)

9. Hankook Tire & Technology Co., Ltd., (Winter I*Cept,  Winter I*Pike)

10. Toyo Tire Corporation (Proxes ST III, Celsius CUV)

 

Scope of the Report:

       

Report Metric

Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

4.7%

Market Size in 2030

$32.5 billion

Segments Covered

Product Type, Type, Drive Train, Vehicle Type, Rim Size, Sales Channel and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

● MICHELIN

● Bridgestone Corporation

● Continental AG

 Nokian Tyres plc

● The Goodyear Tire & Rubber Company

● The Yokohama Rubber Co., Ltd

● Pirelli & C. S.p.A.

● Sumitomo Rubber Industries, Ltd.

● Hankook Tire & Technology Co., Ltd.,

● Toyo Tire Corporation



1. Winter Tires Market - Overview
    1.1 Definitions and Scope
2. Winter Tires Market - Executive Summary
3. Winter Tires Market - Comparative Analysis
    3.1 Company Benchmarking - Key Companies
    3.2 Global Financial Analysis - Key Companies
    3.3 Market Size Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis
4. Winter Tires Market - Start-up Companies Scenario
    4.1 Key Start-up Company Analysis by
    4.1.1 Investment
    4.1.2 Revenue
    4.1.3 Venture Capital and Funding Scenario
5. Winter Tires Market – Market Entry Scenario Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
6. Winter Tires Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Challenges
    6.4 Porter's Five Force Model
        6.4.1 Bargaining Power of Suppliers
        6.4.2 Bargaining Powers of Customers
        6.4.3 Threat of New Entrants
        6.4.4 Rivalry Among Existing Players
        6.4.5 Threat of Substitutes
7. Winter Tires Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Winter Tires Market – by Product Type (Market Size – $Million/$Billion) 
    8.1 Stud-Less
    8.2 Studded
    8.3 Performance
9. Winter Tires Market – by Type (Market Size – $Million/$Billion)
    9.1 Inner Tube
    9.2 Tubeless
10. Winter Tires Market – by Drive Train (Market Size – $Million/$Billion)
    10.1 ICE
    10.2 Electric
11. Winter Tires Market – by Vehicle Type (Market Size – $Million/$Billion)
    11.1 Light Commercial Vehicle 
    11.2 Heavy Commercial Vehicle
    11.3 Passengers Cars
    11.4 Two Wheelers
12. Winter Tires Market – by Rim Size (Market Size – $Million/$Billion)
    12.1 12-17 Inches
    12.2 18-21 Inches
    12.3 Above 22 Inches
13. Winter Tires Market – by Sales Channel (Market Size – $Million/$Billion) 
    13.1 Original Equipment Manufactures
    13.2 After Market
14. Winter Tires Market – by Geography (Market Size – $Million/$Billion) 
    14.1 North America
        14.1.1 The U.S.
        14.1.2 Canada
        14.1.3 Mexico
    14.2 Europe
        14.2.1 UK
        14.2.2 Germany
        14.2.3 France
        14.2.4 Italy
        14.2.5 Spain
        14.2.6 Russia
        14.2.7 Rest of Europe
    14.3 Asia-Pacific
        14.3.1 China
        14.3.2 India
        14.3.3 Japan
        14.3.4 South Korea
        14.3.5 Australia & New Zealand
        14.3.6 Rest of Asia-Pacific
    14.4 South America
        14.4.1 Brazil
        14.4.2 Argentina
        14.4.3 Chile
        14.4.4 Colombia
        14.4.5 Rest of South America
    14.5 Rest of the World
        14.5.1 Middle East
        14.5.2 Africa
15. Winter Tires Market – Entropy
16. Winter Tires Market – Industry/Segment Competition Landscape
    16.1 Market Size Analysis
        16.1.1 Market Size by Product Type – Key Companies
        16.1.2 Market Size by Region – Key Companies
        16.1.3 Market Size by Country – Key Companies
    16.2 Competition Matrix
    16.3 Best Practices for Companies
17. Winter Tires Market – Key Company List by Country Premium
18. Winter Tires Market - Company Analysis
    18.1 MICHELIN
    18.2 Bridgestone Corporation
    18.3 Continental AG
    18.4 Nokian Tyres plc
    18.5 The Goodyear Tire & Rubber Company
    18.6 The Yokohama Rubber Co., Ltd
    18.7 Pirelli & C S.p.A.
    18.8 Sumitomo Rubber Industries, Ltd.
    18.9 Hankook Tire & Technology Co., Ltd.,
    18.10 Toyo Tire Corporation 

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Winter Tires Market is projected to grow at 4.7% CAGR during the forecast period 2023-2030.

Global Winter Tires Market size is estimated to be $23.5 billion in 2023 and is projected to reach $32.5 billion by 2030

leading players in the Winter Tires Market are MICHELIN, Bridgestone Corporation, Continental AG, Nokian Tyres plc, The Goodyear Tire & Rubber Company and others.

Emergence of larger rim size, high demand for all-season tires, the growing R&D investment creates innovative winter tire solutions are some of the major Winter Tires Market trends in the industry which will create growth opportunities for the market during the forecast period.

Increasing demand for SUVs and light trucks are the driving the market growth. The increasing demand for premium winter tires with advanced features such as improved grip, durability and fuel efficiency presents a significant opportunity for manufacturers in the winter tires market.