Automotive Winter Tire Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024

The automotive winter tire market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analysing the growth of -13.93 % and CAGR of 1% with USD 0.09 billion during the forecast period 2019 to 2024. 

This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (passenger cars and commercial vehicles) and geography (EMEA, Americas, and APAC). The automotive winter tire market report also offers information on several market vendors, including Bridgestone Corp., Continental AG, Cooper Tire and Rubber Co., Goodyear Rubber Products Inc., Hankook Tire Co. Ltd., MICHELIN, Nokian Tyres Plc, Pirelli Tyre Spa, Toyo Tire Corp., and Yokohama Rubber Co. Ltd. among others.

What will the Automotive Winter Tire Market Size be During the Forecast Period?

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Parent Market Analysis

Our Technavio Research categorizes the global automotive winter tire market belonging to Auto Components industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Automotive Winter Tire Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2019 as the base year, and 2020 as the estimated year.

Key Automotive Winter Tire Market Driver

One of the key factors driving growth in the market is the discounts offered on insurance premiums, driving the adoption of winter tires. Winter tires increase the safety quotient of the vehicles (passenger cars and CVs) on snow or ice-covered pavements. Therefore, regulators are pushing the adoption of winter tires in colder regions. However, their adoption is no more limited to regulatory standards. Emerging trends such as insurance discounts are expected to play a crucial role in generating demand for the same. For instance, insurance providers are offering discounts on auto insurance if the vehicle is equipped with winter tires. This trend of insurance discounts is positive for the global market as it is a win-win situation for both parties involved. For instance, a study showed that vehicles with winter tires have the potential to reduce 30%-40% of the accidents occurring due to long stopping distances on snow-covered pavements. Furthermore, they have the potential to reduce about 10% of the total roadside accidents in colder regions. These statistics allow insurance providers to pass the benefit to the drivers having vehicles with winter tires to push the adoption of winter tires in the market, which eventually helps insurance providers by receiving fewer claims. Additionally, this discount also allows the driver to reduce the overall cost of winter tires, which are regarded as costly for fitment. This will benefit customers who see cost as an important barrier to the adoption of the tires over the safety benefits. 

Key Automotive Winter Tire Market Challenge

The associated risk of driving on icy terrain carries over to the use of winter tires will be a major challenge for the market during the forecast period. Ice is still considered to be dangerous, even with properly fitted chains. This makes travelling on snowy roads altogether a risky affair. Consumers tend to avoid travelling during snowfalls as much as possible. The US DOT Federal Highway Administration reports that 23% (over 1.3 million) of all car accidents are weather-related. For instance, by analyzing 10 years of winter crash data on Iowa interstates, researchers concluded that crash risk is 3.5 times higher at the start of a winter season than it is at the end. However, anti-lock brakes, all-wheel drive, and traction control systems can somewhat manage the speed of the wheel, in relation to the road surface, to maximize friction. Anti-lock brakes do not allow tires to lock up during braking, and the traction control system does not allow the driven tires to spin under power. Both these types of systems are dependent on the amount of traction that is available to be managed in the first place. The most difficult and dangerous aspects of winter driving are braking and cornering. 

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Who are the Major Automotive Winter Tire Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Bridgestone Corp.
• Continental AG
• Cooper Tire and Rubber Co.
• Goodyear Rubber Products Inc.
• Hankook Tire Co. Ltd.
• MICHELIN
• Nokian Tyres Plc
• Pirelli Tyre Spa
• Toyo Tire Corp.
• Yokohama Rubber Co. Ltd.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Bridgestone Corp. - The company offers the Blizzak brand. Through the Tire business segment, the company offers tires for passenger cars, trucks, buses, motorcycles, construction and mining vehicles, and aircraft. Through the Diversified products business segment, the company offers a range of rubber products.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Winter Tire Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Automotive Winter Tire Market?

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189% of the market’s growth will originate from EMEA during the forecast period. Finland, Norway, Sweden, and Russian Federation are the key markets for automotive winter tires in EMEA. Market growth in this region will be faster than the growth of the market in other regions.

In 2019, Finland, Germany, Norway, Sweden, Switzerland, and Russia were the major contributors to the market in EMEA. These countries witness significant snowfall during the winter season, which drives the demand for winter tires in the region. Northern Europe is home to some of the regions that witness the highest snowfall in the world, with the Russian Siberian desert transforming itself into a chilly and inhospitable place most months of the year. This will facilitate market growth in EMEA over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Automotive Winter Tire Market?

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The market share growth by the passenger cars segment will be significant during the forecast period. The increased adoption of passenger cars makes this segment crucial for the winter tire market. The market share of the segment is expected to increase slightly during the forecast period. Some of the prominent vendors operating in the segment are Bridgestone, Continental, MICHELIN, and Pirelli & C. Spa (Pirelli & C). These vendors supply different types of automotive winter tires, including normal tires and high-performance tires, for passenger vehicles. Some vendors also offer ultra-high-performance tires for different types of passenger vehicles, such as sedans and hatchbacks. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Automotive Winter Tire Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 1%
Market growth 2020-2024	$ 0.09 billion
Market structure	Fragmented
YoY growth (%)	-13.93
Regional analysis	EMEA, Americas, and APAC
Performing market contribution	EMEA at 189%
Key consumer countries	Canada, Finland, Norway, Sweden, and Russian Federation
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Bridgestone Corp., Continental AG, Cooper Tire and Rubber Co., Goodyear Rubber Products Inc., Hankook Tire Co. Ltd., MICHELIN, Nokian Tyres Plc, Pirelli Tyre Spa, Toyo Tire Corp., and Yokohama Rubber Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Automotive Winter Tire Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the automotive winter tire industry across EMEA, Americas, and APAC
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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