Friday, September 14th, 2018 - Fact.MR

According to a new research study by Fact.MR, winter tires market is steadily making shift from niche to mainstream market in Asia Pacific. With increasing investment on automotive industry, adoption of winter tires has been significant in the emerging economies of Asia Pacific. Growing awareness of traffic safety along with unfavorable weather conditions in winter is favoring the growth of Asia Pacific winter tires market. Although winter tires market gain high traction from countries with harsh winter such as the US and Canada, manufacturers are penetrating into the Asia Pacific region, with improving vehicle safety as a unique selling point.

Winter tires manufacturers are also focusing on developing the tire performance on regular roads which is expected to accelerate the lucrativeness of the market. In addition, winter tires have relatively shorter stopping distance than vehicles equipped with all-season tires which remains driving force of the market in Asia Pacific. High disposable incomes are influencing the demand for automobiles in developing countries, which in turn is expected to propel the adoption of winter tires in these regions. Moreover, rise in awareness regarding the benefits and durability of winter tires are envisioned to augur well with the market growth in the coming years.

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The Fact.MR’s study provides key insights and in-depth analysis on the performance of winter tires market at global level over the period of assessment, 2018-2028. In terms of revenue, the global winter tires market has been envisaged to attain a market value worth US$ 43 Bn by 2028-end. With high dependency on weather conditions, the market is expected to register a moderate value CAGR of 3.9% during the forecast period. According to the Fact.MR’s study, over 319 million units of winter tires are likely to be sold by 2028 in the global market.

Despite penetrating application of winter tires in both heavy and light commercial vehicles, passenger cars will continue to subjugate the global winter tires market. Owing to high demand from countries with harsh winter, passenger cars account for 50% volume share with maximum sales of nearly 220 million units in 2017. Stringent government regulations on the use of winter tires have boosted the demand from several countries such as the US, UK, Canada, and Scandinavian countries.

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The global winter tires market is foreseen to remain concentrated in North America attributed by harsh weather conditions and consumers’ awareness regarding the importance of winter tires. Mandatory use of winter tires during certain months in European countries is further likely to complement growth in the global market.

By sales channel, independent aftermarket will continue be the highest revenue contributor of global winter tires market, accounting for over 50% volume share in 2017. It is expected to be followed by OES as the second prominent sales channels.

The Fact.MR report highlights detailed profiles and key developments of leading players participating in global winter tires market. These market players include Bridgestone Corp., Compagnie Générale des Établissements Michelin SCA, Nokian Renkaat Ojy, Yokohama Rubber Company, Sumitomo Rubber Industries, Ltd., Continental AG, Goodyear Tire & Rubber Co., Pirelli & C. Spa, Hankook Tire Company, and Toyo Tire & Rubber Company.

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