Winter Tire Market – Snapshot
Winter tires are made from advanced rubber compounds possessing unique tread patterns in order to increase traction while driving on snow and ice. The rubber tread of all-season tires or summer tires becomes stiff in cold conditions and fails to provide the required traction. Usage of advanced rubber compounds and resins in manufacturing of winter tires enables to regain the necessary traction and hence, are widely accepted in countries that experience cold climates.
Rising awareness among consumers regarding safety is expected to drive the global winter tire market to exceed US$ 28 Bn by 2026. Winter tires have 30% to 40% shorter stopping distance as compared to a vehicle equipped with all-season tires. Growing concern for safety is fueling the demand for winter tires. Rising vehicle sales in Nordic countries is also boosting the demand for winter tires. Countries in Central Europe such as Austria and Croatia have made the incorporation of winter tires mandatory. Government authorities in countries such the Czech Republic and Romania issue winter tire regulation, every year, depending on the severity of winter. Stringent government regulations in Europe pertaining to the usage of winter tires is a major driver of the winter tire market. Winter tires need to be installed after the temperature falls below 7 degrees even during non-snow conditions, as the rubber treads of summer or all-season tires stiffen. Countries that experience cold winters but little or no snow are expected to witness a demand of winter tires in the near future in order to improve safety of the vehicle. In countries, such as Canada, the insurance provider offers discount on premium on installation of winter tires, as they minimize the risk of a collision. Such lucrative offers are expected to boost the sales of winter tires, which in turn is anticipated to propel the winter tire market.
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Winter tires is a niche market and is restricted to cold regions, thus acting as a restraining factor for the expansion of the market.
The global winter tire market can be segmented based on rim size, tire type, vehicle type, and region. Based on rim size, the 18-inch to 21-inch segment is anticipated to witness significant expansion in the near future. Rising sales of SUVs and cross-overs and trends of higher rim size are boosting the demand for winter tires in the 18-inch to 21-inch segment. Demand for large wheels due to their high esthetic appearance is fueling the demand for bigger rim-size tires. Tires with larger rim size provide better stability and cornering performance as they have shorter tire sidewalls.
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Based on tire type, the non-studded tire segment is anticipated to expand at a prominent growth rate during the forecast period. Studded tires are banned in several states in the U.S. and in most the countries in Central Europe such as Luxembourg, Croatia, and the Czech Republic, as they damage roads and also generate dust. Advancements in technology have led to the development of non-studded tires that perform equally well and hence, are most widely utilized. Yokohama Tire Corporation uses resin coated and carbon flake microbubbles to gain traction on snow. Bridgestone Americas Tire Operations, LLC employs an advanced rubber compound made of multiple cell with microscope pores to gain traction. Tire companies are focusing on research and development of compounds and resins in order to improve the performance of rubber in cold conditions.
In terms of vehicle type, the winter tire market can be classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment holds a prominent share of the winter tire market and is estimated to dominate the market during the forecast period.
Based on region, the winter tire market can be segmented into North America, Europe, Russia, and Asia Pacific. Europe is a significant market for winter tires followed by Russia and North America. Stringent government norms and harsh winters in Europe have led to a high demand for winter tires in the region.
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Key players operating in the global winter tire market include Bridgestone Corporation, Nokian Tyres plc, Continental AG, Nexen Tire Corporation, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., Hangzhou Zhongce Rubber Co., Ltd., The Yokohoma Rubber Co., Ltd., MICHELIN, Hankook Tire, Toyo Tire & Rubber Co., Ltd., Kumho Tire Co., Inc., Cheng Shin Rubber Ind. Ltd., Giti Tire, and Cooper Tire & Rubber Company.
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