The global winter tires market is valued at US$ 24.1 Bn in 2022, and is forecast to surpass US$ 36.6 Bn valuation by 2032, expanding at a CAGR of 4.2% from 2022 to 2032.
Snow tires, or winter tires, are appropriately designed for traction on ice and snow. As these automotive tires are equipped with ceramic or metal studs, they can be used in lower temperatures. Different countries and regions across the globe have regulations on usage and the design of winter tires to be used in cold climatic conditions, thereby providing a gain of 96 BPS to the winter tires market over the coming years.
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Competitive Landscape: Top Companies in Winter Tires Market
The global winter tires market is highly competitive and fragmented because of the presence of several regional and international players. Marketing strategies such as mergers and acquisitions, expansions, partnerships, and collaborations are being adopted by key winter tire suppliers.
Along with this, new product development is also a strategic approach by companies to expand their presence in the market and garner a wider consumer base.
- Bridgestone Corp., in 2021, acquired Azuga Holdings Inc. This acquisition is likely to enhance the company’s development in tire-centric and mobility solutions, thereby leading to improvement in fleet safety, sustainability, and performance.
- Goodyear Tire & Rubber Co., in 2021, announced the completion of the acquisition of Cooper Tire & Rubber Company, which will strengthen its leadership position in tire industry over the coming years.
Fact.MR has provided detailed information about the price points of key manufacturers in the winter tires market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Winter Tires Industry Research by Category
Winter Tires Market by Product Type :
- Studded Winter Tires
- Stud-less Winter Tires
Winter Tires Market by Vehicle Type :
- Winter Tires for Passenger Vehicles
- Winter Tires for Light Commercial Vehicles
- Winter Tires for Heavy Commercial Vehicles
Winter Tires Market by Sales Channel :
- Original Equipment Manufacturers
Winter Tires Market by Region :
- North America Winter Tires Market
- Latin America Winter Tires Market
- Europe Winter Tires Market
- East Asia Winter Tires Market
- South Asia & Oceania Winter Tires Market
- MEA Winter Tires Market