Winter tires market is projected to showcase a steady growth during the forecasted period. Winter tires are mainly designed to roll on ice and snow surface. The tread designs of the winter tires are employed to expand the traction of winter tires on the surface of ice and snow. Snow tires are mainly designed to drive under severe winter conditions, at a temperature below 7°C (45°F). Snow tires come with ceramic or metal studs that protrude from the tire to expand the tire traction on the hard packed icy and snowy road. Apart from snow and ice surface winter tires can also be operated on various other surfaces, including wet or dry pavements, and muddy surface among others.
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Favorable government laws to support the use of winter tires in the countries with cold climate are a major factor to drive the growth of the winter tire market. The use of vehicles for both personal and commercial use in the cold climate countries is increasing as vehicles have become more of a commodity than a luxury product due to higher disposable incomes of the consumers in cold climate regions. Therefore, the mandatory use of winter tires in these vehicles in the countries with cold climate is making a major contribution to the growth of the winter tire market. Almost all the countries with harsher winters, such as UK, Canada, Germany, and Scandinavian countriesare making the use of winter tire mandatory, amid safety concerns and fuel efficiency of the vehicles.
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Moreover, many companies offer discount on insurance premiums for vehicles equipped winter tires which is driving people to prefer winter tires over conventional tires. In Quebec (Canada), since, 2008 the use of winter tires is mandatory between December 15 and March 15, and a fine ranging from $160- $250 is levied as a punishment. While, in British Columbia, winter tires are required by law in certain mountainous regions from October 1 to April 30. In New Bruncewickit is mandatory for school buses to use winter tires. In Ontario, the insurance companies are legally required to give discount to the drivers that use winter tires.
Winter Tire Market Segmentation
By Type
- Studded tier
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
Winter Tire Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle-East, Africa
Company Profiles
- Apollo Tyres Ltd.
- Bridgestone Corp.
- Cheng Shin Rubber Ind Co. Ltd.
- Continental AG
- Cooper Tire & Rubber Co.
- Hankook Tire & Technology Co., Ltd.
- JSC Cordiant
- Michelin Group
- Nexen Tire Corp.
- Nokian Tyres PLC
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