Automotive Winter Tires Market Scope
Automotive winter tires are those types of tires which are made from advanced rubber compounds possessing unique tread pattern. It is widely used in temperatures lower than 7 degrees Celsius and it is also known as snow tires. Automotive winter tires play a significant role in improving road safety. This automotive winter tires not only protects drivers and but also participants in traffic. Some of the major benefits of automotive winter tires are preventing collisions & injuries, reducing traffic congestion, lowering the frequency and size of insurance payouts, among others. In 2011, according to data obtained by Transports Québec (Canada), death & serious injuries owing to winter tires road accidents reduced by more than 3%. Hence, increasing awareness regarding the benefit of winter tires are likely to be a prime driver of the global automotive winter tires market.
According to AMA, the Global Automotive Winter Tires market is expected to see growth rate of 9.2%The market is fragmented with numerous players focusing on technique and quality of the product due to which the global automotive winter tire market can witness an upsurge in the forecast period. Research Analyst at AMA estimates that Japan Vendors will contribute to the maximum growth of Global Automotive Winter Tires market throughout the predicted period.
Bridgestone Corporation (Japan), Continental AG (Germany), Michelin (France), Pirelli & C. S.p.A. (Italy), The Goodyear Tire & Rubber Company (United States), The Yokohama Rubber Co., Ltd. (Japan), Cooper Tire & Rubber Company (United States), Hangzhou Zhongce Rubber CO., LTD. (China), Cheng Shin Rubber Ind. Co., Ltd. (China) and Continental Aktiengesellschaft (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Nexen Tire Corporation (South Korea), Nokian Tyres plc (Finland), Sumitomo Rubber Industries, Ltd. (Japan), Toyo Tire & Rubber Company (Japan), Hankook Tire Co. Ltd. (South Korea) and N.V. Apollo Vredestein BeLux S.A. (Belgium).
Segmentation Overview
The study have segmented the market of Global Automotive Winter Tires market by Type (Diagonal Tires, Radial Tires and Other) and Region with country level break-up.
On the basis of geography, the market of Automotive Winter Tires has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Rapid Innovation by global tire manufacturers Worldwide and Increasing Per Capita Income and New Models Launched to Expand the Market Growth In Future
Market Growth Drivers:
Rising Demand for High-Performance Tire, Rising growth in the automobile industry, mainly in Cold regions such as North America and Europe and Growing Number of Automobiles for both Personal and Commercial Uses
Challenges:
Issue Related to Fluctuating Price of Raw Material
Restraints:
Problem regarding Inability of Mass Production
Opportunities:
Rising Demand for Emerging Economics Such as China and India, Increasing Demand for Construction Equipment Tire, Rising Demand for Industrial Automation and Growing Demand for Eco-Friendly Tires
Market Leaders and their Expansionary Development Strategies
In June 2021, The Goodyear Tire & Rubber Company completed a merger agreement by acquiring Cooper Tire & Rubber Company. This combination unites two major tire companies with complementary product portfolios, services and capabilities to create a strong US-based leader in the global tire industry. The combined company has made it easier for customers and consumers to choose Goodyear and Cooper branded tires by providing more options across the value spectrum.
In February 2018, the Bridgestone (China) Company has launched winter tire for heavy-duty pickup trucks and SUVs. Hence, it will benefit an increased product portfolio of the company.
Key Target Audience
Manufacturers of Automotive Winter Tire, Suppliers of Automotive Winter Tire, Wholesalers, Distributors, and Retailers of Automotive Winter Tire, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.