Winter Tire Market Scope
Winter tires are usually tired with a different rubber composition from all-weather tires. Cold-weather tires include a greater percentage of natural rubber and silica so there is not as much hardening as found in synthetic rubber in cold conditions: they provide better traction at lower temperatures. Winter tires provide more small-tread areas, increasing traction on snow and, in wet conditions, allowing water to escape from under the tire more easily.
Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players.
Bridgestone Corporation (Japan), Continental AG (Germany), Goodyear Tire and Rubber Company (United States), Michelin (France), Pirelli (Italy), Yokohama Rubber Company (Japan), Sumitomo Rubber Industries (Japan), Hankook Tire (South Korea), Nokian (Finland), Toyo Tire (Japan), PJSC TATNEFT (Russia), Cooper Tire & Rubber Company (United States), Doublestar Tire (China) and ZC Rubber (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Triangle Tyre Co. Ltd. (China), Apollo Tyres Ltd. (India), GITI Tire (Singapore), Cheng Shin Rubber Ind. Co. Ltd. (Taiwan) and Nexen Tire (South Korea).
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 total available market.
Segmentation Overview
The study have segmented the market of Global Winter Tire market by Type (Studded and Studless), by Application (Passenger Vehicle, Commercial Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle) and Two Wheeler) and Region with country level break-up.
On the basis of geography, the market of Winter Tire 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).
In 2018, Apollo Tyres Introduces New High-Performance Winter Tire. Apollo Vredesteins Wintrac Pro fulfills rowing market demand in the 17-inch and higher ultra-high-performance segment.
In Canada, Although provincial guidelines strongly recommend using winter tires during winter months, there is currently no legislation that requires it. Studded tires are permitted between October 1 and May 31. Studded tires are permitted between November 1 and May 31 and winter tires are highly recommended during this period.
Market Trend
- Key Market Players are Focusing on the Development of High-Performance Winter Tires
Market Drivers
- Manufacturers are Focusing on the Designing and Development of Fuel-Efficient, Reliable and Environmental Friendly Winter Tires
- Numerous Countries with Cold Climates are Inclined Towards Mandatory Use of Winter Tire for Safety Purposes
Opportunities
- Increase in Sales of Automobiles, Particularly in Countries with Cold Climates such as Canada, Russia, etc
- Various Insurance Companies are Offering Discount on Premiums for Vehicles Equipped Winter Tires
Restraints
- Insufficient Traction and Loss of Control over the Vehicle
Challenges
- High Cost and Limited Adoption Rate in Developing Nations
Key Target Audience
Raw material Suppliers, OEMs and Tire Manufacturers, Rubber, Chemical and Equipment Suppliers, Processors, Producers and Users of Tires, Industry Consultants and Analyzers and Others