Snow Tyre Market Scope
The tires used in icy areas and that offers high grip on icy roads such tire is called winter tires or snow tires. Rising road accidents due to icy road lead to the increasing use of snow tire. Also, there is strict government regulation to use snow tire in icy areas in the European countries. However, fluctuation in the prices of raw material and intense competition among established key players are the major limiting factors in the operating market. Moreover, continuous new launches and rising technological advancement for snow tires can create new opportunities in the market.
According to AMA, the Global Snow Tyre market is expected to see growth rate of 4.32% and may see market size of USD26.3 Billion by 2026.
The Vendors having a strong hold in the market are Michelin, Goodyear Tire and Rubber Company, Bridgestone, Continental AG, Pirelli, Hankook Tire. Research Analyst at AMA estimates that Asian and European Vendors will contribute to the maximum growth of Global Snow Tyre market throughout the predicted period.
Michelin (France), Goodyear Tire and Rubber Company (United States), Bridgestone (Japan), Continental AG (Germany), Pirelli (Italy), Hankook Tire (South Korea), Sumitomo Corporation (Japan), Yokohama Rubber Company (Japan), Cheng Shin Rubber (Taiwan) and Zhongce Europe GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are GITI Tire (Singapore) and Toyo Tire & Rubber Company (Japan).
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 Snow Tyre market by Type (Non-studded Tyres and Metal-studded Tyres) and Region with country level break-up.
On the basis of geography, the market of Snow Tyre 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).
On June 2018, Apollo has announced the launch of new ultra-high-performance Vredestein winter tire. The key advantages of the product include short stopping distances on wet roads, excellent handling at high speed, suitable for use at speeds of up to 300 km/h and others. The new launch of the company can create new opportunities in the operating market.
Market Trend
- Continuous New Launches by Established Players due to Intense Competition
- Rising Popularity for Smart Tires in the Operating Market
Market Drivers
- Strict Government Regulation to use Snow Tire in Icy Areas
- Increasing use of Snow Tire in Heavy Vehicles as it Reduces Slipping
Opportunities
- Increasing Technological Development by Established Players
- Increasing Demand from European Countries due Fluctuation in
Restraints
- Fluctuation in the Prices of Raw Material
- Intense Competition among Established Key Players
Challenges
- High Cost Associated with Snow Tires
- Huge Initial Investment for Manufacturing Snow Tires
Key Target Audience
Snow Tire Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Private Research Organization, Government Associations and Agencies, Potential Investors and Others