Transparency Market Research (TMR) witnesses that the global winter tire market has a significantly competitive vendor landscape owing to the dominance of few players. Bridgestone Corporation, Continental AG, Nokian Tyres plc, Nexen Tire Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries, Ltd., Pirelli & C.S.p.A., The Yokohoma Rubber Co., Ltd., and Hangzhou Zhongce Rubber Co., Ltd. are some of the key players in the globalwinter tire market.
According to TMR, the global winter tire market is projected to collect revenue of US$ 28 Bn by 2026-ened in terms of revenue. The market is expected to swell with a CAGR of 3% over the forecast period from 2019 to 2027.
Based on tire type, the non-studded tire segment is likely to dominate the market by expanding at a prominent growth rate over the forecast period. Based on the vehicle type, the passenger vehicle segment held lion’s share in the winter tire market and is predicted to continue its dominance in the market over the forecast period. Based on the region, Europe is expected to stand at a significant market for winter tires followed by Russia and North America. This is attributable to the presence of stringent government norms and harsh winters in Europe.
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Rising Importance of Driving Safety Propels Market Growth
Rising interest for driving security is boosting the interest for winter tires. Summer or all-season tires become solid at low temperatures and subsequently, lose footing. Vehicles outfitted with winter tires are said to stop at a 30% shorter separation than a vehicle furnished with all-season or summer tires. Winter tires empower better braking and vehicle moving in virus atmospheres and consequently, an expanding number of shoppers are embracing winter tires.
Stringent winter tire guidelines sanctioned in Europe and Russia is an essential driver of the winter tire market in Europe and Russia. Winter tires are compulsory in a few nations in Europe, for example, Austria, the Czech Republic, Estonia, and Latvia. In 1999, the winter law was passed in Sweden and crash rates were analyzed for post-enactment period and pre-enactment period. A decrease in crash by 11% to 14% was watched.