Europe to be the Most Lucrative Market for Studded Winter Tires During Forecast Period 2021-2031

Latest industry analysis by Fact MR, predicts Studded Winter Tires sales to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.

The report offers actionable and valuable market insights of Studded Winter Tires. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Studded Winter Tires Market across various industries and regions.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Studded Winter Tires market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Studded Winter Tires

This newly published and insightful report sheds light on Market Insights of Studded Winter Tires, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Studded Winter Tires Market.

The penetration of winter tires continues to gain ground in heavy commercial and light commercial vehicles – a trend that is complementing the steady demand from passenger cars segment. According to Fact.MR study, nearly 220 million units were sold in 2017, with passenger cars accounting for over 50% of sales.

A combination of macroeconomic and industry-specific factors is influencing demand for winter tires. Government regulation mandating the use of winter tires is an important driver for the overall supply chain. During the period 2014-2018, favorable regulations mandating the use of winter tires have given a fillip to the overall market.

Countries with harsher winters, such as the US, UK, Canada, Germany, and Scandinavian countries have enacted laws to make winter tires mandatory under certain conditions. In Scandinavian countries, the regulations on winter tire use are stringer in the heavy commercial vehicle (HCV) segment. A significant spike in demand has been witnessed after regulations were introduced in these countries.

16”-19” – The Shift Towards Larger Rim Sizes becoming Pervasive

The preference towards larger rim sizes is gaining ground. This trend is pervasive across all vehicle types – two wheelers, passenger cars, LCV, and HCV. Nearly 60 million 16”-19” passenger car winter tires were sold in 2017, which was the highest across all vehicle classes.

Winter tire manufacturers are not oblivious to the emerging opportunities in this fledgling landscape. In a bid to consolidate their market position, key market participants are focusing on launching advanced winter tires that offer optimal performance under rapid temperature changes.

Premium winter tire companies are making incremental improvements – both in terms of technical upgrades and addition of new sizes. For example, Nokian Tyres added new sizes to WR A4, its flagship winter tyre range for Central Europe. The company has made these premium winter tyres available in modern electric cars as well. Continental AG also launched its new range of Winter Contact TS 860 S tires. These premium tires are available in 18”-21” size range, and are targeted at highly motorized vehicles.

Asian winter tire manufacturers Hankook Tire and Yokohama Tire also have a significant penetration in this landscape, with cost being the key differentiator. Although Fact.MR’s study revealed that end-users prefer premium winter tires owing to positive perception and reliability, Asian manufacturers are steadily gaining traction as the market makes a steady shift from niche to mainstream.

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Penetration of Winter Tires Growing, According to Fact.MR’s Survey

Nearly 60% of respondents agreed to using winter tires in Fact.MR’s survey. However, there was still room for further penetration, as nearly 40% of respondents were yet to own a set. Perception about winter tires was generally ‘positive’, with a significant percentage of ‘non-owners’ agreeing to trying out these tires in the future.

North America is a lucrative market for winter tires, with harsh winters and government regulations augmenting penetration. To consolidate its position in the North American market, Nokian Tyres is investing US$ 360 million in Tennessee. The manufacturing plant is likely to have a capacity of 4 million. Another key factor driving the growth of the North American winter tires market is rising consumer awareness about the importance and benefits of winter tires.

Independent Aftermarket Accounted for 52% of Global Winter Tire Sales in 2017

End-users show a marked preference for independent aftermarket, with this sales channel accounting for nearly 52% volume share of the market in 2017. The status quo is likely to remain unchanged during Fact.MR’s review period, OES maintaining its position as the second prominent sales channel.

Fact.MR estimates the global demand for winter tires to surpass 319 million units in 2028. This is likely to equate nearly US$ 43 billion opportunity by 2028.

Segmentation Analysis on Global Winter Tires Market

Succeeding chapters in the report impart in-depth analysis, actionable insights and accurate forecasts on the global winter tires market, in terms of a segmentation analysis.

The global market for winter tires has been categorized into five key segments, namely, product type, vehicle type, sales channel, width, and region.

The vehicle type segment has further been classified on the basis of the tire size required.

The report also offers value- and volume-based forecast on the winter tires market across the regional segments.

Drawing inferences from key regional trends that contribute to the winter tire market’s growth, estimations and forecasts on the regional markets have been evaluated. The report further examines the degree at which global trends are affecting the market expansion in each region.

Region	North America Europe Rest of the World
Product Type	Studded Studless
Sales Channel	EM OES IAM
Vehicle Type	Two-Wheeler Passenger Car LCV
Width	150-200 mm 201-250 mm 251-300 mm

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Report Benefits & Key Questions Answered

• Studded Winter Tires Company & brand share analysis: The report offers in-depth Studded Winter Tires brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
• Studded Winter Tires Historical volume analysis: The report offers a comparative analysis between historic sales of Studded Winter Tires and projected sales performance for 2021-2031
• Studded Winter Tires Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
• Studded Winter Tires Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
• Post COVID consumer spending on Studded Winter Tires: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power

More Valuable Insights on Studded Winter Tires Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Studded Winter Tires, Sales and Demand of Studded Winter Tires, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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