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.
The market study is being classified by Type (Non-studded Tyres and Metal-studded Tyres) and major geographies with country level break-up. 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 2024.
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 predicts 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 profiled in the study. Additionally, the Vendors which are also part of the research are GITI Tire (Singapore) and Toyo Tire & Rubber Company (Japan).
AdvanceMarketAnalytics has segmented the market of Global Snow Tyre market by Type, Application and Region.
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). If we see Market by Distribution Channel , the sub-segment i.e. Direct Sale (Online, Offline) will boost the Snow Tyre market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type , the sub-segment i.e. Passenger Vehicles will boost the Snow Tyre market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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.
- Continuous New Launches by Established Players due to Intense Competition
- Rising Popularity for Smart Tires in the Operating Market
- Strict Government Regulation to use Snow Tire in Icy Areas
- Increasing use of Snow Tire in Heavy Vehicles as it Reduces Slipping
- Increasing Technological Development by Established Players
- Increasing Demand from European Countries due Fluctuation in
- Fluctuation in the Prices of Raw Material
- Intense Competition among Established Key Players
- High Cost Associated with Snow Tires
- Huge Initial Investment for Manufacturing Snow Tires
Key Target AudienceSnow Tire Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Private Research Organization, Government Associations and Agencies, Potential Investors and Others
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