IndustryARC updated the market research study on “Winter Tires Market”- Forecast (2024 - 2030)
Winter Tires Market size is estimated to reach $32.5 billion by 2030, growing at a CAGR of 4.7% during the forecast period 2023-2030. Increasing demand for SUVs and light trucks, increasing demand for winter tires due to extreme weather conditions are propelling the Winter Tires Market growth.
Additionally, the regulations and mandates are also driving demand for winter tires in many regions. These regulations and mandates are usually imposed by government bodies to ensure the safety of drivers are creating substantial growth opportunities for the Winter Tires Market. According to the 2022 Canadian consumer winter tire study conducted by the RAC, 76% of drivers who use winter tires believe that their use has prevented them from encountering hazardous driving situations such as loss of control or collisions. These factors positively influence the Winter Tires industry outlook during the forecast period.
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COVID-19 / Ukraine Crisis - Impact Analysis:
The pandemic caused disruptions in the global supply chain, which led to production delays and supply chain bottlenecks. The closure of manufacturing facilities and restrictions on international trade resulted in a shortage of raw materials, which led to higher prices for some winter tire components such as rubber.
Russia was one of the world's largest producers of natural rubber, a key component in the manufacturing of winter tires. The conflict with Ukraine resulted in economic sanctions and restrictions on trade, which led to a reduction in the availability of raw materials for winter tire production.
Key Takeaways:
Fastest Growth Europe Region
Geographically, in the global Winter Tires Market share, Europe is analyzed to grow with the highest CAGR of 5.3% during the forecast period 2023-2030. This region will continue to experience severe winter weather conditions, making winter tires a necessity for safe and reliable driving. Additionally, stringent winter tire regulations, increasing awareness about road safety and the rising popularity of SUVs will further drive the market growth. In 2022, as per camprest article, the use of winter tires (with a minimum profile height of 3.5 mm) is mandatory in mountainous regions such as the Alps, Pyrenees, Central Massif and Corsica in France during the period from November 1 to March 31. Additionally, the requirement may also be implemented in other regions or on specific roads based on individual regulations, indicated by appropriate road signs featuring pictograms of mountains, tires, chains and the words "ZONE" or "FIN DE ZONE."
Stud-Less?to Register the Fastest Growth
In the Winter Tires Market analysis, the Stud-Less segment is estimated to grow with the highest CAGR of 5.2% during the forecast period owing due to to their convenience, versatility and environmental friendliness. Studless tires are designed with specialized rubber compounds and tread patterns that provide increased traction on snow and ice. They are also suitable for use in both winter and wet conditions, making them a popular choice for regions with varying winter weather. In July 2022, Toyo Tires introduced the M937, a studless winter tire that offered long-lasting performance. This specialized tire, available in a single size, was designed to provide excellent traction and control during winter conditions. ?
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Passenger Cars is Leading the Market
According to the Winter Tires Market forecast, the Passenger Cars held the largest market share of 52.1% in 2022. Winter tires are essential for safe driving in cold weather conditions and the increasing popularity of SUVs and crossover vehicles has contributed to the growth of the market. Additionally, advancements in tire technology have made winter tires for passenger vehicles more effective as well as efficient than ever before and making them a popular choice among consumers.
Increasing Demand for Specialized Winter Tires for Electric Vehicles
Electric vehicles tend to be heavier than traditional gasoline-powered vehicles and put additional strain on the tires, especially in winter conditions. The EVs often have specific requirements for tire performance related to range, efficiency and noise reduction. This has led to the development of specialized winter tires for electric vehicles, which are designed to provide optimal performance in cold and snowy conditions while also meeting the unique requirements of electric vehicles. In 2022, Hankook's iON winter tires featured the company's Sound Absorber technology and a specially designed tire pattern that minimized noise and reduced air resistance in electric vehicles (EVs). This tire design aimed to improve efficiency and increase the EV's range. The iON winter tires were available in sizes ranging from 18 to 22 inches.
Increasing Demand for SUVs and Light Trucks
SUVs and light trucks are popular among consumers for their versatility, comfort and safety features. SUVs and Light Trucks commonly used for off-road as well as outdoor activities and making them an ideal vehicle for winter conditions. Winter tires are essential for safe driving in cold weather conditions, particularly in regions with heavy snowfall and ice. This led the demand for SUVs and light trucks. In 2023, as per Mark Lines Automotive Sales report, the increased sales of SUVs and trucks resulted in a 9.1% growth, reaching a total of 1,089,419 units sold. This surge in sales contributed to a significant market share of 78.1% for winter tires specifically designed for SUVs and trucks.
●?Shortage of Skilled Labor Hamper the Market Growth
The shortage of skilled labor for winter tire manufacturing is a major challenge for the market growth. Manufacturing winter tires requires specialized skills and knowledge, particularly in the areas of rubber compounding, tire building and quality control. The shortage of skilled workers in these areas can lead to production delays, quality issues and increased costs. This can ultimately impact the availability and affordability of winter tires for consumers.?
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