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The Winter Tires Market was worth USD 18.72 billion in 2014 and is expected to reach approximately USD 27.39 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 4.32% during the forecast period. Winter Tires otherwise called snow tires are specialty tires with particular tread configuration proper for traction on ice and snow. These tires can be useful in temperatures lower than 7 degree Celsius and are frequently furnished with ceramic or metal studs that stick out from the tires to additionally build footing in state of firmly stuffed ice or snow. Distinctive nations and areas over the globe have particular controls for winter tires, and its use, and oversee the plan and accessibility winter tires in that locale.
In 2016, the passenger cars section represented the significant offers of this market. The expanded ratification of passenger cars makes this fragment significant for the winter tire market. The adoption of winter tires is critical in developed areas, for example, North America and Europe. Japan encounters extraordinary snowfall, which makes driving troublesome. Accordingly, winter tires are pivotal for driving in winters in the nation.
Regional Outlook and Trend Analysis
The Nordic nations and snow-capped locales of Europe have extreme winter conditions, and they request the most elevated usage of winter tire. Additionally, Europe has stringent rules for the usage of winter tires in particular locales, which increment the application of winter tire. For example, leading countries like Sweden, Norway, Finland, and Russia have directions that order winter tires amid a predefined time of the year.
Competitive Insights
The leading players in the market are Continental AG, Hankook Tire, Bridgestone, Giti Tire, Goodyear India Limited, Pirelli and Michelin. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Winter Tires Market is segmented as follows- By Vehicle Type:
Commercial Vehicles Passenger Cars
By Region
North America U.S. Canada Mexico
Europe Germany UK France Russia Italy
Asia-Pacific China Japan South Korea India Southeast Asia Rest of Asia-Pacific
South America Brazil Argentina Columbia Rest of South America
Middle East and Africa Saudi Arabia UAE Egypt Nigeria South Africa Rest of MEA
Some of the key questions answered by the report are: What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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