Winter Tires Market Remains Hotly Contested as a US$ 43 Billion Opportunity is in the Offing
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. The global winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028.
[ClickPress, Tue Jun 11 2019] 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. The global winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028. This research analysis demonstrates key trends and market dynamics across regional segments incorporated, which are likely to impact current as well as future expansion of the global winter tires market .
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
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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.
Winter Tire Testing: A Challenge for Manufacturers
Replicating the exact wintry conditions to test the performance of tires continues to be a challenge for winter tire manufacturers. Winter conditions can be extreme, and tire manufacturers often need assistance of holistic testing facilities to know how their offerings will actually perform under typical wintry conditions.
Sensing the gaps in the market, advanced winter tire testing facilities have sprung up near manufacturing hubs. For example, Test World is on an expansion spree, and has bought additional land in Finland to meet future demand for tire testing. Test World has been worked extensively with Hanook Tire, and built up its testing facility in Finland.
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The report incorporates executive summary and overview section that presents a robust assessment on the winter tire market. Moreover, the report in the market overview section sheds light on PESTLE analysis to offer comprehensive analysis on the market. Further, the overview section further throws light on Porters’ Five Force analysis which will aid in assessing competitive landscape with respect to winter tire market.
Winter Tire Market: Competitive Landscape
The coherent analysis of competitive scenario of the winter tire market is backed up by the Porters’ Five Force Analysis. Further, the Porters’ Five Force Analysis focuses on feasible strategies of the pertinent players in the winter tire market. Additionally, the report also elucidates SWOT analysis, company profile, product portfolio, recent development, company profile, key differentiation and annual revenue.
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