LONDON--(BUSINESS WIRE)--The automotive winter tire market is expected to grow by USD 0.09 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Cold countries such as Iceland and Ireland have been witnessing higher double-digit growth in automobile sales. The average temperature in these countries is usually very low throughout the year. Hence, winter tires are highly preferred in these countries for most of the seasons. Also, countries such as the US, that have an average temperature of 57 F, are witnessing increased growth in automotive sales. It is estimated that over 50% of the vehicles in the country are fitted with winter tires. All these factors are fueling the growth of the global automotive winter tires market.
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As per Technavio, the regulations mandating the use of winter tires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Winter Tire Market: Regulations Mandating the Use of Winter tires
The rising focus on passenger safety has increased the stringency of regulations pertaining to automotive safety. For instance, in Canada, signboards with mandatory winter tires are placed on the highways. The new rule in the country mandates drivers to adopt winter tires from October to March. Similarly, many other countries such as Austria, Bosnia, Croatia, Estonia, Luxembourg, and Norway have similar rules that compel drivers to adopt winter tires during winters. Such regulations across the world are contributing to the growth of the global automotive winter tires market.
“Premature breakage of snow chains and the adoption of nanotechnology to enhance grip and performance in extreme weather conditions will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Winter Tire Market: Segmentation Analysis
This market research report segments the automotive winter tire market by Application (Passenger cars and Commercial vehicles) and Geography (EMEA, Americas, and APAC).
The EMEA region led the automotive winter tire market in 2019, followed by the Americas and APAC respectively. During the forecast period, EMEA is expected to register the highest incremental growth due to the severity of winter conditions in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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