Favorable government laws, continuous product innovations and increasing purchasing power to boost winter tire market in Europe until 2025
According to TechSci Research report, “Europe Winter Tire Market By Vehicle Type, By Demand Category, By Rim Size, By Radial Vs Bias, By Country, Competition, Forecast & Opportunities, 2025”, Europe winter tire market is projected to cross $ 18 billion by 2025 on account increase in the sales of automobiles in the countries present in the region and strict norms for the use of winter tires in these countries during cold climatic conditions. Almost all the countries have either mandated or in the process of formulating laws for the use of winter tires due to safety concerns and fuel efficiency.
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"Europe Winter Tire Market "
Winter tires are preferred in cold climate as rubber tread of all-season tire or summer tire becomes stiff and fails to provide required traction. For that reason, advanced rubber resin and compounds are used in the manufacturing of winter tires which helps them to regain required traction. Summer performance or all-season tires get hard when it is cold outside. Hard tires can lose control on snowy roads, which may lead to road accidents. There are winter tires that are manufactured along with metal studs to improve grip for handling very icy and snowy road conditions. Winter tires are primarily designed to move water. When tires apply pressure to snow or ice, they melt the top section and create a thin film of water. This is main reason why winter tires have such large grooves and treads to quickly move water away to the sides and allow the vehicle to contact the surface. Antilock brakes system, traction assist, and stability control systems work better if a vehicle is equipped with winter tire in cold weather as it provides more grip which make vehicle to move with more stability and avoid road accidents.
Winter tire market in Europe can be segmented based on vehicle type, demand category, rim size, radial vs bias and country. In terms of vehicle type, passenger car acquired the largest share in 2019 and the trend is projected to continue over next five years as well. This is due to increasing passenger car fleets backed by rising per capita income and growing number of nuclear families across the country.
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Major players operating in the Europe winter tire market are Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental Aktiengesellschaft, The Yokohama Rubber Co., Ltd., Sumitomo Rubber Industries, Ltd., Compagnie Générale des Établissements Michelin (CGEM), Hankook Tire Co. Ltd., Cooper Tire & Rubber Company, among others. “Winter tire market in Europe is expected to grow during the forecast period on the back of growing sales of automobiles in countries with extremely cold climate such as Russia, Czech Republic, among others. These countries have mandated use of winter tires for safety reasons. For instance, Russia passed a law for the use of winter tires in January 2015, which is driving the growth of winter tire market in the country. Insurance companies are also offering discounts on premium of vehicles which are equipped with winter tires, thereby, positively influencing the growth of winter tire market in Europe.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Winter Tire Market By Vehicle Type, By Demand Category, By Rim Size, By Radial Vs Bias, By Country, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Europe winter tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe winter tire market.
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