Europe's Winter Tire Market expected to reach $18.8 Billion by 2025
Rubber&Tire Digest 11/03/2020 1461 views
Europe's winter tire market is expected to reach $18.8 billion by 2025 on account of stringent winter tire usage guidelines in the region, according to Reportlinker.com. Winter tires or snow tires are designed for use in cold weather, ice and snow. These tires are manufactured with advanced rubber resins and compounds which help them to increase traction. Tires designed for winter conditions are optimized to drive at temperatures below 7°C and have tread design with bigger gaps. Implementation of winter tire laws and increasing purchasing power of consumers is expected to aid the Europe winter tire market over the coming years. Moreover, growing safety concerns and increasing awareness regarding the benefits of using winter tires among consumers is forecast to boost demand for winter tires across Europe over the next five years. The winter tire market in Europe can be segmented based on the vehicle type, demand category, rim size, radial versus bias and region. Based on vehicle type, the market can be segmented into passenger car, light commercial vehicle, and medium and heavy commercial vehicle. The passenger car segment dominated the winter tire market in 2019, and the trend in likely to continue over the next five years due to high sales of passenger cars backed by high disposable income levels, growing safety concerns and increasing awareness regarding the benefits of using winter tires among consumers. Between radial and bias, the radial segment accounted for the largest share in the market, and the trend is likely to continue over the coming years, as well. Major companies operating in Europe winter tire recorded high sale volumes in 2019, and the trend is likely to continue during the forecast period. Key players operating in the region include Pirelli & Co. 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.