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Albany, NY, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled, “Winter Tire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”. According to the report, the global winter tire market is anticipated to surpass US$ 28 Bn by 2026, expanding at a CAGR of more than 3 % during the forecast period.
Rising demand for driving safety is boosting the demand for winter tires. Summer or all-season tires become stiff at low temperatures and hence, lose traction. Vehicles equipped with winter tires are said to stop at a 30% shorter distance than a vehicle equipped with all-season or summer tires. Winter tires enable better braking and vehicle maneuvering in cold climates and hence, an increasing number of consumers are adopting winter tires.
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Stringent winter tire regulations enacted in Europe and Russia is a primary driver of the winter tire market in Europe and Russia. Winter tires are mandatory in several countries in Europe such as Austria, the Czech Republic, Estonia, and Latvia. In 1999, the winter law was passed in Sweden and collision rates were compared for post-legislation period and pre-legislation period. A reduction in collision by 11% to 14% was observed. Severe winter experienced in the Nordic sub-region and Central Europe is driving the winter tire market in Europe. Rising vehicle sales in countries in the Nordic sub-region and Central Europe is boosting the demand for winter tires in these sub-regions. Rising consumer affordability is also a major driver of the winter tire market.
Winter tires, essentially, need to be fitted to vehicles when temperatures fall below 7 °C, as the rubber treads lose flexibility and traction irrespective of snow conditions. Rising consumer awareness and demand for safety is expected to boost the demand for winter tires in countries experiencing low temperatures, though no snowing, thus boosting the winter tire market. North America is a lucrative market for winter tires due to heavy snowing in Canada & northern states of the U.S. High number of light commercial vehicles and passenger vehicles on-road is further boosting the winter tire market in the region.
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The non- studded tires segment is expected to dominate the global winter tire market during the forecast period. Studded tires are banned in some states in the U.S. and countries in Europe such as Croatia, the Czech Republic, and Romania, as they damage the road and also generate dust. Use of advanced rubber compounds and resins has enabled non- studded winter tires to achieve traction and stability in winter conditions.
Rise in consumer trend for sporty appearance of vehicle and high clearance vehicles is fueling the demand for winter tires in the 18-inch to 21-inch segment. Tires with higher rim sizes provide better cornering stability and maneuverability and hence, are witnessing high demand.
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Key players operating in the global winter tire market include Bridgestone Corporation, Nokian Tyres plc, Continental AG, Nexen Tire Corporation, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., Hangzhou Zhongce Rubber Co., Ltd., The Yokohoma Rubber Co., Ltd., MICHELIN, Hankook Tire, Toyo Tire & Rubber Co., Ltd., Kumho Tire Co., Inc., Cheng Shin Rubber Ind. Ltd., Giti Tire, and Cooper Tire & Rubber Company.
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The global winter tire market for automotive has been segmented as follows:
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