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 expected to grow at impressive rate during the forecast period 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 process of formulating laws for the use of winter tires due to safety concerns and fuel efficiency.
Browse 15 market data Tables and 30 Figures spread through 118 Pages and an in-depth TOC on “ 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.
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. The companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market.
“Winter tire market in Europe is expected to grow at impressive rate 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 law for the use of winter tires in January 2015, which is driving the growth of winter tire market. 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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