Winter Tires Market Share, Growth by Top Company Forecast to 2028Posted by Preet on August 29th, 2019 The penetration of winter tires continues to gain ground in heavy commercial and light commercial vehicles – a trend that is complementing the steady demand from passenger cars segment. According to Fact.MR study, nearly 220 million units were sold in 2017, with passenger cars accounting for over 50% of sales. Request for the Report Summary: https://www.factmr.com/report/725/winter-tire-market The preference towards larger rim sizes is gaining ground. This trend is pervasive across all vehicle types – two wheelers, passenger cars, LCV, and HCV. Nearly 60 million 16”-19” passenger car winter tires were sold in 2017, which was the highest across all vehicle classes. Request for the Sample of the Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=725 Winter tire manufacturers are not oblivious to the emerging opportunities in this fledgling landscape. In a bid to consolidate their market position, key market participants are focusing on launching advanced winter tires that offer optimal performance under rapid temperature changes. Premium winter tire companies are making incremental improvements – both in terms of technical upgrades and addition of new sizes. For example, Nokian Tyres added new sizes to WR A4, its flagship winter tyre range for Central Europe. The company has made these premium winter tyres available in modern electric cars as well. Continental AG also launched its new range of Winter Contact TS 860 S tires. These premium tires are available in 18”-21” size range, and are targeted at highly motorized vehicles. Asian winter tire manufacturers Hankook Tire and Yokohama Tire also have a significant penetration in this landscape, with cost being the key differentiator. Although Fact.MR’s study revealed that end-users prefer premium winter tires owing to positive perception and reliability, Asian manufacturers are steadily gaining traction as the market makes a steady shift from niche to mainstream. Like it? Share it!More by this author |