Global Automotive Winter Tire Market 2019-2023 | Use of New Tire Compounds for Improved Flexibility to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 14, 2019--
The global automotive winter tire market is expected to post a CAGR of around 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive winter tire market 2019-2023. (Graphic: Business Wire)
The use of regular tires on snowy or icy roads increases the probability of vehicle crashes due to loss of traction. This led to the advent of winter tires that are specifically developed for winter conditions such as snowfall, dry cold, slush, and icy conditions. The use of winter tires improves acceleration, handling, and braking characteristics with better traction control. Also, the use of winter tires helps to reduce the instances of on-road collision in sub-zero conditions. Such benefits and performance advantages are increasing the adoption winter tires, thereby driving the market growth.
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As per Technavio, the use of new tire compounds for improved flexibility will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Winter Tire Market: Use of New Tire Compounds for Improved Flexibility
Winter tire manufacturers are increasing their R&D efforts to develop efficient tread designs and side profiles to improve traction capabilities. Vendors are also focusing on making the tires more fuel-efficient and environmentally friendly. Several vendors are offering winter tires made of new rubber compounds that provide longer tread life and improved handling and control in tough winter conditions. The rising trend of using new tire compounds and tread designs by vendors is expected positively influence the growth of the global automotive winter tire market during the forecast period.
“Apart from the use of new tire compounds for improved flexibility, advances in the field of tire re-treading and increasing demand for environmental-friendly tires are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Winter Tire Market: Segmentation Analysis
This market report segments the global automotive winter tire market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The Europe region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the Europe region is expected to maintain its dominance over the global market. This is due to the presence of strong regulations for the use of winter tires in specific regions of Europe.
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Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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PUB: 10/14/2019 01:15 PM/DISC: 10/14/2019 01:15 PM