NEW YORK, March 7, 2017 /360WiseNews/ — Winter tires or snow tires are designed for use in cold weather, snow and ice. They have a tread design with bigger gaps than those on summer tires, which increases the traction on snow and mud. Some have metal studs to increase traction on ice. Tires designed for winter conditions are optimized to drive at temperatures below 7°C (45°F). In some of the European and North American countries, the government has mandated the use winter tires for all the vehicle segments due to extreme winter climatic conditions. Implementation of winter tire laws and increasing purchasing power of consumers is expected to aid global winter tire market. Moreover, growing safety concerns and increasing awareness regarding the benefits of using winter tires among consumers is forecast to boost the demand for winter tires across the world in the next five years. In order to sustain in highly competitive global winter tire market, market players are investing heavily in product innovations. For instance, Goodyear innovated tires with AMT, a self-inflating tire system, which can remain inflated at the optimum pressure, without the need for any external pumps, electronics, or driver intervention. All these factors are expected to positively influence global winter tire market over the during forecast period.
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According to “Global Winter Tire Market Forecast & Opportunities, 2021”, the global market of winter tire is anticipated to cross $23 Billion by 2021. In terms of vehicle type, the global winter tire market has been broadly segmented into Passenger Car (PC), Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (M&HCV). Among these categories, passenger car segment dominated the global market of winter tire in 2015, followed by LCV and M&HCV segments. Europe was the largest demand generating region for winter tire across the world in 2015, and the same trend is expected to continue over the next five years as well. “Global Winter Tire Market Forecast & Opportunities, 2021” discusses the following aspects of global winter tire market: Keep Reading