Future Market Insights
Snow tyres, also known as winter tyres, are tyres primarily designed to be used in cold weather conditions. These tyres vary in design when compared to normal tyres. The tread design of these tyres possesses bigger gaps in comparison to standard tyres, which help them to gain friction and provide resistance against slippage while operating in an icy area. They are also available in metal studded design, where tyres are studded with metal pins preventing the vehicle to skid and avoid accidents on snow-covered areas. However, tyres studded with metals can cause road damage, allowing water to enter between the tyre and road. This can lead to hydroplaning- a phenomenon causing loss of traction, which prevents the vehicle from responding to the control units.
Metal studded tyres are common in the U.S. and Canada, which help them grip on to packed snow and ice, however, they are banned in other areas because of the damage they cause to the road surface. One of the significant developments in snow tyres is the design of retractable studs. This allows the pins studded in the tyres to rescind with a press of a button.
Snow Tyre Market: Market Dynamics
Stringent government regulations on the use of snow/ winter tyres in snow and icy areas are expected to drive the global snow tyre market. Further, the market is also driven by drivers operating in snow areas looking for effective solutions to reduce slipping and enhanced traction.
Bans on the use of snow tyres primarily to prevent damage caused to the road is expected to hamper the growth of the market. Since the use of snow tyres is dependent on weather conditions, deployment of such tyres adds further to the cost of the vehicle. However, significant efforts are being made by tyre manufacturers to mitigate the effects. For instance, development of retractable studs.
Snow Tyre Market: Market Segmentation
The global snow tyre market can be segmented on the basis of product type, vehicle type, sales channel and region.
Based on product type, the global snow tyre market can be segmented into non-studded design and metal-studded tyres.
Based on vehicle type, the global snow tyre market can be segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles.
Based on sales channel, the global snow tyre market can be segmented into OEM and Aftermarket. Aftermarket is expected to hold significant market share in terms of value and volume, primarily due to weather-centric demand for the product.
Snow Tyre Market: Regional Outlook
In North America, the U.S. is expected to create significant revenue opportunities in the global snow tyre market. This is primarily due to the permissible use of snow tyres in the winter season. However, the use of snow tyres is banned in several parts of Canada and is permitted to use in another regions only during winter season. For instance, in British Columbia, the snow tyres are permitted to be used in mountainous areas; in such areas, motorists are advised to use snow tyres or carry tyre chains. Also, certain states in Canada have prohibited the use of snow tyres in a period not falling between 1 October and 30 April. Regulations are also issued to limit the number of studs on tyres, based on vehicle size and weight.
In Europe, regulations on the use of snow tyres vary greatly from country to country. For instance, it is mandatory for vehicle owners in Austria and Germany to use snow tyres during winter months (usually Nov to mid-April) or during times of snow or slush presence over the road surface.
Snow Tyre Market: Market Participants
Some of the examples of participants identified across the value chain of the global snow tyre market are NITTO TIRE U.S.A. INC., Yokohama Tire Inc., GT Radial, The Goodyear Tyre & Rubber Company, Nokian Tyres plc. and Michelin Inc. among others. Reduction in hydroplaning and enhanced traction while operating in snow and icy regions are identified as the prime focus areas of major companies to develop new products.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.