All
Weather Tire Market Analysis
The
global all
weather tire market to grow at 5.1% CAGR During the Forecast year 2023-2032
Several
Factors Contributing to Market Growth
Governments
and other regulatory organizations all over the world are establishing and
proposing regulations and programs for tire labeling in order to promote
vehicle efficiency, reduce the negative environmental effects of the
conventional tire, and raise awareness about green tires. For example, Japan
began introducing a voluntary tire labeling system for passenger cars in 2010.
Similarly, in November 2011, the South Korean government launched a voluntary
tire-labeling program for passenger cars, which was later made mandatory in
November 2012.
Furthermore,
the government began enforcing required tire labeling regulations in November
2016. The European Parliament and Council proposed REGULATION (EC) No.
1222/2009 for labeling tires in terms of fuel efficiency and other important
factors in order to boost safety, promote fuel efficiency, reduce noise levels,
and allow customers to make informed purchasing decisions. Thus, the
implementation of government tire labeling laws is likely to raise demand for
various types of tires and, as a result, drive the growth of the worldwide all
weather tire market during the forecast period.
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All
Weather Tire Market Market Segmentation
·
The
global all weather tire industry has been segmented based on rim size, sales
channel, and vehicle type.
·
Based
on rim size, the global all weather tire market has been divided into12’’–17’’,
18’’–21’’, and >22’’.
·
Based
on sales channels, the global all weather tire market has been divided into OEM
and aftermarket.
·
Based
on vehicle type, the global all weather tire market has been segmented into
passenger cars, LCV, and HCV.
Key
Players
The
key players active in the global all
weather tire market are Bridgestone Corp. (Japan), Hankook Tire and
Technology Co. Ltd. (South Korea), Continental AG (Germany), Cooper Tire and
Rubber Co. (US), Kumho Tire Co. Inc. (South Korea), Sumitomo Rubber Industries
Ltd. (Japan), MICHELIN (France), Pirelli Tyre Spa (Italy), The Goodyear Tire
and Rubber Co. (US), and Yokohama Rubber Co.
Ltd. (Japan).
Regional
Analysis
APAC
to Dominate the Global Market
Due
to the tremendous growth of the automotive sector in nations such as China,
India, and Japan, Asia Pacific has one of the largest automotive aftermarkets.
The region's rising need for tires can be attributed to reasons such as
increased construction activities, industrial development, and increased demand
for fuel-efficient technologies. The region boasts various raw material
sources, low labor costs, and favorable government policies in nations such as
China, Japan, and South Korea. Since these countries place a major emphasis on
agriculture, demand for all-weather tires in the agricultural sector is likely
to be substantial.
In
terms of global vehicle sales, China is the market leader. The country is one
of the most appealing markets for tire makers looking to develop joint ventures
with local vehicle brands. Due to the implementation of the “Automobile Mid and
Long-Term Development Plan” and the existence of BAIC, D, and JAC, China is one
of the top countries in terms of electric vehicle consumption. Tire
manufacturers are striving to create tires exclusively for electric vehicles.
Hankook
Tire, for example, released its Enfren Eco tire in 2016, which blends a
specific silica substance and structural design to minimize energy loss and
enhance fuel efficiency for electric vehicles. However, due to ongoing
expansion in passenger car demand, India's automotive industry is
well-positioned in terms of contribution to overall GDP.
Due
to its high production rate, low labor costs, improving ease-of-doing-business
rating, a position as a developing country, and globally recognized engineering
capabilities, India is one of the leading exporters of vehicles in the Asia
Pacific. Some of the reasons likely to promote the adoption of all-weather
tires during the forecast period include rising consumer awareness about
vehicle emissions and a shift in customer preference toward fuel-efficient
transportation technologies.
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