Winter Tire Market to Surpass $23 Billion by 2021
Favorable
government laws, continuous product innovations and increasing purchasing power
to drive global winter tire market through 2021
According to recently published TechSci Research report, “Global
Winter Tire Market Forecast &
Opportunities, 2021”, the global market of winter tire is
anticipated to cross $23 Billion by 2021. One of the major factors aiding
the global winter tire market is favorable government laws. In Quebec (Canada),
the use of winter tires is mandatory between December 15 and March 15, and a
fine ranging from USD160 to USD250 is levied as a punishment. While, in British
Columbia, winter tires are required by law in certain mountainous regions from
October 1 to March 31. All these favorable government mandates are aiding
global winter tire market.
Browse 20 market data Tables and 115 Figures
spread through 220 Pages and an in-depth TOC on "Global Winter Tire Market "
https://www.techsciresearch.com/report/global-winter-tire-market-forecast-opportunities/926.html
In terms of vehicle type, 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. The segment is anticipated to maintain
its dominance over the next five years as well high disposable income levels, growing safety concerns and
increasing awareness regarding the benefits of using winter tires among
consumers. 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.
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“Emergence of high-performance winter tires is one of the
major trends in global winter tire market. In global tire industry, tires with
speed ratings of S (speed of 112 miles per hour) or greater, and aspect ratios
of 70 or less, are classified as high performance tires. Since extreme climatic
conditions impact tire performance, people opt for high performance tires. High
performance tires include passenger car tyres with a speed rating of H (speed
of 130 miles per hour) and above, excluding winter tires.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Winter Tire Market Forecast & Opportunities, 2021” has analyzed the potential
of global winter tire market, and provides statistics and information on market
sizes, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. Besides, the report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by the industry.
About TechSci Research
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specializes in research based consulting assignments in high growth and
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