Winter Tire Global Market Report 2024

The winter tire market size has grown strongly in recent years. It will grow from $23.47 billion in 2023 to $24.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed during the historical period can be attributed to seasonal demand, government regulations, heightened safety concerns, growth in the automotive industry, increased consumer awareness, and incentives such as insurance premium reductions.

The winter tire market size is expected to see strong growth in the next few years. It will grow to $31.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to the impact of climate change, regulatory support, increasing disposable income, the growth of winter tourism, the global expansion of winter conditions, and public awareness programs. Major trends expected in the forecast period include the adoption of studless tires, advancements in tire technology, the use of sustainability and eco-friendly materials, the rise of online tire sales and e-commerce, and the popularity of performance-oriented winter tires.

The anticipated growth in the automobile industry is set to drive the expansion of the winter tires market. The automotive sector encompasses activities related to the design, manufacturing, wholesale, retailing, and maintenance of motor vehicles. Winter tires, crucial for optimal traction in extremely cold and challenging conditions such as icy, snowy, or slushy roads, employ a softer rubber that enhances flexibility, allowing the tire to adapt to the road and deliver superior performance in frigid temperatures. The imposition of mandates in cold-climate countries to use winter tires, driven by safety concerns and a focus on fuel efficiency, is contributing to an increased demand for these specialized tires. For example, in November 2022, the Society of Motor Manufacturers and Traders (SMMT) reported a 7.4% rise in the UK's car production to 69,524 units compared to the previous year, underscoring the pivotal role of the automotive industry in propelling the winter tires market.

The growth of the winter tires market is further expected to be fueled by the escalating number of accidents on icy roads. Icy road accidents, resulting from traffic collisions on ice or snow-covered roads, often occur due to drivers losing control in slippery conditions. Winter tires, designed with a softer rubber compound and deeper tread grooves than all-season tires, provide enhanced traction and handling in cold and icy conditions, thereby reducing the likelihood of accidents. Alarming statistics from the United States Department of Transportation in 2021 revealed an estimated 121,156 crashes during snowy conditions, with 395 fatal crashes and 22,325 injury crashes. This surge in icy road accidents is a significant driver of the winter tires market.

A noteworthy trend in the winter tires market is the emphasis on product innovation. Leading companies in the market are dedicated to developing innovative tire products to fortify their market position. For instance, in March 2021, Goodyear Tire & Rubber Company unveiled the UltraGrip Arctic 2 tire, a studded tire tailored for passenger cars and SUVs, delivering unparalleled ice braking, snow braking, and handling performance. Distinguishing features of the UltraGrip Arctic 2 include an arctic eagle claw stud, snow grip technology, and noise control, ensuring robust performance in various snow conditions.

Technological innovation, particularly in the form of Multiple Sipe Technologies, is another focal point for major companies in the winter tires market, aiming to gain a competitive edge. Multiple Sipe Technologies are integrated into tire design to enhance traction and handling in wet and icy conditions. Continental AG, a prominent automotive parts manufacturer, exemplified this approach by launching the Conti Scandinavia HD3 Tire in April 2023. This all-season tire boasts a unique tread pattern with two-stage 3D siping technology, providing exceptional grip on snow and ice while improving wet performance. The tire's retreadable nature further enhances its cost-effectiveness for fleets.

In June 2021, Goodyear Tire & Rubber Company strengthened its market position by acquiring Cooper Tire & Rubber Company, a move aimed at enhancing its product portfolio and expanding its geographical reach in the North American market. Cooper Tire & Rubber Company is renowned for its expertise in the design, manufacture, marketing, and sales of various automobile tires, including winter tires.

Major companies operating in the winter tire market report are Bridgestone Corporation, Apollo Tyres Limited, Continental AG, Cheng Shin Rubber Industry Co. Ltd., Goodyear Tire and Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Madras Rubber Factory Ltd., Maxxis International GmbH, Compagnie Générale des Établissements Michelin SCA, Nankang Rubber Tire Corp. Ltd., Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Sailun Group Co. Ltd., Shandong Linglong Tire Co. Ltd., Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Triangle Group Ltd., Yokohama Rubber Company Limited, Zhongce Rubber Group Co. Ltd., CEAT Limited, Trelleborg AB, Cooper Tire & Rubber Co., Giti Tire Pte Ltd., Vredestein Tyres, Westlake Tyres, Xingyuan Tire Group Co., Ltd., ZC Rubber Group Co. Ltd., Zhejiang Double Arrow Rubber Co., Ltd.

Europe was the largest region in the winter tire market in 2023. The regions covered in the winter tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the winter tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of winter tires are studded and stud-less. Studded tires are equipped with small metal studs embedded in the tread area to provide enhanced grip on ice and snow, ensuring control and performance on slippery surfaces. Winter tires come in various rim sizes, including 12''-17'', 18''-21'', and >22'', catering to passenger vehicles, light commercial vehicles, and heavy commercial vehicles. These tires are available through sales channels such as original equipment manufacturers and the aftermarket.

The winter tires market research report is one of a series of new reports that provides winter tires market statistics, including winter tires industry global market size, regional shares, competitors with a winter tires market share, detailed winter tires market segments, market trends and opportunities, and any further data you may need to thrive in the winter tires industry. This winter tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.