Austin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Market Size and Growth Forecast | Trends impacting market growth
The All-Weather Tire Market is supposed to reach a value of around USD 328.20 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period from 2024 to 2032 driven by improving technology in tires and developing vehicle ownership in the world. The North America region is dominated the market, held a 50-60% of the global market in 2023. China will be growing at a CAGR of 7.01% over the forecast period and will hold maximum share in APAC region.
Government Initiatives and Support Driving All-Weather Tire Market Growth
Some of the recent developments in sophisticated tread patterns and proprietary rubber compounds are contributing to growth in the All-Weather Tire market. Apart from that, regulatory support for better vehicle safety with improved environmental standards accelerates the adoption of these multi-purpose tires. The European market witness’s considerable growth due to stringent regulations and great emphasis on vehicle performance and safety.
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Major companies listed in the report:
KEY PLAYERS:
Zhejiang PDW Industrial Co., Ltd. (China), Continental AG (Germany), CEAT Ltd. (India), Bridgestone Corporation (Japan), Pengda Rubber Product Factory (China), Yokohama Tire Corporation (Japan), Michelin (France), The Goodyear Tyre & Rubber Company (US), Aliner Automotive Equipment Pvt. Ltd. (India), Jiangxi Deyou Technology Co., Ltd. (China), Pirelli & C. S.p.A. (Italy), Sumitomo Corporation (Japan), Hebei Huichao Machinery Parts Co., Ltd. (China), Nokian Tyres plc (Finland), Hankook Tire & Technology Co., Ltd. (South Korea), Toyo Tire Corporation (Japan), Shandong Tang Ren Import and Export Trading Co., Ltd. (China), Trading Company (China), Shandong Juling Group (China), Auto Tool Equipment Solution (India), and Qingdao Keter Tyre Co. Ltd and others.
Key Insights for the United States and Future Market Dynamics
In the United States, the growth of the All-Weather Tire market may be huge due to an increasing demand for tires that can be used in any climatic condition. Driven by changes in technology, alongside changing consumer needs, the United States is estimated to contribute about 32% share by 2032 to the global market in all-season tires. Key policies and regulations are acting as strong catalysts to this growth. For instance, the recent action on the part of DOT regarding advanced standards for vehicle safety has given impetus to the adoption of advanced tire technologies, including all-weather tires. Further, new stringency levels in the fuel economy and emissions CAFE regulations will lead original equipment manufacturers to consider tires that improve the performance and efficiency of the vehicle-a positive catalyst for all-weather tires.
Key Market Segments
By Rim Size:
- 12”-17”
- 18”-21”
- >22”
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger cars
- LCV
- HCV
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According to SNS Insider, OEM Segment to Lead Market with 70% Share by 2032
By 2032, the OEM segment is likely to continue holding the top position in the all-weather tire market with a market share of 70%. This growth of the segment is driven by an increased demand from the end-users for multi-purpose, economical tires that can give better performance in different conditions. Some other factors influencing the growth in adoption rates of all-weather tires are trends toward lightweight, fuel-efficient vehicles that provide better handling and safety features.
Recent Innovations and Market Developments:
Goodyear introduced its new line of all-weather tires, holding a new tread design and eco-friendly rubber that is supposed to make them grippier and more resilient-a game-changing benchmark in tire technology.
Continental is spending billions on developing smart tires by weaving real-time performance analytics, adaptive tread patterns, and changeable road and weather conditions for much safer and more efficient transportation.
Key Takeaways:
- The All-Weather Tire Market has seen an excellent demand rise of 90% in the last five years due to growing requirements for versatile tires and increased ownership of vehicles across various regions of the world.
- The All-weather tyres are increasingly becoming intelligent with over 70% of new model releases offering advanced sensors and on-board performance monitoring systems.
- In its forecasted period of 2032, the market share of the North America region is anticipated to be around 50%, while Europe will reach a market share of about 25% owing to strong regulatory support and high ownership of vehicles.
- By 2025, nearly 75% of new passenger vehicles are likely to use all-weather tires because of the growing trend towards versatile and high-performance solutions for tires.
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