Market Analysis
Market Research Future (MRFR) presumes the global all weather tire market growth to grow at 6.89% CAGR from 2022 to 2030 (forecast period).
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 growth during the forecast period.
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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 growth has been divided into12’’–17’’, 18’’–21’’, and 22’’.
Based on sales channels, the global all weather tire market growth has been divided into OEM and aftermarket.
Based on vehicle type, the global all weather tire market growth has been segmented into passenger cars, LCV, and HCV.
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.
Key Players
The key players active in the global all weather tire market growth 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).
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