All-Weather Tire Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Rim Size (12’’–17’’, 18’’–21’’, and >22’’); Vehicle Type (Passenger Cars and Commercial Vehicles); Sales Channel (OEM and Aftermarket); Region and Country
Detailed Analysis of COVID-19 Impact on the All-Weather Tire Market
Global All-Weather Tire Market is anticipated to display a CAGR of around ~5% over the forecast period (2021-2027). All-weather tires are the kind of tires that are renowned for offering respectable performance in dry, rainy, and snowy conditions. Compared to summer tires, these tires have moderate tread depths and rubber compositions that extend tread life. They are designed especially for the typical motorist. To improve vehicle efficiency, lessen the negative environmental effects of conventional tires, and spread knowledge about green tires, governments and other regulatory bodies around the world are establishing and proposing legislation and programs for labeling tires. For instance, in Japan, a voluntary tire labeling system for passenger cars was introduced in 2010. Similar to this, in November 2011 the South Korean government launched a voluntary tire labeling program for passenger cars, which was later made mandatory in November 2012. Additionally, the nation began enforcing required tire labeling regulations in November 2016.
Insights Presented in the Report
“Amongst Rim Size, 18’’–21’’ segment dominated the market in 2020”
Based on the rim size, the market is segmented into 12’’–17’’, 18’’–21’’, and >22’’. The 18’’–21’’ segment is expected to dominate the market during the forecasted period 2021-2027. Since these tires have a reduced profile, they may be driven across terrain and potholes with adequate clearance. Additionally, it causes the suspension to fully compress and rebound. The growth of this market will be fueled by all of these factors
“Amongst Vehicle type, Aftermarket segment dominated the market in 2020”
Based on the vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The Passenger Cars segment is expected to dominate the market during the forecasted period. The growth of the category is anticipated to be fueled by factors like rising consumer disposable income and higher passenger automobile sales in nations like China and India
“Amongst Sales Channel, Passenger Cars segment dominated the market in 2020”
Based on the sales channel, the market is segmented into OEM and Aftersales. The Aftersales segment is expected to dominate the market during the forecasted period. The annual tire replacements carried out in each nation and region are represented by the aftermarket distribution channel in this instance. Additionally, it is anticipated that the proportion of aftermarket tires in the worldwide market would rise as a result of the rise in distributors, retailers, and online channel partners offering competitive rates
“Asia Pacific represents the largest market.”
In 2020, the market’s highest share belonged to the Asia Pacific. The market is anticipated to rise as a result of factors including rising passenger car sales in nations with harsh climates like China and India and expanding aftermarket industries in the area. Due to the fast expansion of the automobile sector in nations like China, India, and Japan, the Asia-Pacific region is home to one of the largest automotive aftermarkets. Tire consumption has increased in the area due to a number of factors, including an increase in construction activity, industrial expansion, and the desire for fuel-efficient technology. The area takes pride in the availability of numerous raw material suppliers, low labor prices, and helpful government regulations in nations like China, Japan, and South Korea. The agricultural industry is also predicted to have a significant demand for all-weather tires because these nations place a lot of emphasis on it.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the All-Weather Tire Market|
|2.2.||Research Methodology of the All-Weather Tire Market|
|2.5.||Main Objective of the All-Weather Tire Market Study|
|5||ALL-WEATHER TIRE MARKET COVID-19 IMPACT|
|6||ALL-WEATHER TIRE MARKET REVENUE, 2019-2027F|
|10.1.||NORTH AMERICA ALL-WEATHER TIRE MARKET|
|10.1.3.||Rest of North America|
|10.2.||EUROPE ALL-WEATHER TIRE MARKET|
|10.2.5.||Rest of Europe|
|10.3.||ASIA-PACIFIC ALL-WEATHER TIRE MARKET|
|10.3.5.||Rest of Asia Pacific|
|10.4.||REST OF WORLD ALL-WEATHER TIRE MARKET|
|12||ALL-WEATHER TIRE MARKET OPPORTUNITIES|
|13||ALL-WEATHER TIRE MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Company Shares, By Revenue|
|18.4.||Yokohama Rubber Co., Ltd.|
|18.5.||The Goodyear Tire & Rubber Co.|
|18.6.||Sumitomo Rubber Industries, Ltd.|
|18.7.||Kumho Tire Co. Inc.|
|18.8.||Nokian Tyres plc|
|18.9.||Hankook Tire and Technology Co. Ltd.|
|18.10.||Pirelli & C.S.p.A.|
The usage of all-season tires is intended for temperatures over 7 degrees Celsius. Due to its suitability for the majority of locations and seasons worldwide, all-season tires are widely used on all types of vehicles, with the exception of colder regions where they are switched out for winter tires in December and January. Winter tires are used in place of all-weather tires during the colder months. Additionally, all-weather tires may function in temperatures as low as 7 degrees Celsius, therefore those who live in colder climates favor all-weather tires over all-season tires to reduce the expense of car ownership and save the inconvenience of rotating the tires. The market for All-Season tires and vehicle sales are being driven by an increase in car ownership in developing nations as a result of rising transportation demand and consumer purchase parity. Because used cars are becoming more popular and vehicles are being kept for longer, there is an increase in the need for aftermarket tires, which in turn drives up the market for all-season tires. All-weather tire manufacture takes into account a number of variables, including tread design, size/dimensions, weight, and tire construction. The raw material or compound utilized in the creation of these tires has a significant impact on their operating effectiveness and dependability. However, the forecast period’s product growth is constrained by the growing raw material prices needed to produce all-weather tires. The development of tires that are effective with internal and external elements, such as temperature, road surface, humidity, and raw materials, is a priority for tire manufacturing firms. Industry participants import raw materials from other nations to uphold the quality and dependability of their products and expand their clientele on the global market. However, the escalating trade friction has a significant impact on raw material prices. Some of the top importers and exporters worldwide are nations like the United States and China. The cost of some raw materials used to make all-weather tires has increased due to the escalating trade issues between the two nations.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the All-Weather Tire through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the All-Weather Tire, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are rim size, vehicle type, and sales channel. Further regional & country-level analyses were conducted to evaluate the overall adoption of All-Weather Tire in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of All-Weather Tire across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in All-Weather Tire in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the All-Weather Tire. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, vehicle type, component, and region.
The main objective of the All-Weather Tire Study
The current & future market trends for All-Weather Tire were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of All-Weather Tire in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in study are rim size, vehicle type, and sales channel
- Defined analysis of the regulatory framework for the Global All-Weather Tire industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the All-Weather Tire for the major regions & countries
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
- Company profiles of the All-Weather Tire players and the growth strategies adopted by them to sustain in the fast-growing market
- Deep dive regional & country-level analysis of the industry