DUBLIN, Mar. 31, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Winter Tire Market Forecast & Opportunities, 2021" report to their offering.

The global market of winter tire is anticipated to cross $23 Billion by 2021.

Winter tires or snow tires are designed for use in cold weather, snow and ice. They have a tread design with bigger gaps than those on summer tires, which increases the traction on snow and mud. Some have metal studs to increase traction on ice. Tires designed for winter conditions are optimized to drive at temperatures below 7°C (45°F).

In some of the European and North American countries, the government has mandated the use winter tires for all the vehicle segments due to extreme winter climatic conditions. Implementation of winter tire laws and increasing purchasing power of consumers is expected to aid global winter tire market. Moreover, growing safety concerns and increasing awareness regarding the benefits of using winter tires among consumers is forecast to boost the demand for winter tires across the world in the next five years.

In order to sustain in highly competitive global winter tire market, market players are investing heavily in product innovations. For instance, Goodyear innovated tires with AMT, a self-inflating tire system, which can remain inflated at the optimum pressure, without the need for any external pumps, electronics, or driver intervention. All these factors are expected to positively influence global winter tire market over the during forecast period.

In terms of vehicle type, the 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. 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.

Global Winter Tire Market Forecast & Opportunities, 2021 discusses the following aspects of global winter tire market:

• Global Winter Tire Market Size, Share & Forecast
• Segmental Analysis - By Vehicle Type (Passenger Car (PC), Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (M&HCV)), By Demand Category (OEM Vs. Replacement),
• Regional Analysis - Europe, North America & Asia-Pacific
• Changing Market Trends & Emerging Opportunities
• Competitive Landscape & Strategic Recommendations

Market Trends & Developments

• Implementation of Winter Tire Laws in European Countries
• Europe - The Leading Demand Generating Region
• Growing Awareness about Winter Tires
• Dominance of Passenger Car Segment
• Emergence of High-Performance Winter Tires
• Increasing Innovations
• Growing Competition among Prominent Companies
• Dominance of Replacement Winter Tire Segment

Companies Mentioned

• Bridgestone Corporation
• Cheng Shin Rubber Ind. Co., Ltd.
• Compagnie Générale des Établissements Michelin (CGEM)
• Continental Aktiengesellschaft
• Cooper Tire & Rubber Company
• Giti Tire Pte. Ltd.
• Hangzhou Zhongce Rubber CO., LTD.
• Hankook Tire Co. Ltd.
• Kumho Tire Co., Inc.
• N.V. Apollo Vredestein BeLux S.A.
• Nankang Rubber Tire Corp., Ltd.
• Nexen Tire Corporation
• Nizhnekamskshina Joint Stock Company
• Nokian Tyres plc
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd.
• Toyo Tire & Rubber Company
• Triangle Tyre Co. Ltd.

For more information about this report visit http://www.researchandmarkets.com/research/z7x76g/global_winter

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SOURCE Research and Markets