All Weather Tire Market to rise at CAGR of 6.89% through 2030 – Report by Market Research Future (MRFR)
New York, Nov. 17, 2021 (GLOBE NEWSWIRE) — All Weather Tire Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “All Weather Tire Market Research Report, Rim Size, Sales Channel, Vehicle Type and Region – Forecast till 2030”, the market is expected to grow at ~6.89% CAGR during the forecast period (2022-2030).
List of the key companies profiled in the global all-weather tire market research report include –
- Bridgestone Corp. (Japan)
- Cooper Tire and Rubber Co. (US)
- MICHELIN (France)
- Continental AG (Germany)
- Kumho Tire Co. Inc. (South Korea)
- Hankook Tire and Technology Co. Ltd. (South Korea)
- The Goodyear Tire and Rubber Co. (US)
- Pirelli Tyre Spa (Italy)
- Sumitomo Rubber Industries Ltd. (Japan)
- Yokohama Rubber Co. Ltd. (Japan).
- Among others.
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The global all-weather tire market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.
Industry Updates
Nexen Tire America Inc. has added a new extreme ultra-high performance tire for its lineup along with an updated all-weather tire for SUVs & light trucks.
Market Research Future’s Review on All Weather Tire Market
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long term & immediate effect of the COVID-19 pandemic possessed a negative effect on the all-weather tire market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption.
Browse In-depth Market Research Report (188 pages) on All Weather Tire
https://www.marketresearchfuture.com/reports/all-weather-tire-market-10632
Drivers
Government Regulations on Tire Labeling to Boost Market Growth
Various government regulations on tire labeling are likely to boost the need for various forms of tires which in turn has boosted the market growth.
Opportunities
Superior Performance to offer Robust Opportunities
The superior performance of all-season tires will offer robust opportunities for the market over the forecast period. These tires are designed for offering safer driving experience to consumers in extreme and moderate climatic conditions. Besides, the constant launch of new lines of such tires is also boosting market growth.
Restraints and Challenges
Limitations in Extreme Seasons to act as Market Restraint
The limitations of all-weather tires in extreme winter or summer seasons may act as market restraint over the forecast period.
Market Segmentation
The global all-weather tire market is bifurcated based on vehicle type, sales channel, and rim size.
By rim size, the 18-21 inch segment will lead the market over the forecast period as these tires need low profile for maintaining adequate clearance as these go over pot holes and bumps that makes the suspension rebound and fully compress.
By sales channel, the aftermarket segment will dominate the market over the forecast period for the rise in online channel partners, retailers, and distributors.
By vehicle type, passenger cars will spearhead the market over the forecast period.
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Regional Analysis
APAC to Head All-Weather Tire Market
The APAC region will head the all-weather tire market over the forecast period. Rapid growth in the auto industry in Japan, India, and China, increased need for tires in the region due to growing construction activities, rise in need for fuel-efficient technologies, and industrial development, the presence of several raw material suppliers, favorable government guidelines in South Korea, Japan, and China, low labor costs, strong focus on agriculture, the growing need for all-weather tires in the agriculture sector, growing demand in China, increasing joint ventures with local vehicle brands, increasing consumption of electric vehicles for the introduction of automobile mid and long-term development plan, companies working to develop such tires specially for electric vehicles, growing need for passenger cars, India being the key exporters of cars for high production rate, the low labor cost, the growing ease-of-doing business rating, emerging economy, globally recognized engineering capabilities, growing need for vehicle emission, and shifting consumer preference towards fuel-efficient technologies for transportation are adding to the global all-weather tire market growth in the region.
Segmentation of Market covered in the research:
All Weather Tire Market Research Report: Information by Rim Size (12’’–17’’, 18’’–21’’, and>22’’), Sales Channel (OEM and Aftermarket), Vehicle Type (Passenger Cars, LCV, and HCV), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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