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Europe winter tire market: 4% CAGR between 2012-2016

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Winter Tire Market in Europe 2012-2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-05 09:09:02
The Europe Winter Tire market is to grow at a CAGR of 3.81 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing number of government regulations. The Winter Tire market in Europe has also been witnessing the emergence of high-performance winter tires. However, the diverse range of winter tires is creating confusion among end-users and could pose a challenge to the growth of this market.

The increasing demand for winter tires for light trucks is one of the emerging trends in the Winter Tire market in Europe. The Light Truck Winter Tire segment is an emerging market, and it is estimated that in the near future the market will witness more models. Light truck winter tires have a tread with more biting edges for better grip on snow and ice than all-season tires, and many have a softer rubber material that remains flexible in extremely cold environments. However, in normal weather conditions or on clear roads winter tires might not work as well as all-season tires, and they tend to wear more quickly. Hence, the increasing demand for light truck winter tires will boost the growth of the Winter Tire market in Europe in the coming years.

The increase in government regulations is one of the major drivers in the Winter Tire market in Europe. The use of winter tires is a legal requirement in many countries during the winter months, particularly from November to mid-April or if snow or slush is present on road surfaces. Failure to comply with this requirement can result in a penalty. In recent years, various countries in Europe such as Italy and Romania have adopted new legislation and other countries such as France and Belgium are discussing the introduction of new legislation, while countries such as Germany and the Czech Republic have strengthened their existing winter tire laws. All European countries require either that winter tires are fitted under certain conditions or that vehicle owners use equipment appropriate to the driving conditions.

The key vendors dominating this space are Continental AG, Michelin SCA,Bridgestone Corp., and The Goodyear Tire and Rubber Co. The other vendors mentioned in the report are Pirelli and C. SpA, Nokian Renkaat Oyi, TBC Corp., and Hankook Tire Co. Ltd.

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