Winter tires are made from advanced rubber compounds possessing unique tread patterns in order to increase traction while driving on snow and ice. The rubber tread of all-season tires or summer tires becomes stiff in cold conditions and fails to provide the required traction. Usage of advanced rubber compounds and resins in manufacturing of winter tires enables to regain the necessary traction and hence, are widely accepted in countries that experience cold climates.
The global winter tire market can be segmented based on rim size, tire type, vehicle type, and region. Based on rim size, the 18-inch to 21-inch segment is anticipated to witness significant expansion in the near future. Rising sales of SUVs and cross-overs and trends of higher rim size are boosting the demand for winter tires in the 18-inch to 21-inch segment. Demand for large wheels due to their high esthetic appearance is fueling the demand for bigger rim-size tires. Tires with larger rim size provide better stability and cornering performance as they have shorter tire sidewalls.
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In terms of vehicle type, the winter tire market can be classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment holds a prominent share of the winter tire market and is estimated to dominate the market during the forecast period.
Based on region, the winter tire market can be segmented into North America, Europe, Russia, and Asia Pacific. Europe is a significant market for winter tires followed by Russia and North America. Stringent government norms and harsh winters in Europe have led to a high demand for winter tires in the region.
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