Global All Weather Tire Market to Witness High Growth During the Forecast Period
The global all weather tire market is expected to grow at ~5% CAGR during the forecast period, 2021–2027.
Industry News
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- In May 2020, Kumho Tire launched the SOLUS 4S HA32, a high-performance all-season tire for the European market. This is designed specifically for the climate and road conditions of Europe.
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- In July 2019, Michelin launched the XTRA FlexLife earthmover tires. These tires were optimized for fitment on loaders, graders, and articulated dump trucks (ADTs). The tires were launched in the 29.5 R25 and 875/65 R29 sizes for the OEM and replacement markets, with additional five sizes (23.5 R25, 26.5 R25, 750/65 R29, 775/65 R29, and 20.5 R25) have been launched in 2020.
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- In August 2018, Continental AG acquired the Kmart Tyre and Auto Service chain (KTAS), through which it expanded its sales network for tires and suspension systems.
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- In May 2018, Hankook Tire formed a partnership with ARLANXEO, a synthetic rubber producer, to co-develop synthetic rubber technologies for high-performance tires.
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- In May 2018, Hankook Tire launched ultra-fuel-efficient e-cube Blue long-haul tire to enable fleet customers to profit from an additional eight percent tire-related fuel efficiency and provides up to 55 percent more durability (less irregular wear and higher mileage) compared to current products in the market.
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- In September 2017, Continental launched the first range of premium radial tires. The company also launched two standard tires for tractors. The tires display has robustness and durability while ensuring high driving comfort, superior handling, and traction. They have been developed using a new bead technology and are made of innovative nylon material, for which a patent is pending under the name—N.flex.
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- In May 2017, Bridgestone Corporation partnered with Maruti Suzuki India Limited to provide its fuel-efficient and eco-friendly tire range, ECOPIA EP150, as original equipment (OE) fitment for the Maruti Suzuki Dzire cars.
Based on rim size, the global market is divided into 12’’–17’’, 18’’–21’’, and >22’’. The 18’’–21’’ segment is expected to hold the largest share of the market. The 18’’–21’’ segment is expected to grow at a faster rate during the forecast period as these tires need a lower profile (or sidewall height) to maintain adequate clearance when they go over bumps and potholes, which makes the suspension fully compress and rebound.
Based on sales channel, the global market is divided into OEM and aftermarket. The aftermarket segment is expected to hold the larger share of the market share, and it is expected to grow at the faster rate during the forecast period. The aftermarket distribution channel here represents the tire replacements done annually across each country and region. Additionally, the increase in distributors, retailers, and online channel partners is expected to increase the share of aftermarket tires in the global market.
Based on vehicle type, the all weather tire market is segmented into passenger cars, LCV, and HCV. The passenger cars segment is predicted to dominate the global market during the forecast period.
The key players operating in the global all weather tire market are Bridgestone Corp. (Japan), Continental AG (Germany), Cooper Tire and Rubber Co. (US), Hankook Tire and Technology Co. Ltd. (South Korea), Kumho Tire Co. Inc. (South Korea), MICHELIN (France), Pirelli Tyre Spa (Italy), Sumitomo Rubber Industries Ltd. (Japan), The Goodyear Tire and Rubber Co. (US), and Yokohama Rubber Co. Ltd. (Japan).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global all weather tire market, including high-growth regions and/or countries and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.