An all-weather tire refers to a type of tire designed to perform well in a variety of weather conditions, including dry, wet, and light snowy environments. It offers a balanced combination of features from both summer and winter tires, making it a versatile option for drivers who experience moderate climate variations but do not want to switch tires seasonally.
Sizing and Forecast
The all weather tire market size has grown strongly in recent years. It will grow from $174.51 billion in 2023 to $185.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rising preference for all-weather tires over seasonal models, increasing adoption of electric vehicles requiring specialized tire solutions, rising consumer demand for convenience and versatility, global market expansion driven by urbanization and mobility trends and growing demand for performance-oriented all-weather tires.
The all weather tire market size is expected to see strong growth in the next few years. It will grow to $235.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to regulatory changes impacting tire standards, economic cycles influencing purchasing behavior, customization options catering to diverse vehicle types and consumer preferences, environmental regulations promoting eco-friendly tire options, and shifts in seasonal weather patterns. Major trends in the forecast period include expansion of product portfolios to include premium all-weather tire options, integration of smart tire technologies for enhanced safety and performance, the emergence of sustainable tire manufacturing practices, advancements in tire technology, and technological innovations in tire materials and manufacturing.
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Segmentation & Regional Insights
The all weather tire market covered in this report is segmented –
1) By Rim Size: 12 Inch – 17 Inch, 18 Inch – 21 Inch, Greater Than 22 Inch
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
North America was the largest region in the all-weather tire market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the all weather tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing popularity of sports utility vehicles is expected to propel the growth of the all weather tire market going forward. A sports utility vehicle is a versatile vehicle that combines the capabilities of off-road driving with the comfort of a passenger car, featuring a higher ground clearance and a spacious interior. The popularity of sports utility vehicles (SUVs) is growing due to their versatility, spaciousness, and elevated driving position, which appeal to a wide range of consumers. All-weather tires on sports utility vehicles provide reliable performance in diverse conditions, offering enhanced traction and stability in both wet and dry environments, including light snow. For instance, in December 2021, according to the International Energy Agency, a France-based international energy forum, global sports utility vehicle sales showed remarkable resilience during the pandemic, increasing by over 10% between 2020 and 2021. In 2021, SUVs are projected to make up more than 45% of global car sales, setting new records in both volume and market share. Therefore, the growing popularity of sports utility vehicles is driving the all weather tire market.
Key Industry Players
Major companies operating in the all weather tire market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tyre & Rubber Company, Maxxis International, Sumitomo Rubber Industries Ltd., Giti Tire Pte Ltd., Pirelli & C. S.p.A., Hankook Tire and Technology Co. Ltd., Toyo Tire Corporation, MRF Ltd., Kumho Tire Co. Inc., Apollo Tyres, Cooper Tire and Rubber Co., Nexen Tire, Nokian Tyres Plc, CEAT Ltd., Firestone Complete Auto Care, Yokohama Tire Corporation, Falken Tire Corp., BFGoodrich Inc., Omni United (S) Pte. Ltd., Sailun Tire, Nitto Tire USA Inc., Uniroyal Tires Inc.
The all weather tire market report table of contents includes:
1. Executive Summary
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