Global Automotive Snow Tire Market Size to Exceed USD 31.62 Billion By 2033: Market Study Report

Global Automotive Snow Tire Market Size to Exceed USD 31.62 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global Automotive Snow Tire Market Size is Expected to Grow from USD 16.93 Billion in 2023 to USD 31.62 Billion by 2033, Growing at a CAGR of 6.45% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Automotive Snow Tire Market Size, Share, and COVID-19 Impact Analysis, By Tire Type (Studded, Studless), By Sales Channel (OEM, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis And Forecast 2023 - 2033

The automotive snow tire market is ascribed to the business involved in the production and distribution of tires designed for winter or ice surfaces to precise driving. These tires, often called winter tires, feature specialized tread patterns and rubber compounds that provide enhanced traction, braking, and handling in low temperatures and on slippery surfaces like snow and ice. The market caters to various vehicle types, including passenger cars, SUVs, and commercial vehicles, and offers both studded and non-studded tire options. The driving factors in this market include increasing vehicle sales in cold regions, growing awareness of road safety during winter, and government regulations mandating the use of winter tires in certain areas. The market growth is propelling due to the increasing tourism sector and related vehicle ownership. However, market growth faces several obstacles, availability of fake goods and limited profit tenure.

The studded segment held the largest share of the global automotive snow tire market in 2023 and is anticipated to grow at a substantial CAGR over the forecast period.

On the basis of the tire type, the global automotive snow tire market is differentiated into studded, and studless. Among these, the studded segment held the largest share of the global automotive snow tire market in 2023 and is anticipated to grow at a substantial CAGR over the forecast period. This is because of metal studs embedded in the tread to provide additional grip on ice that offer superior traction and are particularly effective on icy roads.

The OEM segment held the largest share of the global automotive snow tire market in 2023 and is anticipated to grow at a notable CAGR over the forecast period.

On the basis of the sale channel, the global automotive snow tire market is segmented into OEM and aftermarket. Among these, the OEM segment held the largest share of the global automotive snow tire market in 2023 and is anticipated to grow at a notable CAGR over the forecast period. This is due to growing adherence to safety measures and customization services according to needs.

Europe is projected to hold the largest share of the global automotive snow tire market over the forecast period.

Europe is expected to hold the greatest share of the global automotive snow tire market over the forecast period. The regional market is expanding due to its severe winters and strict laws governing the use of winter tires. The need for snow tires is largely driven by mandated in nations like Germany, Sweden, and Finland.

North America is anticipated to grow at the fastest CAGR growth of the global automotive snow tire market over the forecast period. The market expansion across the region is further accelerated due to the implementation of laws requiring the use of snow tires in specific locations and the increased awareness of road safety. The region market expansion is further supported by the growing number of vehicles on the road consumers' expanding disposable incomes and major contributions from the US and Canada.

Major vendors in the global automotive snow tire market are  Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A., Hankook Tire & Technology Co., Ltd., Yokohama Rubber Company, Nokian Tyres plc, Toyo Tire Corporation, Kumho Tire Co., Inc., Cooper Tire & Rubber Company, Sumitomo Rubber Industries, Ltd., Giti Tire, Maxxis International, Apollo Tyres Ltd., Falken Tire, Nexen Tire Corporation, Linglong Tire, Sailun Group Co., Ltd., Zhongce Rubber Group Co., Ltd and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2023, Goodyear launched the UltraGrip Ice 3, a non-studded winter tire designed specifically for Nordic winter conditions. This innovative tire offered exceptional performance on ice and snow, thanks to advanced technologies like Ice Handling+, which improved handling on icy surfaces, and Snow Braking Technology, which enhanced braking performance on snow. It also featured an innovative compound that maintained elasticity in extremely cold temperatures, making it suitable for electric and hybrid vehicles as well.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global automotive snow tire market based on the below-mentioned segments: 

Global Automotive Snow Tire Market, By Tire Type

• Studded
• Studless

Global Automotive Snow Tire Market, By Sale Channel

• OEM
• Aftermarket

Global Automotive Snow Tire Market, By Regional

•  North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa