Winter Tire Market to Surpass $23 Billion by 2021, Says TechSci Research

New York, NY, April 01, 2017 --(PR.com)-- According to recently published TechSci Research report, “Global Winter Tire Market Forecast & Opportunities, 2021,” the global market of winter tire is anticipated to cross $23 Billion by 2021. One of the major factors aiding the global winter tire market is favorable government laws. In Quebec, (Canada), the use of winter tires is mandatory between December 15 and March 15, and a fine ranging from USD160 to USD250 is levied as a punishment. While in British Columbia, winter tires are required by law in certain mountainous regions from October 1 to March 31. All these favorable government mandates are aiding global winter tire market.

Browse 20 market data Tables and 115 Figures spread through 220 Pages and an in-depth TOC on Global Winter Tire Market: https://www.techsciresearch.com/report/global-winter-tire-market-forecast-opportunities/926.html

In terms of vehicle type, global winter tire market has been broadly segmented into Passenger Car (PC), Light Commercial Vehicle (LCV), and Medium & Heavy Commercial Vehicle (M&HCV). Among these categories, passenger car segment dominated the global market of winter tire in 2015, followed by LCV and M&HCV segments. The segment is anticipated to maintain its dominance over the next five years as well high disposable income levels, growing safety concerns and increasing awareness regarding the benefits of using winter tires among consumers. Europe was the largest demand generating region for winter tire across the world in 2015, and the same trend is expected to continue over the next five years as well.

“Emergence of high-performance winter tires is one of the major trends in global winter tire market. In global tire industry, tires with speed ratings of S (speed of 112 miles per hour) or greater, and aspect ratios of 70 or less, are classified as high performance tires. Since extreme climatic conditions impact tire performance, people opt for high performance tires. High performance tires include passenger car tyres with a speed rating of H (speed of 130 miles per hour) and above, excluding winter tires,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Global Winter Tire Market Forecast & Opportunities, 2021” has analyzed the potential of global winter tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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