According to the market research report titled ‘Global Winter Tire Market Analysis, 2020’ available with Market Study Report, global winter tire market is calculated to reflect a compound annual growth rate of 5.12% during the forecast period of 2020 to 2025.
 

The report states that escalating product demand from countries in the northern hemisphere coupled with heavy snowfall in several geographies for an extensive portion of the year are bolstering the expansion of global winter tire market.
 

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Additionally, stringent road regulations necessitating the installation of winter tires, favorable government initiatives, and growing concerns regarding road safety, predominantly in the regions of North America and Europe are positively swaying the market dynamics.
 

Further, rising disposable income, technological advancements in the vertical, and strategic alliances by leading industry partakers are fostering the overall industry expansion.
 

Based on vehicle type, global winter tire market is divided into medium & high commercial vehicles (MHCV), light commercial vehicle (LCV), passenger cars, and others. Among these, the passenger car segment accounted for a majority of the total market share in 2019.
 

Moving on to sales channel, the business comprises of authorized dealers/distributors, exclusive stores, and others. Elaborating on price category, the industry is categorized into premium, economy, and budget.
 

From a regional frame of reference, the market is fragmented into Asia-Pacific, Russia & CIS, Europe, and North America. As per the geographical analysis of the report, Europe accounted the highest market share in 2019.
 

On the other hand, Asia-Pacific winter tire market is projected to amass substantial lucrative gains during 2020-2025.
 

Major organizations operating in worldwide winter tire market are Kumho Tire Co., Toyo Tire Corporation, Sumitomo Corporation, Yokohama Rubber Company, Limited, Pirelli & C. S.p.A., Hankook Tire & Technology Group, Nokian Tyres plc, Continental AG, Goodyear Tire & Rubber Company, Michelin, and Bridgestone Corporation.