Winter Tire Market Value Anticipated to be Worth over USD 40 Billion

Fact.MR’s study issues forecast on the winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028. This research analysis demonstrates key trends and market dynamics across regional segments incorporated, which are likely to impact current as well as future expansion of the global winter tires market.

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Detailed Assessment on Global Winter Tires Market

Primary objective of this report is to deliver updates on growth of the global winter tires market. The market for winter tires is largely dependent upon weather patterns for growth. However, several prominent winter tire manufacturers report robust sales, on the basis of advanced tire technology, consumer education, and company regulation.

Leading manufacturers in the global winter tires market are focusing on the development of novel products, in a bid to expand their product portfolio and boost sales. For example, Nokian Tyres has recently introduced its new, state-of-art range of winter tires. This high quality, versatile winter tire range is developed keeping in mind specific demands of winter conditions.

The report initiates with an executive summary of the global winter tires market, which provides an in-depth assessment and forecast on all the market segmented encompassed. Market estimates apropos of segmentation analysis are offered in the form of revenues, market share, absolute dollar opportunity, and CAGR.

A chapter on overview follows the executive summary, which offers a brief introduction to the market, along with a concise definition of the targeted product – winter tires. Growth influential factors such as demand determinants & deterrents, trends, and opportunities have also been included in the overview.

Segmentation Analysis on Global Winter Tires Market

Succeeding chapters in the report impart in-depth analysis, actionable insights and accurate forecasts on the global winter tires market, in terms of a segmentation analysis. The global market for winter tires has been categorized into five key segments, namely, product type, vehicle type, sales channel, width, and region. The vehicle type segment has further been classified on the basis of the tire size required.

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Detailed Analysis on Winter Tires Market’s Competitive Landscape

The final chapter of the report elucidates the competitive landscape of the global winter tires market, for providing the report readers with detailed analysis on the market participants engulfed. This chapter enables the industry leaders as well as emerging players in the market to devise novel strategies and make fact-based business decisions.

Analysis offered on the market players is in terms of company overview, product overview, key financials, key developments, and SWOT analysis. This report is the compilation of authentic information, and quantitative & qualitative assessment by industrial experts. Data offered in the report is validated using micro and macro-economic factors.

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Wheelchair Accessible Vehicle Market: Advances in Medical Transportation to Incur Swelling Growth

Medical tourism continues to influence the adoption of wheelchair accessible vehicles coupled with financial assistance from federal governments. Furthermore, demand for wheelchair accessible vehicles has also been impacted with growing road accidents worldwide. According to World Health Organization (WHO) analysis, road accidents are one of the leading causes of mortalities and disabilities. The wheelchair accessible vehicle market has also been influenced by new design features and developments incorporated by manufacturers in order to diversify their product offerings.

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Fact.MR has compiled several intrinsic aspects associated with wheelchair accessible vehicle in a new intelligence report and has provided future projections of wheelchair accessible vehicle market along with growth prospects across various regions during the assessment period, 2018-2028. According to the intelligence report, the wheelchair accessible vehicle market is projected to expand at a steady pace and its growing demand is expected to translate into sales crossing US$ 6 billion by end of the period of assessment (2028). This growth is led by increasing demand for hi-tech wheelchair accessible vehicles, growing medical tourism and assistance from governments across countries. Furthermore, wheelchair accessible vehicles are expected to witness increased adoption in developing countries of North America and Europe, with an increased demand in emerging economies of Asia Pacific excluding Japan (APEJ) region.

Wheelchair Accessible Vehicle Market: Side Entry to Provide a Large Impetus for Growth

Given its advantage with respect to storage space, the demand for a wheelchair accessible vehicle with side entry is expected to increase in the coming years. With a side entry, the user has the option of leaving the vehicle in a forward position as opposed to backing out, and it also allows more head room for people. Moreover, side entry does not block away the trunk space, which increases its usability as it facilitates better storage along with its use as a carrier for the disabled. The report analyses that sales of wheelchair accessible vehicle with a side entry surpassed those of wheelchair accessible vehicle with rear entry and the former is expected to retain its status quo throughout the period of assessment.

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Wheelchair Accessible Vehicle Market: Refurbished More Favored than New

The wheelchair accessible vehicle market is strongly impacted with sales of new and refurbished wheelchair accessible vehicles. With a high initial cost of wheelchair accessible vehicle, it has become challenging for manufacturers as they are likely to face customer reluctance with respect to purchasing. Price intensive nature of wheelchair accessible vehicle has confined its purchase to a limited customer base. However, refurbishing of old wheelchair accessible vehicle significantly reduces the overall pricing of the product, which is likely to push its demand and sales during the forecast period. Furthermore, the concept of customization has proliferated into the automotive world, with wheelchair accessible vehicle being no exception. Instead of purchasing a new wheelchair accessible vehicle, customers are more inclined towards converting their minivans or SUVs and small cars into wheelchair accessible vehicles. This factor fuelled sales of refurbished wheelchair accessible vehicle in the past years and is likely to continue with this trend during the entire review period.

Wheelchair Accessible Vehicle Market: Ramp to Witness Huge Lift

Wheelchair accessible vehicles include entry mechanisms such as ramps and lifts depending upon customer requirement. Wheelchair accessible vehicle with ramp as an entry mechanism has witnessed increased acceptance owing to its affordability, easy installation and fuel efficiency. Moreover, ramps use less storage space as compared to lifts. Ramps are generally used in small vans given their ultra-light weight and extreme durability. On the other hand, lifts are a second preference among users that consider this type of entry mechanism for full size conversion vans and are an idea option when limitations of space would reduce the functionality of ramps. Albeit their ease in operation and convenience, lifts are expected to trail ramps with respect to demand in the wheelchair accessible vehicle market.

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Wheel Tire Service Equipment Market: Sophisticated Technologies Aids Accurate Balancing Diagnostics

Aging vehicles, growing annual mileage and retaining patterns in vehicle owners are creating recurring demand for advanced wheel and tire service equipment. Technological convergence has been scaling down large when and tire service equipment tools, enabling them to fit within automobiles. Equipment optimization has led toward the development of compact, sophisticated products integrated with sensor-based applications for diagnosing real-time service escalation requirements.

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Manufacturers are now focusing on acquiring proper balance in product mix and placement for meeting expectations in demand and maintaining a competitive advantage. Sonar-driven functions, optical imaging, and virtual reality systems are among high-tech features being implemented in the current wheel and tire service equipment, which in turn are likely to influence demand for these equipment. However, lower uptake of services associated with wheels and tires, and the trend of adoption of do-it-yourself equipment are likely to restrain demand for wheel and tire service equipment.

According to Fact.MR’s newly published report, the global market for wheel and tire service equipment market is expected to record an average 4.0% CAGR, in terms of value, between the period 2017 and 2026. More than 1,600 thousand units of wheel and tire service equipment are pegged to be sold around the world by 2026-end.

Wheel Alignment Systems among Equipment Type to Gain Lion’s Share of the Market

On the basis of equipment type, wheel alignment systems are likely to gain lion’s share of the market by 2026-end, in terms of value. This is mainly because of penetration of computerized wheel alignment systems, which are completely automatic, highly accurate, precise and quick in operation. In addition, manufacturers are focusing on the development of wheel alignment systems with properties such as protection in wheel clamping, user-friendly calibration and automatic self-check.

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In terms of value, Asia-Pacific excluding Japan (APEJ) will remain the most lucrative market for wheel and tire service equipment, mainly driven by the robust expansion of the automotive sector in the region. In addition, relatively less developed roadways in suburban as well as in various urban areas has led to higher prevalence of damage to vehicles in the region. Europe will also remain a lucrative region for the market growth on the back of rapid technological advancements in the region’s automotive industry.

Key Research Findings from Fact.MR’s Report

• Light vehicles and two wheelers will account for largest shares of the market, in terms of revenues


• Based on garage type, automotive OEM dealerships will continue to be dominant in the market, followed by franchise garage

Competition Tracking

Imperative assets of market players include brand image and penetration through state-of-the-art equipment. In addition, wheel and tire service equipment manufacturers are infusing relatively lower cost products for attracting smaller, price-sensitive garages. Key players identified by Fact.MR’s report include Arex Test Systems B.V., Robert Bosch GmbH, Aro Equipments Pvt. Ltd, Istobal S.A., Vehicle Service Group, Symach SRL, VisiCon Automatisierungstechnik GmbH, Snap-on Incorporated, Sarveshwari Technologies Limited (SARV), and Guangzhou Jingjia Auto Equipment Co., Ltd.

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Aluminum-based Trailer Canopy to Remain Most Preferred Owing to its High Climatic Neutrality

Solely led by consumer preference, trailer canopy market will continue to be influenced by key trends such as customization and vehicle innovations. Use of trailer canopy has extended beyond the purpose of shading to almost mimicking a mini warehouse or commercial storage. Key companies operating in the trailer canopy market have introduced a slew of novel solutions, which fall in line with evolving requirements of end-users.

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Custom-made trailer canopy, and metal-based (steel or aluminum) trailer canopy, have been attracting end-users’ interest, who are being lured by manufacturers key offerings such as emptied canopy, multiple compartment canopy, and canopy with shelves & drawers. Additionally, growing focus of manufacturers in providing easy-to-install, reliable, weatherproof and durable trailer canopy will significantly rub off on growth of the trailer canopy market.

Trailer canopy market is foreseen to record an average 4.2% value CAGR over the forecast period, 2018 to 2028, according to a new Fact.MR report. The report states that expansion of the logistics industry, which entails demand for customized trailer canopy, coupled with rising demand for lightweight commercial trucks will continue to underpin growth of the trailer canopy market in the forthcoming years. However, highly fragmented nature of the trailer canopy market, wherein raw material prices illustrate increased fluctuations, along with high cost of trailer canopy will continue to impede growth of the market.

Trailer Canopy Market: High Demand for Custom-made Solutions; Emphasis Inclined toward Affordability and Durability

The automotive industry has been witnessing an uptake in demand for customized solutions, and this trend is rubbing off on popular accessories such as trailer canopy. As trailer canopy design & development is witnessing transformation in tandem with the evolving utility, end-user demand for customized trailer canopy has been witnessing a hike recently.

Customized canopy offerings of manufacturers, with features including dust- & waterproof material, multiple doors & windows, storage cabinets & drawers, and roof racks for containing tool boxes, fall in line with such evolving designs & developments. Trailer canopy manufacturing companies are also concentrating on the provision of custom canopy fit-outs for vehicles that need aftermarket modifications, thereby retaining their competitiveness in the trailer canopy market.

Among various material employed for manufacturing trailer canopy, aluminum has been sought-after among companies operating in the trailer canopy market. Excellent material qualities of aluminum, along with its resilience in robust climatic conditions, has meant that aluminum is a lucrative material for the production of trailer canopy, as it aids in reducing the overall vehicle weight and enhancing the fuel efficiency. Trailer canopy based on aluminum majorly seek adoption in bakkies, trailers and small trucks.

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Trailer Canopy Market: High Cost and Inhibition of Import Penetration by Domestic Players to Prevail as Key Growth Deterrents

The trailer canopy market contains only a handful of international established players, however occupancy of numerous domestic players worldwide has been inhibiting the import penetration. End-users tend to prefer trailer canopy manufactured by domestic players over international players, in case of specific utility-based purchases.

The upward trend of customization in the trailer canopy market has confined the mass production of this vehicle component. This further favors well for domestic manufacturers than their international competitors, as they are in close proximity to potential customers and gain intelligence on evolving requirements faster. This has further lowered the import penetration rate of trailer canopy. Lower import penetration of trailer canopy has negatively impacted the supply chain of the trailer canopy market, thereby inhibiting the growth prospects.

Trailer canopy is being considered as a labor intensive and flimsy vehicle component. Albeit design and technology advancements have enhanced structure of the trailer canopy, high cost is a key aspect that has been inhibiting the consumer investment in trailer canopy. Customers continuously seek cost-effective solutions, as a trailer canopy caters to both storage and transportation requirements alike. This, coupled with various counterfeit product offerings by domestic players, will continue to constrain growth of the trailer canopy market.

Trailer Canopy Market: Opportunities Abound in Lightweight Commercial Vehicles

The rise in international trade has augured well for growth of the trailer canopy market, as trailers are extensively employed for transportation of goods and commodities. Stringent regulatory legislation regarding fuel efficiency and emission standards have intensified the demand for lightweight commercial trailers in past decade. This has further spurred demand for trailer canopy manufactured by using aluminum, as the material imparts excellent lightweight and durability attributes.

The aluminium consignment to the trailer and semitrailer industry has grown significantly over the past few years, which in turn has led robust adoption of the material in the production of trailer canopy. As countries are enacting stricter emission standards for commercial vehicles, manufacturers are delivering lightweight auto components for enabling high load capacity and easy towing, and trailer canopy is no exception. Growing demand for lightweight commercial vehicles will pave lucrative growth opportunities for the trailer canopy market in the foreseeable future.

Tractors Market: Launch of Heavy Duty, Autonomous Tractors Pegged to Galvanize Further Competition

As global food consumption levels soar through the roof, the average crop yield of agricultural sectors across the globe is being hard-pressed beyond its threshold. While depending on uncertain elements such as weather, crop quality, soil quality and incentive schemes distresses the farmers, their reliability on tractors as the key agricultural machinery remains conformed. In the future, increasing farm produce and the outcomes of several major farming activities will remain highly dependent on the effective utilization of tractors. New sensors and IoT technologies are being integrated in the production of tractors. Leading manufacturers are offering multi-functional tractors to consolidate their utility and provide a time-saving solution for farmers. Governments are implementing initiatives towards enrollment of farmers in training programs that improve the abilities in operating advanced tractors. However, high costs of tractors compel farmers towards obtaining loans, wherein agricultural funding institutions fail to slacken the high interest rates.

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In the view of such factors, the global tractors market is pegged to witness a sluggish growth in the near future. Fact.MR’s forecast study has addressed such factors and analyzed their impact on the future adoption of tractors worldwide. Key findings from the report reveal that during the forecast period, 2017-2026, the global tractors market is assessed to reflect a sluggish growth at 2.8% CAGR in terms of volume. The report further estimates that by the end of 2026, the global tractors market will touch a valuation of US$ 161 billion.

Sales of Tractors with 60-140 HP Engines to Incur Boost from Increasing Adoption of Large-Scale Farming

High crop produce threshold of large-scale farming is driving its adoption in the global agricultural landscape. To meet the requirements of plowing and tilling across large farms, tractors with high power engines are witnessing a growing demand. The report estimates that throughout the forecast period, 30% of tractors sold globally will be equipped with 60-140 HP engines. The report also estimates that the demand for tractors with 140-400 HP engines will reflect fastest volume growth by reflecting a CAGR of 3.1% over the forecast period.

Tractors Built on Hydraulic Mechanism will Account for More than Half of Market Volumes; Utility Tractors to Represent Most Profitable Application

Considering their usage as heavy fieldwork equipment, tractors developed on hydraulic systems provide key advantages in terms of fluid transmission, fuel consumption and simple operability. Adoption of hydraulic tractors is pegged to remain economical for farmers in the years to come. By the end of 2026, nearly 1700 thousand units of hydraulic tractors will be sold across the globe. It is further estimated that utility tractors will account for nearly one-fourth share of global market volumes throughout the forecast period. High profit margins associated with the production of tractors for utility applications will remain lucrative for market players in the approaching years.

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APEJ to Showcase Concentered Growth in Global Tractor Landscape; Driverless Tractors to Transform Market Dynamics

Regional assessment of the global tractors market puts the Asia-Pacific excluding Japan (APEJ) at the forefront. By the end of 2026, the tractors market in APEJ region will register sales of over 1,500 thousand units, reflecting a global market volume share of nearly 50%. Companies namely Deere & Company, Tractors and Farm Equipment Limited, Caterpillar, AGCO Corporation, Kubota Corporation, New Holland, Claas KGaA mbH, Escorts Limited, McCormick Tractor, Mahindra & Mahindra Limited, Bobcat (a Doosan company), KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.), JCB and Yanmar America Corporation are recognized for being leaders in global tractor manufacturing, majority of whom will be eyeing at expanding their bases in the APEJ region. It is further assessed that self-driving technologies will remodel the development of tractors for tomorrow. Driverless tractors will penetrate the global agricultural sector in the coming years, bolstering the reliability of tractors in meeting the crop yield expectations for future farming needs.

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