Forecasts and analysis of the market have been done in terms of volume. The market size is calculated on the basis of the unit sales of winter tires in Czech Republic.
The winter tire market in Belgium is expected to witness the emergence of high-performance winter tires in the coming years. For instance, many tire manufacturers have introduced new eco-friendly winter performance tires for the Belgium market. The Winter i*cept evo by Hankook Tire Worldwide is specifically designed with an enhanced tread compound for better performance in all winter conditions for vehicles from every class. The market is expected to witness more innovations in the coming years.
According to the report, huge in terms of volume; however, the bulk of the revenue is dependent on the replacement tire market. The replacement tire market has also reduced the dependence of tire manufacturers on OEMs for revenue and sales. In the replacement tire market, manufacturers experience less pricing pressure compared to OEMs. Also, in the replacement tire market, manufacturers of winter tires will have their own distribution systems for both global and local markets.
Further, the report states that availability of substitutes is a major challenge affecting the market.