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Automotive Tire Chains Market size is anticipated to observe commendable growth from 2023 to 2032, driven by the rising emphasis on advanced tire technology development to maximize vehicle efficiency. Over the years, the production of autonomous vehicles has also accelerated to comply with stringent government emission standards.
As per the IEA’s Global Electric Vehicle Outlook, in the Q1 of 2022, 2 million electric cars were sold despite global supply chain constraints, up by three quarters from a year earlier. These factors will stimulate the need for durable, high-strength, and low-temperature-resistant car snow chains for better grip on roads and snowy mountains.
A prominent factor fostering the automotive tire chains market trends is the mounting investment in auto manufacturing plants. A notable example is an expected jump in capital expenditure of Tesla by 2024, as the EV maker increases the production of new battery cells and heavy-duty trucks. Stringent rules and regulations have also been imposed to mandate the adoption of car tire chains for ice and deep snow environments. These initiatives, alongside the escalating development of modular and electric mobility solutions, will further promote the installation of auto tire chains by 2032.
Metal will emerge as a profitable product segment for the automotive tire chains market growth by 2032. This is given its ability to provide a strong grip on ice and snow and its effectiveness at improving vehicle traction in deep snow compared to conventional and electric wires. Moreover, the extensive availability of cost-effective and abrasion-resistant snow chains will also fuel their popularity. These chains are, however, difficult to remove and install, and can cause damage to vehicles and roads. Their noisiness may also cause a rough ride, thereby asserting a negative impact on product manufacturers.
The passenger vehicles segment is set to account for a major share of the automotive tire chains market by 2032. Growth from this segment can be credited to the strong consumer demand and better vehicle supply from manufacturers, especially in emerging nations. According to statistics from the Society of Indian Automobile Manufacturers, in January 2022, 298,093 units of passenger vehicles were sold. Furthermore, the ease of COVID-19 restrictions and auto supply chain crises will accelerate the integration of tire chains in passenger vehicles.
North American automotive tire chains industry will garner considerable profits by 2032, due to the introduction of strict mandates associated with snow chain usage. For example, as of October 2021, winter tires became a mandate for all vehicles on British Colombia highways to boost travel safety until spring. Initiatives such as these, along with the strong presence of General Motors and other automakers, will add impetus to the regional market development in the upcoming years.
Key players in the global automotive tire chains market include Ambert, Autoliv, BABAC Tire Chains, ChainCo, Hangzhou Felice Chain, Laclede Chain Manufacturing Company, Lianyi Rubber Components, and Maggi Group, among others. These firms are incorporating strategies such as mergers and acquisitions, advanced product launches, and business expansions to gain a competitive advantage and strengthen their footprint in the industry.
Inflation continues to impact car ownership globally. Based on data from the U.S. Census Bureau, in 2022, the inflation rate reached 7.1% compared to the acceptable inflation rate of 2%, negatively impacting vehicle consumers. In addition, the cost of new cars has surged considerably over recent years. These economic impacts may hinder the demand for new passenger and commercial vehicles and subsequently limit the automotive tire chains market sales.
This market research report on automotive tire chains includes in-depth coverage of the industry with estimates & forecast from 2018 to 2032 for the following segments:
Market, By Product
Market, By Vehicle
The above information has been provided on a regional and country basis for the following: