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Automotive Tire Chains Market Size - Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

  • Report ID: GMI3472

Automotive Tire Chains Market 

Automotive tire chains market size is anticipated to observe commendable growth between 2024 and 2032, driven by the rising emphasis on advanced tire technology development to maximize vehicle efficiency. The acceleration of autonomous vehicle production over the years can be attributed to the need to adhere to stringent government emission standards.

As per the IEA (International Energy Agency)’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.

Automotive Tire Chains Market Trends 

The mounting investment in auto manufacturing plants is another important factor driving the industry growth. A notable example is an expected jump in capital expenditure of Tesla by 2024, as the EV maker is planning on increasing 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. However, the cost of new cars has surged considerably over recent years. This may hinder the demand for new passenger and commercial vehicles and subsequently limit the market sales.

Automotive Tire Chains Market Analysis

In terms of product type, the industry size from the metal segment is slated to witness immense growth by 2032, driven by the ability to provide a strong grip on ice and snow. Automotive tire chains render 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. However, metal chains are difficult to remove and install and can cause damage to vehicles and roads.

Based on vehicle type, the passenger vehicles segment in the automotive tire chains industry is set to account for a major revenue share by 2032, attributed 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.

North America 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.

Automotive Tire Chains Market Share 

Key players in the global automotive tire chains industry are:

  • Ambert
  • Autoliv
  • BABAC Tire Chains
  • ChainCo
  • Hangzhou Felice Chain
  • Laclede Chain Manufacturing Company
  • Lianyi Rubber Components
  • Maggi Group

These firms are incorporating strategies, such as mergers & acquisitions, advanced product launches, and business expansions to gain a competitive advantage and strengthen their footprint in the industry.

Automotive Tire Chains Industry News

  • In June 2023, Continental emerged as the first company to unveil a tire with both a high share of sustainable tools and EU tire-label operation in volume production.

What Information does this report contain?

Historical data coverage: 2018 to 2023; Growth Projections: 2024 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Authors: Avinash Singh

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