Automotive Tire Chains Market size is slated to grow commendably over 2022-2028. This is a result of the increasing requirement of high strength, durable, rust-proof, and low-temperature resistant snow chains for cars to ensure better grip in snowy mountains and roads. Moreover, the strong focus on the development of innovative tire technologies to maximize the efficiency of autonomous vehicles will also contribute to industry expansion over the years ahead. Tire chains refer to devices that are fitted around the tread of the tires of cars, trucks, and other motor vehicles to increase traction as well as prevent skidding on roads covered with snow or ice. These chains can only be used for tires on such roads, as the usage of chains on bare pavement can cause substantial damage to tires and the road itself.
Rising implementation of stringent regulations to mandate the use of auto tire chains for commercial and other vehicle types is among the key trends fostering the automotive tire chains market outlook. As of October 2021, winter tires are made mandatory for all vehicles, while the operators of commercial vehicles are required to carry chains on most routes on British Columbia highways, as indicated by the roadside signs. Such initiatives, alongside the high emphasis on the production of electric and modular mobility solutions, will also fuel industry demand in the upcoming years.
Based on product, the metal segment is anticipated to hold a considerable share in the automotive tire chains industry by 2028. Growth from this segment is driven by the high compatibility of automotive tire chains in cold winter and work environments as compared to electrical and conventional wires. Furthermore, the availability of automotive snow chains made of stainless steel and coated with zinc, which have excellent abrasion resistance, is cost-effective, and provide good adhesion, will also stimulate the segmental expansion over the forecast spell.
On the regional front, the North America automotive tire chains market will amass commendable profits by 2028, due to the implementation of varied regulations to mandate the adoption of snow chains for trucks and other vehicles. For example, light trucks and cars < 6,000 GVW are required to have M-S (mud-snow) tires on driving wheels in California. These factors, along with the presence of leading auto manufacturers like General Motors, will also amplify the regional market size. However, a significant halt in the production of heavy-duty trucks due to the shortage of semiconductors may hinder the deployment of auto tire chains for trucks in the region.
The competitive landscape of the automotive tire chains industry consists of companies such as Maggi Group, Lianyi Rubber Components, Laclede Chain Manufacturing Company, Hangzhou Felice Chain, Chainco, BABAC Tire Chains, Autoliv, and Ambert, among others. Innovative product launches, mergers, acquisitions, and business expansions are among the initiatives being undertaken by these firms to gain a competitive advantage over rivals in the global market.
The novel coronavirus pandemic has caused sluggish sales and the structural slowdown in the automotive sector worldwide, mainly due to the regulatory changes and economical strain during the crises. At the peak of the pandemic, raw material shortage and strict lockdowns have asserted a negative influence on auto sales. These factors may have consequently hampered the automotive tire chains industry in recent months. However, the industry may regain traction over the forthcoming years, owing to the gradual recovery of the auto sector, alongside the growth of the SUV segment, especially in developing countries.
Market, By Product, 2018 - 2028 (USD Million)
Market, By Vehicle, 2018 - 2028 (USD Million)
The above information has been provided on a regional and country basis for the following: