Global Automotive Snow Chain Market is estimated to Witness High Growth Due to Rising Demand for Automatic Snow Chains and Rapid Innovations in Snow Chain Space

Automotive Snow Chain Market

Overview:

When the roads are covered in snow, it is often a good idea to install snow chains on tires. Before putting on snow chains, make sure that they are the proper size for tires. A bad fit can damage the wheels, suspension, and chassis, as well as lead to unsafe driving conditions. Chains come in a variety of sizes and designs, from solid rubber to thermoplastic, with various strength levels. Some are self-tightening, while others are required to done manually tighten them. Thermoplastic snow chains are generally lighter, cheaper, and easier to install than solid rubber versions. They are a good choice for most vehicles. These solid rubber snow chains are designed to handle all types of snowy and icy roads. They are available in different sizes and can be used on many domestic and commercial vehicles. Snow chains are an essential accessory for any driver who lives or works in a cold, winter climate.

Market Dynamics:

Growing product launches are estimated to augment the growth of the global automotive snow chain market over the forecast period. For instance, Moose Utility Division launched the all-new 325X Carbon Fiber ATV/UTV wheel in March 2023. It is formed under high heat and compression, and it weighs only 8LB 14OZ. Moreover, growing regulations and increasing premature breakage of snow chains is anticipated to restrain the growth of the global automotive snow chain market over the forecast period.

Impact of COVID-19:

COVID-19 was declared as a public health emergency by the World Health Organization in 2020. The virus was first detected in China in 2019. The entire country was shut down on the onset of the virus. However, the virus spread to other countries and also hampered the growth of several sectors. The pandemic also affected the global economy. Many restrictions were imposed in several sectors, such as nationwide lockdowns, quarantines, travel bans, and social distancing. Owing to these restrictions manufacturing activities in many sectors were halted. Also, there was a shortage of raw materials and skilled professionals. This led to a decrease in demand for automotive snow chains. Thus, the growth of the global automotive snow chain market was hampered during the pandemic.

Key Takeaways:

The global automotive snow chain market is expected to witness high growth, exhibiting a CAGR of 5.5 % over the forecast period, due to rising product approvals. For instance, the Michelin X Multi Energy Z tire has been awarded as the industry's first fuel savings label by the Bureau of Energy Efficiency in April 2022.

North America is anticipated to witness significant growth in the global automotive snow chain market over the forecast period, owing to growing automobile manufacturers and suppliers.

Major players operating in the global automotive snow chain market are Trygg, Pewag, Hangzhou Felice chain Co. Ltd, RUD Chain, Laclede Chain Manufacturing Company, Thule Group, Gowin, APV Safety Products, Ottinger, MOOSE UTILITY DIVISION, Lianyi Rubber Components Co., Autoliv, Spikes-Spider, Maggi Group, MICHELIN, BABAC, and Peerless Industrial Group.