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The automotive snow chain market size is forecast to increase by USD 99.05 million, at a CAGR of 3.9% between 2023 and 2028.
The accelerated growth of the market is due to various factors, including the stringent winter road safety regulations mandating the use of automotive snow chains, the advancements in automotive snow chain technology, and the growing popularity of lightweight materials in snow chain manufacturing. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of lightweight materials in snow chain manufacturing is notably driving the market growth. The trend toward using lightweight materials, especially composite alloys, in snow chain manufacturing is a prominent factor fuelling the global market. In addition, this transition is driven by the automotive industry's ongoing focus on improving fuel efficiency, vehicle performance, and overall user convenience.
Moreover, composite alloys, which include lightweight metals and sophisticated polymers, have the combined benefit of lowering the total weight of snow chains and preserving or even enhancing their strength and reliability. For example, the use of aluminum alloys and high-strength polymers to produce lightweight yet durable snow chains is gaining significant traction. Hence, such factors are driving the market growth during the forecast period.
Integration of smart technologies into automotive snow chains is an emerging trend in the market. The integration of smart technologies into snow chain designs is transforming the global market. In addition, this development includes the introduction of sensors and connection elements, which allow for real-time monitoring and automated modifications based on driving conditions.
For instance, sensors can detect changes in traction or the presence of ice, enabling snow chains to automatically modify tension or grip for maximum performance. In addition, advanced systems can even predict future road conditions using data analytics and make proactive adjustments. Furthermore, connectivity enables firmware updates, guaranteeing that the smart chains have the most up-to-date technology. Hence, such factors are driving the market trends during the forecast period.
Limited awareness about proper usage and benefits of automotive chains is a major challenge hindering market. Several vehicle owners, particularly those in less harsh winter conditions, may not fully comprehend the benefits of utilizing chains or may be unaware of proper installation and removal procedures. In addition, this lack of awareness restricts the market's potential because potential purchasers may not understand the significance of this safety addition.
For example, drivers in countries with infrequent snowfall, such as portions of Southern Europe or some states in the US, may be unfamiliar with the benefits of utilizing chains. In addition, even in areas with more consistent winter weather, misinterpretation and a lack of information can contribute to low awareness. Hence, such factors are negatively impacting the market. Therefore, it is hindering the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FERRETERRO India PVT LTD: The company offers automotive snow chain for SUVs like Toyota Fortuner, ISUZU Max, Ford Endeavour, Mahindra XUV, Scorpio, Bolero, Sumo and most popular Maruti Gypsy.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. The increasing use of winter tires, customer awareness of the need to provide safety and traction in snowy and icy regions, government stringent winter driving regulations, as well as the emphasis on road safety help drive the growth of the passenger vehicles segment. In addition, passenger vehicle manufacturers are rapidly incorporating innovative technologies into chain design to improve durability, ease of installation, and overall performance.
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The passenger vehicles segment was the largest segment and was valued at USD 272.08 million in 2018. Moreover, this growth is consistent with the increased consumer demand for user-friendly and dependable chain solutions. In addition, the global market is witnessing advancements in materials and production techniques to improve product efficiency. Furthermore, as colder temperature zones continue to face severe winter conditions, the demand for high-quality automotive chains for passenger vehicles will continue to rise, providing chances for industry players to innovate to capture a larger portion of the developing global market. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Severe weather during the winter in regions including the northern US and Canada fuels the demand for excellent snow traction solutions, accelerating the demand for automotive snow chains in North America. In addition, the growing frequency and intensity of snowstorms emphasize the importance of dependable and long-lasting snow chains. Moreover, government laws requiring the use of winter traction devices in some locations add to the regional market. For instance, Colorado has a law related to snow chains that forces vehicles to utilize snow chains or other traction devices during certain winter conditions. Furthermore, this regulatory requirement increases the demand for automotive snow chains in the region. In addition, the popularity of winter sports and outdoor activities in North America drives up the use of snow chains among recreational vehicle users, accelerating market expansion. Hence, such factors are driving the market in North America during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Market presents lucrative opportunities across passenger cars and commercial vehicle applications. Key players in this market leverage quantitative and qualitative data for strategic decision-making, considering factors such as product pricing, penetration, and market evolution. The analysis extends to economic, political, and social scenarios, providing insights into consumer buying behavior. With a focus on market segments, outlook, and competitive positioning, the Automotive Snow Chain Market caters to diverse end-use industries. Supplier dynamics, end consumers, and intermediaries are crucial elements influencing pricing analysis, ensuring a comprehensive understanding of this market's dynamics and potential for commercial development.
In the Market, the commercial vehicles segment holds significant promise, considering factors such as cost, quantitative data, and product or service penetration. The market's landscape extends to various child markets, impacting end-application industries and contributing to the country's GDP. Economic and political scenarios shape the market outlook, providing a comprehensive view of stakeholders. Company profiles play a crucial role in understanding the market dynamics, while end-use industries underscore the importance of strategic positioning. As commercial vehicles find diverse applications, the Market aligns with economic scenarios and political dynamics to present a comprehensive and insightful overview for industry participants.
Automotive Snow Chain Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.9% |
Market Growth 2024-2028 |
USD 99.05 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.26 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dawson Group Ltd., FERRETERRO India PVT LTD, Hangzhou Hengguang Chain Co. Ltd., Jinhua Luxiang Chain CO. Ltd, Joubert, KONIG Snow Chains, Laclede Chain Manufacturing Co LLC, LeMans Corp., Maggi Group srl, McGee Co., Michelin Group, NORDIC TRACTION GROUP, Ottinger GmbH, pewag India Pvt Ltd., Qingdao Hilifting Industry Co. Ltd., RUD Ketten Rieger & Dietz GmbH u. Co. KG, Spikes Spider, The Fire India, Veriga k.f. d.o.o., and Volvo Car Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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