Global Automotive Tire Socks Market 2017-2021

Overview of the global automotive tire socks market

Research analysis on the global automotive tire socks market identifies that the acceptance from regulatory agencies as an alternative to tire chains will be one of the major factors that will have a positive impact on the growth of this market. These chains are used to get better grip on the road surface and are easy to install as they do not cause any damage to the tire since they are made of fabric. Moreover, tire socks do not produce any noise or get tangled like metal chains. Such advantages of tire socks over the traditional snow chains will drive the market's growth during the forecast period. Technavio's market research analysts predict that this market will grow at a CAGR of almost 7% by 2021.

Tire socks improve the grip and traction in snowy roads. These tires comprise ultra-absorbance of the textile, which will improve the performance including the braking and grip of tire socks. The vendors in the market are providing these tires with night vision reflectors that increase the visibility of the vehicle, in the dark. This installation of night vision reflectors in tire socks is one of the latest trends that will gain traction in this market.

Competitive landscape and key vendors

The automotive tire socks market is characterized by the presence of a very few vendors. These tire socks are an aftermarket product which are available with a very few vendors across the globe and only available in regions where there is heavy snowfall. With the growing demand from the consumers, the vendors are focusing on enhancing their presence across various geographies.

The leading vendors in the market are -

• MICHELIN
• Joubert Productions
• AutoSock
• ISSE SAFETY
• TireSocks

The other prominent vendors in the market are Weissenfels, Silknet, and Novotool.

Segmentation by vehicle type and analysis of the automotive tire socks market

• Passenger cars
• Commercial vehicle

The passenger segment accounts for the major shares of the automotive tire socks market due to the increasing need for drivers to adhere to the increasing number of regulations. The easy availability of components and the rise in benefits will increase the adoption of tire socks for passenger vehicles in the forecast period. Additionally, the ease of installation and storage of tire socks, will also increase their adoption.

Geographical segmentation and analysis of the automotive tire socks market

• Americas
• APAC
• Europe

This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021. The acceptance by the government bodies for the usage of tire socks has increased the demand for these products in this region. Additionally, the increasing snowfall will also lead to the growth of the automotive tire socks market in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global automotive tire socks market?
• What are the key market trends impacting the growth of the global automotive tire socks market?
• What are the challenges to market growth?
• Who are the key vendors in the global automotive tire socks market?
• What are the market opportunities and threats faced by the vendors in the global automotive tire socks market?
• Trending factors influencing the market shares of the Americas, APAC, and Europe.
• What are the key outcomes of the five forces analysis of the global automotive tire socks market?

Technavio also offers customization on reports based on specific client requirement.

Tire socks are the next generation of traction products. Unlike tire chains, the grip is provided by an all covering textile surface with no metal parts being used. This upcoming market research report on the global automotive tire socks market is an essential part of Technavio's automotive portfolio and offers insights into niche segments like the auto accessories.

The automotive aftermarket is a more viable market for automotive accessories. Automotive accessories include a wide array of merchandise, together with anti-theft alarm systems, seat covers, car parking sensors, and bumper safety guards. Manufacturing units, distributors, and retailers supply various types of automotive accessories, leading to strong competition among large as well as small-scale manufacturers and vendors.

Market research experts at Technavio follow a comprehensive approach to primary and secondary research and analyze the information collected from various sources including market experts, research journals, and manufacturers, to correctly estimate the growth of the global automotive tire socks market. Additionally, to offer clients insights into the competitive landscape, this market report on the global automotive tire socks market also covers vendors like AutoSock, SHARK INDUSTRIES, Joubert Productions, MICHELIN, TireSock, Inc., and WEISSSOCK. Our market research analysts also believe that the recent increase in the usage of snow socks as an alternative to snow tires may influence the demand for tire socks in the coming years.

This upcoming market research report on the global automotive tire socks market also identifies the key influencers, the developing trends, and the challenges faced by the vendors in the auto accessories sector. Furthermore, to give a realistic picture of the industry's growth prospects, the report also provides detailed insights on the altering competitive landscape and the strategies followed by the major players to build their presence in the global market.

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.