Based on product, the automotive tire chains market share is segmented into rubber, metal, and others. The growth in the rubber chains can be attributed to the benefits offered including easier fitment along with higher flexibility of the material to any tire size. Moreover, the lower damages to the original tire along with minimum maintenance requirements further accentuates the segment size over the study period.
The automotive tire chains market based on vehicle can be categorized into passenger and commercial vehicles. The growth in the passenger vehicles can be attributed to the increasing requirement for personal mobility solutions globally. Moreover, the availability of a wide range of vehicle models across diversified price range with two-wheel drive engine alternatives for lowering the overall vehicle cost further expands the segment size.
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Europe will account for the majority share in the automotive tire chains market over the projected timeframe. This can be attributed to the increasing prevalence of winter and snowy season across the region, thereby necessitating the requirement for automotive tire chains. Moreover, the presence of multiple automobile manufacturers including Volkswagen, BMW, and Volvo among others further supports the regional share over the study timeframe.
Asia Pacific automotive tire chains market size will grow significantly over the study period. This can be credited to the availability of low-cost chain alternatives for multiple vehicle models. Moreover, governments across the region are actively promoting the fitment of chains for safety during driving in snow conditions. For instance, the Japanese government is planning for regulations to mandate the usage of chains during heavy snow situations across the country.
Automotive Tire Chains Market size is expected to grow substantially from 2019 to 2025 on account of rising requirement to drive in snowy terrain. The absence of appropriate four-wheel drive technologies from budge vehicles along with higher costs associated with the acquisition and maintenance of SUVs further accelerates the automotive tire chains market share over the projected timeframe.
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Industry players are continuously investing in R&D for developing chains that are light weight, durable and does not deteriorate the original tire rubber. Additionally, the availability of a wide range of tire chains for different tire sizes along with advanced automated centering capabilities further accelerates the automotive tire chains market size over the projected timeframe.
Supporting government regulations for promoting the usage of automotive tire chains across certain roads and corridors are providing a positive outlook for the automotive tire chains market expansion over the projected timeframe. For instance, in 2018, the Nevada Department of Transportation announced the mandatory fitment of chains for driving across certain routes across the state.
Few of the major players operating in the automotive tire chains market share include Ambert, Autoliv, BABAC Tire Chains, Chainco, Hangzhou Felice Chain, Laclede Chain Manufacturing Company, Lianyi Rubber Components, and Maggi Group. Industry players are engaged in joint ventures and partnerships and are continuously investing in R&D for launching innovative products for expanding their market share. For instance, in 2016, Ambert entered into a strategic partnership with BASF SE for developing automotive tire chains based on Elastollan thermoplastic polyurethane.