Global Automotive Snow Chain Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global automotive snow chain market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global automotive snow chain market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global automotive snow chain market for 2017-2021. The market is segmented based on geography, including the Americas, EMEA, and APAC.

Snow chains have features that help them to perform efficiently in certain weather and geography. The Americas, in the context of snow chains, mostly consists of the US and Canada, as per the research study. Canada has some of the largest volumetric snow falls in the occupied world, with areas like Winnipeg, Alberta, and Saskatoon. Out of an estimated 20 million unit shipments of tires in 2015, Canada recorded a sale of 35% of winter tires, signifying the urgency and need for snow implements. The US, on the other hand, had a much larger overall tire economy and recorded 3.6% of its total tire sales as winter tires in 2015.

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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global automotive snow chain market:

  • Inclement cold weather and the need for proper traction
  • Growing demand for good-quality chains
  • Increasing demand for tires

Inclement cold weather and the need for proper traction

Northern Canada, Russia, Scandinavia, and other Northern European countries experience snowfall in high volumes during winter. This results in roads being covered in snow, sometimes several feet deep. Driving in snow requires specific skills due to the loss of traction. Skilled snow drivers have perfected the art of controlled skidding.

Siddharth Jaiswal, a lead automotive components research analyst at Technavio, says, “The advent of traction control and stability control in modern SUVs has also resulted in much safer snow rides. Nothing protects the driver more from suffering a snow accident than proper snow chains or winter tires. These implements end up increasing the traction and help prevent unnecessary loss of life during winters.”

Growing demand for good-quality chains

Low-budget snow chains are also available in the market and are being placed on tires. However, these snow chains do not withstand the pressure in rough conditions, and they break. Hence, people are very keen to buy a low-budget snow chain that does not compromise on quality. Though snow chains made in the Americas and Europe are available, nearly 90% of the tire chains offered in North America are manufactured in China.

Tire chains manufactured using an alloy grade steel, especially suited for snow chain products, will cost the contractor more than a garden-variety tire chain found in the marketplace. Snow professionals around the world believe that quality, not the low price, is the key to productivity and profitability when it comes to choosing their tire chain,” adds Siddharth.

Increasing demand for tires

Light and heavy-duty motor vehicles make about 70% of the world's total tire demand. The US has an increased personal motor vehicle usage, in terms of the number of cars per thousand population. The growth is driven by the increase in OEMs and the replacement or aftermarket. This increase in tire market is eventually leading to the growth of the snow chain market.

The market is showing a great demand for tires. The increasing number of tires will eventually increase the demand for snow chains in the US. The reason being that if a consumer is willing to drive a vehicle in certain parts of the US, as per the governing laws, they will be forced to use a pair of snow chains.

Top vendors:

  • Peerless Chain Company
  • Pewag
  • RUD Chain
  • Thule Group (Thule Snow Chains)

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global automotive snow chain market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com