Global Automotive Tire Socks Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 6.55% from 2019 to 2027, reaching nearly US$ XX Bn.
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The report study has analyzed the revenue impact of the COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Global Automotive Tire Socks Market: Market Overview
Automotive tire socks, alternative to tire chain, are reusable tire snow socks that are installed over the driving wheels of vehicles. These socks provide extra grip on ice or snow and do not cause any damage to the tire. They are accessible in many sizes and fit in almost all trucks, buses, and cars. As conventional tire chains are used, these socks do not have any metal part, so they create less vibrations during riding.
Global Automotive Tire Socks Market: Market Dynamics
Tire socks have many advantages such as better grip on surface of road, do have many metal parts results no wear and tear and noise on operation is expected to propel the market. In terms of braking and gripping, the performance of tire socks enhances by absorbing capacity of the textile. Cold regions experience winter with heavy snowfall, fatal accidents have occurred owing to reduced traction between wheels and snow.
Rising awareness about the security in this cold region is estimated to increase the demand for automotive tire socks. In addition, the government and regulating bodies accepted the replacement of tire chain with tire socks which drives the growth of the automotive tire socks during the forecast period.
The life span of the automotive tire sock is less than tire chain and it is uselessonce it is damaged.
A vehicle should be pushed while fitting the automotive socks, which leads to difficulty during fitting. The impact of pandemic COVID-19 on world economy, also affect the automobile sector. The disruption in the product supply chain create problems for OEMs in the industry. These are the major factors which restrain the growth of the automotive socks market during the forecast period.
Global Automotive Tire Socks Market: Market Segmentation
The global automotive tire socks market is segmented by size, by vehicle type, by sales channel, and by region. The 16-17 inches segment is usually used in multi-utility vehicles. The segment 12-15 inches and 16-17 inches segment of size is estimated to expand due to higher production of passenger vehicles that use automotive tire socks. Above 17 inches tire socks are mostly used in commercial vehicles. Rise in population of emerging nations such as Canada, Mexico increases the sales of passenger vehicle, so the passenger vehicle segment of vehicle type is subjected to the highest growth rate during the forecast period. Aftermarket segment of sales channel is likely to dominate the automotive tire socks market in near future.
Global Automotive Tire Socks Market: Regional Analysis
North Americais dominating the global automotive tire socks market due tothe presence of nations experiencing high snowfall in this region. The acceptance of use of tire socks by government and regulating bodies in this region are boosting the demand for the automotive tire socks.Increasing disposable income in this region fuel the growth of the market over the forecast period. The manufacturers spend significant revenue on research and development to increase the vehicle life. These are some major factors which fueled the automotive tire socks market in this region. The demand for automotive tire socks in the European region is expected to increase rapidly due to increase in snowfalls in this region.
The objective of the report is to present a comprehensive analysis of the Global Automotive Tire Socks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Automotive Tire Socks Marketdynamics, structure by analysing the market segments and projects the Global Automotive Tire Socks Marketsize. Clear representation of competitive analysis of key players by Sales Channel, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Tire Socks Market make the report investor’s guide.
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Global Automotive Tire Socks Market, by Size
• 13-15 inches
• 16-17 inches
• Above 17 inches
Global Automotive Tire Socks Market, by Vehicle type
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Passenger Vehicle
Global Automotive Tire Socks Market, by Sales Channel
Global Automotive Tire Socks Market, by Region
• Asia Pacific
Rest of Asia
• North America
Rest of Europe
• South America
Rest of South America
• Middle East & Africa
Rest of MEA
Global Automotive Tire Socks Market, Key Players
• NOVOTOOL INDUSTRIAL CO., LTD
• Dana Holding Corp.
• McGee Company
• Sumitomo Rubber Industries
• ISSE SAFETY
• Goodyear Tire & Rubber Co.
• AutoSock AS
• Joubert Productions
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