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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights

Global Automotive Tyre Socks Market Overview

Automotive tyre socks fit over the vehicles tyre in order to provide additional grip or friction to the tyres. Further, these automotive tyre socks are mainly used on places covered by snow and ice. These automotive tyre socks are available for almost all kind of vehicles including bus, car, forklift, vans and trucks. These tyre socks can also be used in with trailer vehicles.

Market Size & Forecast

Global automotive tyre socks market is projected to grow at a robust pace during the forecast period i.e. 2017-2024. The global market of automotive tyre socks is anticipated to grow owing to a number of factors such as hazardous wintery road conditions in European & North American Countries and growing consumer’s demand for effective driving safety.

Automotive Tyre Socks Market

Global automotive tyre socks market is segmented into vehicle type and region. These automotive tyre socks are aftermarket products. Further, vehicle type segmented is sub segmented into passenger cars, heavy commercial vehicle, light commercial vehicle and medium commercial vehicle. Likely, passenger car segmented is dominating the overall market of automotive tyre socks market. There are types of tyre socks products are available in market including AutoSock and Easy Grip.

Regionally, global automotive tyre socks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Further, Europe is the major market of automotive tyre socks and is expected to continue its dominance over the forecast period. Factors such as, cold wintry weathers and presence of leading manufacturer of automotive tyre socks in Europe region are envision to bolster the growth of European automotive tyre socks market during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE

Furthermore, North America region is anticipated to witness significant demand during the forecast period. Extreme winter climatic conditions and high purchasing power of the consumers are some of the major factors which are likely to foster the growth of automotive tyre socks market in North America region.

Market Segmentation

Our-in depth analysis of the global automotive tyre socks market includes the following segments:

By Vehicle Type

Passenger Cars
Low Commercial Vehicles
Medium Commercial Vehicles
Heavy Commercial Vehicles

By Region

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

Global automotive tyre socks market is primarily driven by hazardous wintery road conditions and growing awareness regarding benefits of using automotive tyre socks on ice or snow covered roads. Further, automotive tyre socks offer additional tractions to the vehicle tyres in order to avoid chances of cars sliding and crashes on icy roads. This beneficial feature of automotive tyre socks is likely to drive the growth of global automotive tyre socks market in near future.

Furthermore, growing demand for tyre socks in passenger cars is a key factor which is expected to foster the growth of global market of automotive tyre socks. Additionally, extreme cold weather conditions in European and North American countries is fueling the demand for tyre socks in almost all types of cars in these regions.

However, chances of wear & tear of automotive tyre socks and low traction offering are some major factors which are anticipated to hamper the market of automotive tyre socks in near future. Additionally, limited speed range of vehicle when using tyre socks is also expected to restrain the growth of global automotive tyre socks market.