Our-in depth analysis of the global automotive tyre socks market includes the following segments:
By Vehicle Type
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.
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.
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.
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.
The major players for automotive tyre socks market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed