Traction Chains Market Size, Share, Growth, and Industry Analysis, By Type (Metal Chain, Nonmetal Chain and Others), By Application (Transport, Forests and Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Traction Chains Market REPORT OVERVIEW

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The global traction chains market size was USD 296.8 million in 2020 and is projected to touch USD 471.9 million by 2031, exhibiting a CAGR of 4.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The traction chains market refers to the industry that manufactures, distributes, and sells traction chains or snow chains. Traction chains are metal devices that are designed to improve vehicle grip and traction on slippery terrain such as snow, ice, or mud. They are often used on vehicles such as cars, trucks, SUVs, and motorbikes to improve traction and stability in harsh weather situations.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The ongoing COVID-19 pandemic has transformed the position of the chemicals and materials sector and has hampered the expansion of the glisonite market. The execution of steps to control the virus's spread has exacerbated the issue and hampered the expansion of various sectors. Due to decreased market demand, many powder metallurgy parts and powder manufacturers have had to cut back and adapt their operations. The automobile industry's raw material constraint has harmed the powder metallurgy sector's performance and lowered demand for atomizing metal powders. However, as economies aim to restart their operations, global demand for the product is likely to rise in the coming years.

LATEST TRENDS

"The Technological Advancements and Material Innovations to Grow Market Potentially"

The traction chains market is impacted by factors such as technological developments in chain design, material innovations, government restrictions addressing winter driving safety, and seasonal changes in demand. The market is competitive, with various manufacturers and brands offering a variety of traction chain choices to meet varying consumer needs and preferences.

Traction Chains Market SEGMENTATION

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• By Type

Based on type the market is classified as metal chain, nonmetal chain and others.

The part metal chain is the leading of all other types.

• By Application

Based on application the market is classified as transport, forests and others.

The part transport is the leading type of the application segment.

DRIVING FACTORS

"Improved Safety and Control in Snowy and Icy Regions is Viable to Boost the Market Growth "

The need for increased safety and control in icy or snowy weather is the main factor driving the market for traction chains. Traction chains are frequently more in demand in areas with harsh winters or mountainous terrain. Even if there are many exciting and dangerous things to do in the winter, ice roads unquestionably provide one of the biggest risks. A tried-and-true approach to increase your grip on icy roads is to use tyre traction chains. It's also important to note that in the snowiest and mountainous areas, specialized winter tyres are strongly advised.

"The Applications in Industries as Transport, Logistics and Emergency Services to Multiply the Production and Market Growth"

Original equipment producers (OEMs), who provide chains as an integral part of new vehicles, and aftermarket producers, who create chains as standalone accessories for pre-existing vehicles, both participate in the market for the chains. To match different tyre sizes and vehicle types, these chains can be made in a variety of designs, sizes, and compatibility combinations. Traction chains are also used by sectors including transportation, logistics, and emergency services to keep their vehicles operating normally even in adverse weather.

RESTRAINING FACTORS

"Several Challenges Associated with the Demand and Production to Restrain the Market Growth"

Traction Chains Market REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market with Developing Industrial Sector"

Because of the continuously developing industrial sector, Asia Pacific has a promising traction chains market share. The growth of the infrastructure, the tourism industry and the growing logistics and transportation department are all aspects that have an impact on the traction chains market. The market is anticipated to expand in areas with major industrial and building activity, such as Asia-Pacific and the Middle East. The rising use of the chains in the snowy and hilly areas mainly slippery is likely to drive the product demand over the forecast period.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Pewag (Austria)
• Rud (Australia)
• Peerless (India)
• Nordic Traction Group (Sweden)
• Trygg (Denmark)
• Laclede Chain (U.S.A)
• Maggi Group (Switzerland)
• Bohu (China)
• Ottinger (U.S.A) 
• Veriga Lesce (U.S.A)
• Hangzhou Feifei Chain (China)
• Gowin (China).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.