Expanding vehicle fleet and increasing production & sale of passenger cars are some key factors anticipated to propel the growth of United States tire market in next five years.
According to TechSci Research report, “United States Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, United States tire market is expected to witness a significant growth and undergo a CAGR of 5.05% during the forecast period. Key factors propelling the growth of United States tire market are expanding vehicle fleet, increasing production as well as sale of passenger cars and growing construction activities which is generating high demand for commercial vehicles and consequently boosting the growth of tire market. Moreover, United States tire industry is one of the world’s largest tires manufacturing market and highly diversified. The high per capita disposable income and well-established road infrastructure are some other major factors supplementing the growth of United States tire market.
Furthermore, the presence of leading tire manufacturers in the country and thriving automotive industry are also making United States a profitable market. The high tire replacement rate owing to increasing average lifespan of vehicles is another factor creating high demand for replacement tires in the country. With the latest trend of adapting new technology and government’s initiatives to boost domestic tire production, the tire market in United States is poised to grow at steady rate through 2025.
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United States tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three-wheeler. Among them, the passenger car tire segment dominated the market until 2019. Owing to the increasing sale of passenger cars in recent years, the segment is further expected to continue its dominance during the forecast period. Based on tire design, the United States tire market is split into radial vs bias. Among the two, radial tires held dominant position in the market in 2019 and is expected to continue its dominance in the next five years. The reasons for the growth of the segment can be attributed to the high durability of radial tires when compared to bias tires. Also, radial tires offer a smoother ride experience, which is further contributing to its higher market share.
Leading market players in United States tire market are Bridgestone Americas Inc., The Goodyear Tire & Rubber Company (NASDAQ: GT), Michelin North America Inc., Cooper Tire & Rubber Company, Continental Tire The Americas LLC, Sumitomo Rubber USA, LLC., Hankook Tire America Corp., Yokohama Tire Corporation, Pirelli Tire North America LLC and Toyo Tire USA Corp.
“Rising vehicle sales, increased sales of tires through online channel and resumed construction projects are expected to drive the growth of the United States tire market through 2025. Moreover, the widespread presence of well-established network of dealers and distributors are expected to push tire sales in domestic market during forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“United States Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of United States tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by United States tire market.
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