North America Tire Market to be Led by United States 2028.
The North America Tire
Market is primarily driven by the increasing number of vehicles, advancements
in tire technology, and the growth of the automotive aftermarket. Stringent
environmental regulations have also contributed to the demand for energy-efficient
tires in this region.
According to
TechSci Research report, “North America Tire Market – By Region, Competition,
Forecast & Opportunities, 2028,” the North America tire market is primarily driven by an
increase in vehicle production and demand for electric vehicles. The adaptation
of advanced technologies for tire manufacturing and the emergence of
eco-friendly tires also contribute to industry growth. Additionally, government
regulations promoting fuel efficiency directly influence the market dynamics.
The North
American tire market holds a prominent position in the global landscape, fueled
by a resilient automotive industry, well-developed infrastructure, and strong
consumer purchasing power. The region is known for its mature market scenario,
characterized by a substantial demand for both replacement and original
equipment manufacturer (OEM) tires. This demand stems from various factors,
including the vast number of vehicles on the road, the need for regular tire
replacements, and the preference for high-quality tires that ensure safety and
performance. Consequently, the North American tire market continues to thrive,
serving as a vital hub for tire manufacturers and suppliers alike.
Major economies
like the United States and Canada play a pivotal role in the region's tire
industry. The United States, with its vast vehicle parc and robust automotive
market, stands as one of the largest and most influential players in the global
tire industry. Its immense network of roads and highways, coupled with a
significant number of vehicles, contributes to a continuous and substantial
demand for tires. Canada, though smaller in size, boasts an extensive road
network and a sizable fleet of vehicles, which ensures a steady and consistent
need for tires in the market. Collectively, these factors highlight the
significance of both countries in driving the growth and development of the
tire industry in the region.
The market is
home to numerous well-established players, including Michelin, Goodyear, and
Bridgestone, among others. These companies have a strong and long-standing
presence across the region, with state-of-the-art manufacturing units,
cutting-edge research and development facilities, and vast and efficient
distribution networks. These factors contribute to their market dominance,
enabling them to meet the diverse needs of customers and maintain a competitive
edge in the industry.
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In recent years,
there has been an increasing demand for high-performance and eco-friendly tires
in North America. With growing environmental concerns and rising fuel costs,
consumers are prioritizing tires that offer improved fuel efficiency and are
made from sustainable materials. This trend is expected to continue and drive
industry innovation.
The passenger car
segment holds a substantial share in the tire market of North America. This can
be attributed to several factors, including the region's high rate of car
ownership, a strong preference for personal transportation, and an increasing
interest in high-performance and luxury vehicles. As North Americans continue
to prioritize convenience and comfort in their daily commutes, the demand for
passenger car tires is expected to further grow. Additionally, the rising
popularity of electric vehicles and the focus on sustainability in the
automotive industry contribute to the expansion of this segment. With a wide
range of tire options catering to different driving needs and preferences,
manufacturers are constantly innovating to meet the evolving demands of North
American consumers.
In contrast, the
commercial vehicle segment has been experiencing steady growth fueled by the
thriving e-commerce industry. With the increasing need for an efficient
logistics and freight transport system, the demand for commercial vehicle tires
has seen a significant upsurge, especially in the long-haul transportation
segment. This surge in demand can be attributed to the rising number of online
orders and the subsequent requirement for reliable transportation to ensure
timely delivery of goods. As a result, manufacturers and suppliers in the
commercial vehicle tire industry are witnessing a promising market outlook,
with opportunities for further expansion and innovation to meet the evolving
needs of the industry.
However, the tire
industry in the region also faces certain challenges. Market saturation,
combined with ongoing trade tensions, has significantly impacted on the growth
and profitability of businesses in this sector. Furthermore, the unprecedented
COVID-19 pandemic has caused substantial disruptions to the global supply chain
and production activities, leading to a downturn in overall sales and creating
a need for innovative strategies to navigate these turbulent times.
Despite the
various challenges it faces, the North American tire market is anticipated to
showcase a consistent growth trajectory in the upcoming years. This positive
outlook can be attributed to several factors, including significant
technological advancements. The emergence of the Internet of Things (IoT) and
Artificial Intelligence (AI) has revolutionized industry, opening up new
avenues for innovation and efficiency. Moreover, the increasing demand for
electric and autonomous vehicles has further fueled the growth potential of the
tire industry in the region. With the convergence of these trends, the North
American tire market is poised to seize exciting opportunities and pave the way
for a dynamic future.
North America Tire Market is analyzed based on vehicle
type, by demand category, by tire construction type, and by country. Based on
the vehicle type the market is segmented into Passenger Car, LCV, M&HCV,
OTR, and Two-Wheeler, Three-Wheeler. Based on the Demand Category the market is
divided into OEM, and replacement. Based on the Tire construction type Category
the market is divided into Radial and Bias.
Key market
players in the North America Tire market include:
- Michelin North America Inc.
- The Goodyear Tire & Rubber Company
- Bridgestone Americas Inc.
- Cooper Tire & Rubber Company
- Continental Tire The Americas LLC
- Pirelli Tire North America LLC
- Kumho Tire North America Inc.
- Yokohama Tire Corporation
- Toyo Tire North America Corp.
- Hankook Tire America Corp.
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“The surge in the
production of vehicles and the rising demand for electric vehicles primarily
fuel the North American tire market. The introduction of advanced technologies
in tire production and the advent of environmentally friendly tires further
boost the market's growth. Moreover, government policies advocating for fuel
efficiency have a direct impact on the market trends. Therefore, the tire
market in North America is going to witness growth at a robust pace during the
forecast period.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“North America Tire Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias),
By Demand Category Type (OEM, Replacement), and By Regional, Competition,
Forecast & Opportunities, 2028,” has evaluated the future growth potential of tire
market in North America and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in North
America Tire market.
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