US Tire Market to Grow at CAGR 5% till 2021
Increasing
sales of vehicles as well as continuously expanding automobile fleet across the
country to drive the United States tire market through 2021
According to recently released TechSci Research report, “United States Tire Market Forecast
and Opportunities, 2021’’, the
country’s tire market is projected to grow at a CAGR of over 5%, in volume terms, during 2016-2021,
on account of expanding sales of automobiles, growing purchasing power of
people and expanding vehicle fleet size. The prominent driver for expanding
tire market of United States is rising automobile fleet, as can be witnessed
from the fact that it rose from 311.71 million units in 2011 to 321.41 million units
in 2015.
With an
increasing volume share of
over 80%, in volume terms in
2015, replacement tire segment dominated tire industry of the United States. However,
the OEM tire segmentis forecast to witness marginal change during the forecast
period. In 2015, the country’s Southeast region comprising Alabama,
Florida, Louisiana, Virginia, etc., accounted for the largest share in the tire
market, followed by Midwest, West, Northeast and Southwest regions of the United
States. Government of US has also initiated strategic infrastructural projects
and developments, resulting in growth in demand for vehicles as well as tires
in the country. Some prominent tire manufacturing companies which have a strong
presence in the country include Bridgestone, Continental,Michelin and Goodyear.
Other players include Cooper, Yokohama, Hankook, Nexen, Pirelli, etc.
Customers can also request for 10% free customization on this report.
“With diverse ongoing and
planned construction projects, United States is anticipated to witness infrastructure
transformation that will lead to developmental activities being undertaken in
energy,transport, water, communication, health and housing sectors across the
country, which is estimated to boost construction activities in the country;
thereby, driving the automotive sector in the coming years. Moreover, the
widespread presence of well-established network of dealers and distributors are
expected to push tire sales in domestic market during forecast period. On
account of this, the country’s tire market is expected to witness a healthy
growth in medium to long term”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“United States Tire MarketForecast
and Opportunities, 2021”
has analyzed the potential of United States tire market, and provides
statistics and information on market structure, imports and trends. The report intends
to provide cutting-edge market intelligence and help decision makers take
sound investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by the
industry.
About TechSci Research
TechSci Research is a leading
global market research firm publishing premium market research reports. Serving 700 global clients with
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clients across 11 different industrial verticals. TechSci Research specializes
in research based consulting assignments in high growth and emerging markets, leading
technologies and niche applications. Our workforce of more than 100 fulltime Analysts
and Consultants employing innovative research solutions and tracking global and
country specific high growth markets helps TechSci clients to lead rather than
follow market trends.
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