US Tire Market to Reach $ 78 Billion by 2023
Expanding
vehicle fleet and increasing production and sales of passenger cars and LCVs to
drive United States tire market through 2023
According to TechSci Research report, “United States Tire
Market by Vehicle Type, By
Demand Category, By Radial Vs Bias, Competition Forecast & Opportunities, 2013 – 2023”, United States tire market is forecast to cross $ 78 billion by 2023 on
account of rising sales of automobiles, growing purchasing power of people and
expanding vehicle fleet. Moreover, growing construction industry in the country
along with high demand for replacement tires is further propelling growth in the
country’s tire market. With more than 75% of the volume share in 2017, passenger car tire segment
dominated the US tire market, followed by light commercial vehicles, medium
& heavy commercial vehicles, OTR vehicles and two-wheelers. The dominance
of passenger car segment is backed by high per capita purchasing power in the
country and easy availability of passenger cars. However, with increasing infrastructure projects in the
country, sales of commercial vehicle tires are also expected to increase,
thereby augmenting demand for commercial vehicles tires in the coming years.
Browse 62 market
data Figures and 6 Tables spread through 127 Pages and an in-depth TOC on "United
States Tire Market"
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In 2017, replacement tire segment dominated US tire
market with a volume share of more than 80%. However, OEM tire segment is anticipated
to witness higher growth compared to the replacement tire segment during the
forecast period. Few of the prominent tire manufacturing companies which have a
strong presence in the country include Bridgestone, Cooper, Continental, Michelin
and Goodyear. A widespread presence of well-established network of dealers and
distributors is expected to push tire sales of these companies in the domestic
market during forecast period.
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Among regions, Southeast region comprising Alabama, Florida, Louisiana,
Virginia, etc., accounted for the largest share in the United States tire
market in 2017, followed by Midwest, West, Northeast and Southwest regions. “Growing
demand for radial tires due to various benefits associated with them is expected
to positively influence the United States tire market in the coming years. Additionally,
consistently rising vehicle sales, coupled with increasing sale of tires
through online portals would further steer growth in the country’s tire market
during the forecast period.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“United States Tire
Market by Vehicle Type, By Demand Category, By Radial Vs Bias, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential
of tire market, and provides statistics and information on market sizes, shares
and trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the United States tire
market.
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