United States Tire Market is Forecast to Witness 5.19% CAGR Through 2025
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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