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United States Tire Market Competition, Forecast and Opportunities, 2028

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    Report

  • 100 Pages
  • September 2023
  • Region: United States
  • TechSci Research
  • ID: 4585785
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The United States tire market is around USD 48.68 billion market in 2022 and is growing at a CAGR of 5.81% per year. The US domestic tire market has been driven by several factors, including increasing consumer demand for higher quality tires, advancements in automotive technology, and new regulations from the government. One of the primary drivers of the US tire industry is the consumer demand for higher quality tires. Consumers have been looking for better handling, improved traction, and longer-lasting tires designed to fit a variety of vehicles. This has led to an increase in demand for premium tires from both domestic and international manufacturers. The growth of automotive technology has also had a positive impact on the tire market in the United States. The introduction of electric and hybrid vehicles has enabled manufacturers to create tires that are more effective in reducing emissions and improving fuel economy. This has led to an increase in demand for high-performance tires from both domestic and international companies. Finally, new regulations from the government have also impacted the tire industry in the United States. In recent years, the government has imposed stricter safety regulations on tire manufacturers, as well as increased taxes and tariffs on imported tires. These changes have led to an increased cost of production for domestic tire companies, resulting in higher prices for consumers. The tire industry in the United States is also facing several challenges. One major challenge is the emergence of low-cost imports from countries such as China and India. These imports often have lower quality than domestic tires, leading to safety concerns for consumers. Additionally, the US market is highly competitive, and companies are often forced to reduce prices to remain competitive. This has led to a decrease in profits for many tire manufacturers. Overall, the US tire industry is experiencing strong growth due to increased consumer demand for higher quality tires, advancements in automotive technology, and new regulations from the government. However, the industry is also facing numerous challenges, including low-cost imports and highly competitive markets. As a result, it is important for domestic tire companies to focus on developing innovative products and services that will enable them to remain competitive in this increasingly globalized market.



Key Market Drivers:

Economic Growth and Consumer Spending

The United States' economic growth plays a crucial role in driving the tire market. When the economy thrives, consumers and businesses have higher purchasing power, leading to increased vehicle sales and demand for tires. Economic growth also indicates improved consumer confidence, prompting individuals to invest in vehicle maintenance and tire replacements.

Vehicle Sales and Ownership

The number of vehicles on the road directly affects the tire market. Higher vehicle sales result in more cars and trucks requiring new tires. Additionally, as vehicles age, they require regular tire replacements due to wear and tear. With an increasing number of vehicles in operation, the demand for tires remains robust.

Technological Advancements in Tire Manufacturing

Tire manufacturers continually invest in research and development to enhance tire technology. Advancements in tire manufacturing, such as using innovative materials, tread designs, and construction techniques, lead to the production of high-performance and long-lasting tires. Consumers are often willing to pay a premium for tires that offer improved fuel efficiency, better traction, and longer tread life, driving innovation in the tire industry.

E-commerce and Online Retail

The growth of e-commerce and online retail has significantly impacted the tire market. Consumers increasingly prefer the convenience of purchasing tires online. Online platforms offer a wide range of tire options, competitive pricing, and home delivery services, which have expanded the reach of tire sales and allowed consumers to make informed choices based on reviews and ratings.

Environmental Awareness and Sustainability

With the rising environmental awareness, consumers are seeking eco-friendly and sustainable products, including tires. Sustainable tire options may include those with lower rolling resistance, which improves fuel efficiency and reduces carbon emissions. Tire manufacturers are developing greener and more fuel-efficient tire options to meet consumer demands for environmentally conscious products.

Replacement Tire Market

The average age of vehicles on the road is increasing, leading to a growing replacement tire market. As vehicles age, their tires wear out and require replacements. Changing road conditions, driving habits, and weather contribute to tire wear, necessitating frequent tire replacements. The replacement market ensures a steady demand for tires, even outside of new vehicle sales.

Key Market Challenges

Raw Material Costs

The production of tires requires significant amounts of natural rubber and other raw materials, such as synthetic rubber and petroleum-based products. The prices of these raw materials are subject to fluctuations in the global market, which can impact tire production costs. Manufacturers may face challenges in managing these cost fluctuations and may need to adjust tire prices accordingly.

Import Tariffs and Trade Disputes

The imposition of import tariffs and trade disputes between countries can disrupt the tire supply chain. Tire manufacturers that rely on imports of raw materials or finished tires from countries affected by trade disputes may face supply shortages or increased costs. The uncertainty caused by trade tensions can also lead to price volatility in the tire market.

Environmental Regulations

Environmental concerns have led to increased regulations and standards for tire manufacturing. Tire manufacturers must comply with various environmental regulations related to emissions, waste management, and sustainable practices. Meeting these standards may require investments in research and development to develop eco-friendly tire materials and manufacturing processes.

Key Market Trends

Increased Demand for High-Performance Tires

Consumers were increasingly seeking high-performance tires that offer better traction, improved handling, and enhanced safety features. The popularity of high-performance tires was driven by the growing preference for better driving experiences and increased vehicle performance.

Growing Interest in Eco-Friendly and Fuel-Efficient Tires

With a greater emphasis on environmental sustainability, eco-friendly and fuel-efficient tires were becoming more popular. These tires are designed to reduce rolling resistance, leading to improved fuel efficiency and reduced carbon emissions.

Increased Focus on Tire Safety and Technology

Tire manufacturers were incorporating advanced safety technologies into their products, such as tire pressure monitoring systems (TPMS) and improved tread designs to enhance grip and braking performance. Safety-focused features were gaining importance as consumers sought tires that could enhance overall driving safety.

Segmental Insights

Vehicle Type Insights

The Passenger Car segment holds the largest tire market share in the United States. This dominance is due to several factors, including the high rate of vehicle ownership, frequent tire replacements driven by daily use and varying road conditions, and the continuous demand for new tires because of high vehicle sales. The diverse range of tire options required to cater to various vehicle models and consumer preferences also contribute to the significant market size. Additionally, the replacement tire market plays a crucial role in this segment as existing vehicles age and owners seek improved performance, safety, and comfort. The popularity of passenger cars for daily commuting and urban transportation needs further sustains the demand for tires in this segment.

Tire Type Insights

Radial tires hold the maximum tire market share in the United States, primarily due to their superior performance, improved fuel efficiency, and longer tread life compared to bias tires. Radial tires offer better traction, handling, and braking, making them a preferred choice for passenger cars and light trucks. Their flexible sidewalls provide a smoother and more comfortable ride, meeting consumers' demand for ride quality. Original Equipment Manufacturers (OEMs) often fit radial tires as standard equipment on new vehicles, further contributing to their prominence in the market. As consumer awareness of their advantages grows, radial tires continue to be the go-to choice for replacement tires, solidifying their dominant position in the United States tire market.

Regional Insights:

The South region dominates the tire market due to its large population and number of vehicles. Recent estimates suggest that the region is home to over 114 million people, making it the most populous region in the US, with more than a third of all Americans residing there. Additionally, approximately 24% of all registered automobiles in the US are based in this region. The South is also home to several states heavily reliant on automobiles, including Texas and Florida, which have some of the largest populations in the nation. Moreover, these states have a high number of auto dealerships and tire shops, driving the demand for tires in this region and maintaining its market share lead. Lastly, the South boasts numerous large cities with thriving manufacturing and automotive industries, creating a strong customer base for tire producers in the region. Local suppliers are also preferred by automakers, further boosting their share of the South's tire market.

Key Market Players

  • 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 United States Inc.
  • Yokohama Tire Corporation
  • Toyo Tire United States Corp.
  • Hankook Tire America Corp.

Report Scope:

In this report, the United States Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

United States Tire Market, By Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium & Heavy Commercial Vehicles
  • Two Wheelers
  • Three Wheelers
  • Off Road Vehicles (OTR)

United States Tire Market, By Tire Construction Type:

  • Radial
  • Bias

United States Tire Market, By Demand Category:

  • OEM
  • Aftermarket

United States Tire Market, By Region:

  • Northeast
  • Midwest
  • South
  • West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States Tire Market.

Available Customizations:

United States Tire market report with the given market data, the publisher offers customizations according to a company's specific needs.



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Frequently Asked Questions about the U.S. Tire Market

What is the estimated value of the U.S. Tire Market?

The U.S. Tire Market was estimated to be valued at $48.68 Billion in 2022.

What is the growth rate of the U.S. Tire Market?

The growth rate of the U.S. Tire Market is 5.8%, with an estimated value of $67.51 Billion by 2028.

What is the forecasted size of the U.S. Tire Market?

The U.S. Tire Market is estimated to be worth $67.51 Billion by 2028.

Who are the key companies in the U.S. Tire Market?

Key companies in the U.S. 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 United States Inc., Yokohama Tire Corporation, Toyo Tire United States Corp. and Hankook Tire America Corp..

Table of Contents

1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on United States Tire Market
5. Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Challenges & Unmet Needs
6. United States Tire Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Two-Wheelers, Three-Wheelers, Off Road Vehicles (OTR))
6.2.2. By Demand Category Market Share Analysis (OEM, Aftermarket)
6.2.3. By Tire Construction Type Market Share Analysis (Radial, Bias)
6.2.4. By Regional Market Share Analysis
6.2.4.1. Northeast Region Market Share Analysis
6.2.4.2. West Region Market Share Analysis
6.2.4.3. South Region Market Share Analysis
6.2.4.4. Midwest Region Market Share Analysis
6.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
6.3. United States Tire Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Demand Category Market Mapping & Opportunity Assessment
6.3.3. By Tire Construction Type Market Mapping & Opportunity Assessment
6.3.4. By Regional Market Mapping & Opportunity Assessment
7. United States Passenger Cars Tire Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. Market Share & Forecast
7.2.1. By Demand Category Market Share Analysis
7.2.2. By Tire Construction Type Market Share Analysis
7.3. Pricing Analysis
8. United States Light Commercial Vehicles Tire Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.1.2. By Volume
8.2. Market Share & Forecast
8.2.1. By Demand Category Market Share Analysis
8.2.2. By Tire Construction Type Market Share Analysis
8.3. Pricing Analysis
9. United States Medium & Heavy Commercial Vehicles Tire Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.1.2. By Volume
9.2. Market Share & Forecast
9.2.1. By Demand Category Market Share Analysis
9.2.2. By Tire Construction Type Market Share Analysis
9.3. Pricing Analysis
10. United States Two-Wheelers Tire Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.1.2. By Volume
10.2. Market Share & Forecast
10.2.1. By Demand Category Market Share Analysis
10.2.2. By Tire Construction Type Market Share Analysis
10.3. Pricing Analysis
11. United States Three-Wheelers Tire Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.1.2. By Volume
11.2. Market Share & Forecast
11.2.1. By Demand Category Market Share Analysis
11.2.2. By Tire Construction Type Market Share Analysis
11.3. Pricing Analysis
12. United States Off The Road Vehicles Tire Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.1.2. By Volume
12.2. Market Share & Forecast
12.2.1. By Demand Category Market Share Analysis
12.2.2. By Tire Construction Type Market Share Analysis
12.3. Pricing Analysis
13. Market Dynamics
13.1. Market Drivers
13.2. Market Challenges
14. Market Trends and Developments
15. SWOT Analysis
15.1. Strength
15.2. Weakness
15.3. Opportunities
15.4. Threats
16. Porter’s Five Forces Model
16.1. Competitive Rivalry
16.2. Bargaining Power of Buyers
16.3. Bargaining Power of Suppliers
16.4. Threat of New Entrants
16.5. Threat of Substitutes
17. Policy & Regulatory Landscape18. United States Economic Profile
19. Competitive Landscape
19.1. Company Profiles (Up To 10 Major Companies)
19.1.1. Michelin North America Inc.
19.1.1.1. Company Details
19.1.1.2. Key Product Offered
19.1.1.3. Recent Development
19.1.1.4. Key Management Personnel
19.1.2. The Goodyear Tire & Rubber Company
19.1.2.1. Company Details
19.1.2.2. Key Product Offered
19.1.2.3. Recent Development
19.1.2.4. Key Management Personnel
19.1.3. Bridgestone Americas Inc.
19.1.3.1. Company Details
19.1.3.2. Key Product Offered
19.1.3.3. Recent Development
19.1.3.4. Key Management Personnel
19.1.4. Cooper Tire & Rubber Company
19.1.4.1. Company Details
19.1.4.2. Key Product Offered
19.1.4.3. Recent Development
19.1.4.4. Key Management Personnel
19.1.5. Continental Tire The Americas LLC
19.1.5.1. Company Details
19.1.5.2. Key Product Offered
19.1.5.3. Recent Development
19.1.5.4. Key Management Personnel
19.1.6. Pirelli Tire North America LLC
19.1.6.1. Company Details
19.1.6.2. Key Product Offered
19.1.6.3. Recent Development
19.1.6.4. Key Management Personnel
19.1.7. Kumho Tire United States Inc.
19.1.7.1. Company Details
19.1.7.2. Key Product Offered
19.1.7.3. Recent Development
19.1.7.4. Key Management Personnel
19.1.8. Yokohama Tire Corporation
19.1.8.1. Company Details
19.1.8.2. Key Product Offered
19.1.8.3. Recent Development
19.1.8.4. Key Management Personnel
19.1.9. Toyo Tire United States Corp.
19.1.9.1. Company Details
19.1.9.2. Key Product Offered
19.1.9.3. Recent Development
19.1.9.4. Key Management Personnel
19.1.10. Hankook Tire America Corp.
19.1.10.1. Company Details
19.1.10.2. Key Product Offered
19.1.10.3. Recent Development
19.1.10.4. Key Management Personnel
20. Strategic Recommendations
20.1. Key Focus Areas
20.1.1. Target Regions
20.1.2. Target Tire Construction Type
20.1.3. Target Vehicle Type
21. About the Publisher & Disclaimer

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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 United States Inc.
  • Yokohama Tire Corporation
  • Toyo Tire United States Corp.
  • Hankook Tire America Corp.