United States of America Tire Market: A Forecast Report with Growth Prospects and Market Sizing to 2028


According to the TechSci Research report titled “United States of America Tire Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2028,” the tire market in the United States is projected to experience moderate compound annual growth rate (CAGR) over the forecast horizon. This growth is attributed to the increasing number of vehicles in the fleet and the rising sales of two-wheeled, passenger car, bus, and truck vehicles. The tire industry in the US is undergoing significant technological advancements, with manufacturers competing by introducing cutting-edge technologies in the tire manufacturing process. Key players such as Michelin Group (Michelin), Bridgestone Group (Bridgestone), Continental Group (Continental), and Prometon Tire Company (Prometon) are investing in research and development to create technologically advanced over-the-road (OTR) tires, which are expected to contribute to the market’s growth in the near future. The continuous technological progress in tire production is expected to drive overall growth in the United States tire market in the coming years.

In 2021, tire sales in the United States reached approximately 126 million units, encompassing both replacement and original equipment manufacturer (OE) sales. Passenger cars accounted for the largest market share in terms of tire sales, making up 59.02%. Radial tires hold the largest market share, at 92.70%, compared to bias tires. This is due to automotive manufacturers predominantly utilizing radial tires in vehicle production, and vehicles in the United States coming equipped with pre-fitted radial tires. Light commercial vehicles also had a considerable market share of 7.30%. The high replacement rate of two-wheelers and passenger cars has resulted in a substantial demand for tires in the aftermarket. As a consequence, many tire manufacturing companies have increased their production capacity to meet the demand from both the post-market and original equipment manufacturers (OEMs).

The aftermarket dominates the tire market in the United States of America, accounting for 84.93% market share compared to the OEM segment. In 2022, approximately 338.47 million tires were sold in the U.S., and it is anticipated that by 2028, the aftermarket will hold an even larger market share of 82.81%. The aftermarket is the primary driver of tire demand, fueled by the increasing demand for passenger cars, two-wheelers, light commercial vehicles, mid and heavy commercial vehicles, and other vehicle fleets. The high replacement rate of tires for passenger cars and two-wheelers ensures a consistent demand for tires in the aftermarket. In 2021, the passenger car fleet accounted for 11.21 million units, and the demand for tires increased in 2022 due to the higher production of passenger cars and other vehicles.

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Radial tires remain the preferred choice in the tire market in the United States, holding the majority market share at 92.70% compared to the bias tires segment. In 2022, the fleet size of radial tires was approximately 369.4 million, while bias tires accounted for 7.30% of the total fleet with a fleet size of 29 million units. Radial tires are favored by many automotive manufacturers due to their performance and durability in the passenger car and other vehicle segments. They feature a radial ply placement, with construction sports plies arranged radially from one sidewall to the next on steel belts. This design optimizes sidewall flexibility, prevents heat build-up, and extends the overall tread life.

The sales and production of two-wheelers have witnessed an increase, leading to a growing demand for OEM and replacement tires from 2018 to 2023. The coronavirus pandemic in the country in 2020 impacted the demand for two-wheeler tires; however, the trend towards personal mobility over public transport is expected to continue driving the growth of two-wheelers and tire demand in the future. Bias tires are commonly used in the best-selling motorcycles and scooters, offering better load-carrying capacity on unpaved roads due to their sturdy structure. Bias tires are also more cost-effective for customers compared to radial tires. The introduction of e-scooters and motorcycles in the premium and sub-premium segments is anticipated to boost the demand for bias tires in the period from 2022 to 2023, consequently impacting the demand for radial tires.

Sustainable sources are increasingly being utilized for the extraction of raw materials, such as transforming rice hull waste into silica and employing vegetable byproducts to replace petroleum oils in the tire manufacturing process. These initiatives contribute to the development of an emission-neutral tire industry. Moreover, the concept of green rubber, made from sustainably sourced raw materials, has the potential to reduce the cost of tires. Many tire manufacturers have partnered with biotechnology firms to create renewable rubber for commercial use. For instance, Goodyear aims to produce 100% sustainable materials-based tires in the coming years, while Michelin has committed to producing entirely sustainable tires by 2050. Bridgestone has also developed tire technology to improve environmental impact and tire dynamics. Overall, sustainable sources have become the primary focus for most tire manufacturers worldwide.

Some of the major players operating in the United States of 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 United States Inc.

·         Yokohama Tire Corporation

·         Toyo Tire United States Corp.

·         Hankook Tire America Corp.

“Many companies are investing in R&D for innovation and improvement in tires. With this, companies are likely to offer better driving experience and vehicle safety to consumers. These investments by major tire manufacturing companies will help in making tires easily available for buyers in the market, which is likely to aid the United States of America tire market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

United States Tire Market By Vehicle Type (Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Type (Radial, Bias), By Demand Category Type (OEM, Replacement), and By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of United States of America Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in the United States of America Tire Market.

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