Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “United States Tire Market Competition, Forecast and Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The United States tire market is around USD 48.68 billion market in 2022 and is growing at a CAGR of 5.81% to 2028
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.
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.
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.
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 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.
|No. of Pages||100|
|Forecast Period||2022 – 2028|
|Estimated Market Value (USD) in 2022||$48.68 Billion|
|Forecasted Market Value (USD) by 2028||$67.51 Billion|
|Compound Annual Growth Rate||5.8%|
|Regions Covered||United States|
Company Profiles: Detailed analysis of the major companies present in the United States Tire Market.
- 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.
Voice of Customer Analysis
- Factors Influencing Purchase Decision
- Brand Awareness
- Challenges & Unmet Needs
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:
United States Tire Market, By Demand Category:
United States Tire Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/9h6x9e
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