United States of America Tire Market: A Research Study on Market Dynamics and Competitive Landscape in 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 anticipated to experience a moderate compound annual growth rate (CAGR) over the projected timeframe. The expansion of the fleet of vehicles and the sales of two-wheeled, passenger car, bus, and truck vehicles are contributing factors to the growth of the tire market in the US. The tire industry is currently undergoing a phase of technological advancement, with US-based tire manufacturers competing by introducing innovative and cutting-edge technologies in the tire manufacturing process. Leading tire manufacturers such as the Michelin Group (Michelin), Bridgestone Group (Bridgestone), Continental Group (Continental), and the Prometon Tire Company (Prometon) are investing in research and development (R&D) to create technologically advanced over-the-road (OTR) tires, which are expected to contribute significantly to the market's growth in the near future. The progression of tire production technology is likely to contribute to the overall expansion of the United States tire market in the years ahead.

In the year 2021, tire sales in the United States reached approximately 126 million units, encompassing both replacement and original equipment manufacturer (OE) sales. Passenger cars held the largest market share in terms of tire sales, accounting for 59.02%. Radial tires, which are widely utilized by automotive manufacturers during production, dominated the market with a share of 92.70%, in contrast to bias tires. Light commercial vehicles also held a substantial market share, amounting to 7.30%. Moreover, the replacement rate for two-wheelers and passenger cars has been notably high, leading to strong demand for tires in the aftermarket. Consequently, numerous tire manufacturing companies have increased their production capacities to meet the tire demand from both the aftermarket and OEMs.

The tire market in the United States of America is primarily dominated by the aftermarket, holding an 84.93% market share in comparison to the OEM segment. The total number of tires sold in the US was approximately 338.47 million units in 2022, and it is projected that the aftermarket will continue to have the largest market share by 2028, reaching 82.81%. The demand for tires is largely driven by the aftermarket due to the rising demand for various vehicle types, including passenger cars, two-wheelers, light commercial vehicles, mid and heavy commercial vehicles, and other fleet vehicles. The high replacement rate of tires in passenger cars and two-wheelers ensures sustained demand for tires in the aftermarket. In 2021, the passenger car fleet accounted for 11.21 million units. Additionally, the demand for tires increased in 2022 due to the upsurge in passenger car and other vehicle production.

Within the tire market in the United States of America, radial tires constitute the dominant segment, holding a market share of 92.70% compared to the bias tires segment. As of 2022, the radial tire fleet size was approximately 369.4 million units, whereas bias tires represented 7.30% of the total fleet with a fleet size of 29 million units. Radial tires are preferred by many automotive manufacturers due to their performance and durability, particularly in the passenger car and other vehicle segments. Radial tires feature a radial ply placement structure, involving the placement of construction plies radially from one sidewall to the other on steel belts. This configuration optimizes sidewall flexibility, prevents heat buildup, and extends overall tread life.

The sales and production of two-wheelers have risen, resulting in increased demand for OEMs and replacement tires between 2018 and 2023. The 2020 coronavirus pandemic had an impact on the demand for two-wheeler tires in the country; however, the growing preference for personal mobility over public transportation is expected to influence future tire demand positively. Bias tires are commonly employed in many popular motorcycles and scooters due to their sturdy structure, which provides better load-carrying capacity on unpaved roads. Bias tires are also cost-effective for customers compared to radial tires. The introduction of e-scooters and motorcycles in both premium and sub-premium segments is projected to drive demand for bias tires from 2022 to 2023, subsequently affecting the demand for radial tires.

Various sustainable sources are utilized to extract raw materials, such as converting rice hull waste into silica and using vegetable byproducts to replace petroleum oils in the tire manufacturing process. These initiatives contribute to the development of an emission-neutral tire industry. Additionally, the concept of green rubber, derived from sustainably sourced raw materials, could lead to reduced tire costs. Many tire manufacturers have partnered with biotechnology firms to produce renewable rubber for commercial use. For instance, Goodyear aims to manufacture 100% sustainable materials-based tires in the coming years, while Michelin intends to produce entirely sustainable tires by 2050. Furthermore, Bridgestone has developed tire technology to enhance environmental impact and tire performance. Ultimately, sustainable sources have become a central focus for tire manufacturers worldwide.

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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.

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“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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