IMARC Group’s report titled “United States Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The United States tire market size reached 350.6 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 400.3 Million Units by 2032, exhibiting a growth rate (CAGR) of 1.4% during 2024-2032.
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Factors Affecting the Growth of the United States Tire Industry:
- Consumer Demand:
Consumer demand for tires is closely linked to vehicle sales. When more cars, trucks, and SUVs are sold, there is a corresponding need for tires. The United States has seen a consistent increase in vehicle sales over the years, contributing to higher tire demand. As vehicles are aging, their tires wear out and need replacement. This replacement cycle is a significant driver of consumer demand in the tire market. Consumers often seek improved performance, safety, or durability when replacing tires, further catalyzing its demand. Seasonal changes in weather conditions necessitate the use of specific tire types, such as winter tires for cold climates.
- Environmental Regulations:
Environmental regulations, such as the Corporate Average Fuel Economy (CAFE) standards, mandate that automakers produce vehicles with improved fuel efficiency in the United States. To meet these standards, automakers often demand low-rolling-resistance tires, which reduce rolling resistance and enhance fuel efficiency. This requirement is driving tire manufacturers to develop and market eco-friendly tire options. Regulations aimed at reducing greenhouse gas emissions from vehicles encourage the use of tires that contribute to lower emissions. Low-rolling-resistance tires not only improve fuel efficiency but also help reduce vehicle emissions. As a result, tire manufacturers are compelled to invest in tire technology that aligns with these emissions reduction targets.
- Technology Advancements:
The integration of sensors and smart technology into tires is transforming the industry. Smart tires can monitor tire pressure, temperature, and tread wear in real-time. This technology enhances safety, reduces fuel consumption, and extends tire lifespan, driving consumer demand for these innovative products. Run-flat technology allows tires to continue functioning even after a puncture, enabling drivers to reach a safe location without the need for an immediate tire change. This advancement in tire technology improves safety and convenience, appealing to consumers in the US.
United States Tire Market Report Segmentation:
By Design:
- Radial
- Bias
Radial represented the largest segment due to its superior performance characteristics, including better traction, fuel efficiency, and longer lifespan.
By End Use:
- OEM
- Replacement
OEM accounted for the largest market share as they provide tires directly to automakers, benefiting from the robust automotive industry in the country.
By Vehicle Type:
- Passenger Cars
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Light Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Medium and Heavy Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Two Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Three Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Off-The-Road (OTR)
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
Passenger cars exhibit a clear dominance in the market due to the rising demand for passenger cars in the US.
By Distribution Channel:
- Offline
- Online
Offline holds the biggest market share as many consumers prefer hands-on shopping experiences and professional guidance when purchasing tires.
By Season:
- All Season Tires
- Winter Tires
- Summer Tires
All season tires dominate the market due to their versatility and suitability for a wide range of weather conditions.
Regional Insights:
- Northeast
- Midwest
- South
- West
South enjoys the leading position in the United States tire market on account of the increasing vehicle ownership and tire demand.
United States Tire Market Trends:
The increasing environmental awareness is catalyzing the demand for eco-friendly and sustainable tire options in the country. Manufacturers are responding by developing tires made from recycled materials and reducing the carbon footprint of tire production.
The adoption of smart tire technology is rising, with sensors and connectivity features becoming more common.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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