Press release
United States Tire Market, Gross Margin, Regional Demand, Plans and Demand Status Forecast to 2032
The United States tire market is experiencing accelerated growth, projected to grow at a CAGR of 6.8% during the forecast period of 2022-2028. The market is driven by factors such as the expanding manufacturing and production industry and the increasing demand for passenger and light vehicles for private and commercial use. Here are the key trends and drivers fueling the growth of the United States tire market.
A recent study conducted by strategic consulting and market research firm Report Ocean highlights the growth potential of the United States tire market. The market was valued at USD 63.8 billion in 2021 and is expected to reach USD 99.6 billion by 2028, with a CAGR of 6.8%. The increasing demand for passenger and light vehicles for private and commercial use is a major driver of market growth. Additionally, the expanding manufacturing and production industry is fueling the demand for medium and heavy-duty vehicles, further driving the tire market across the United States. Furthermore, tire brands in the country are focusing on launching innovative products, such as smart tires with sensors, which present lucrative growth opportunities. However, the presence of certain tire company monopolies may hinder market growth.
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Advancements in tire technology are driving the United States tire market, as brands engage in extensive R&D activities to launch innovative products and gain a competitive edge. For example, Goodyear, a leading US-based tire manufacturer, recently demonstrated a tire produced using 70% sustainable material, targeting environmentally conscious consumers. These initiatives contribute to market growth and sustainability.
Partnerships and collaborations between automobile and tire manufacturers are boosting the overall market growth. Many tire brands have partnerships with auto manufacturers, serving as the official tire suppliers for specific car models. Such collaborations ensure a smooth supply of components during automobile manufacturing and maintain quality standards. Tire manufacturers also tailor their products using specific raw materials to meet the needs of their automobile partners, fostering mutual growth and innovation.
In terms of distribution channels, the United States tire market is segmented into online and offline distributors. The offline distributor segment holds the largest market share, driven by the preference of end-users to buy tires from trusted dealers such as specialty stores of tire brands. However, the online distributor segment is projected to witness the highest growth rate during the forecast period. Online stores provide easy accessibility to a wide range of products, such as Amazon.com, offering doorstep delivery and convenience to customers, contributing to the growth of the online segment.
Key players in the United States tire market include Goodyear Tire and Rubber Company, Cooper Tire & Rubber Company, Michelin, Bridgestone Corporation, Continental AG, Hankook Tire & Technology, Pirelli & C. S.p.A., Yokohama Rubber Company, Hoosier Racing Tire, Sumitomo Rubber Industries, Ltd., and other prominent manufacturers. The market is highly consolidated among leading multinational tire brands, and competition is intense. These players offer a wide range of products for different types of vehicles, constantly introducing technological advancements to enhance vehicle safety. Strategic initiatives such as partnerships, mergers, acquisitions, and joint ventures are common in this market.
In summary, the United States tire market is witnessing accelerated growth, driven by the expanding manufacturing and production industry and the increasing demand for passenger and light vehicles. Advancements in tire technology, partnerships, and collaborations between manufacturers, and the rise of online distribution channels are key factors shaping the market. Leading players continue to innovate and compete in this highly consolidated market.
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Market Overview
Market Size & Forecast by Value, 2018-2028
Market Size and Forecast, By Segment
By Design
Radial
Bias
By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)
By End-User
OEM
Replacements
By Distribution Channel
Online Distributors
Offline Distributors
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