United States Tire Market Set to Witness Accelerated Growth: Forecast to Grow at the CAGR of 6.8% During 2022-2028
Published | 25 January 2022
The United States tire market is growing at a high CAGR because of the expanding manufacturing and production industry. Additionally, the increasing demand for passenger and light vehicles for private and certain commercial uses are also driving market growth…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States tire market was worth USD 63.8 billion in the year 2021. According to the study, the market is estimated to grow at a CAGR of 6.8%, earning revenue of around USD 99.6 billion by the end of 2028. The growth of the United States tire market can be attributed to increasing demand for passenger and light vehicles for private and certain commercial uses. Additionally, the expanding manufacturing and production industry is also propelling the demand for medium and heavy-duty vehicles, which is anticipated to fuel the demand for tires across the USA during the forecast period. Furthermore, tire brands in the United States are also focusing on launching innovative products, such as smart tires with sensors, which is estimated to present lucrative growth opportunities to the United States tire market during the forecast period. However, the monopoly of certain tire companies in the country may act as a huge restraining factor for market growth.
Advancements in Tire Technology Driving the United States Tire Market
The tire market in the United States is getting extremely competitive. Therefore, US-based tire brands engage in extensive R&D activities to launch technological advancements and gain a competitive edge. For instance, Goodyear, a leading US-based tire manufacturer, recently announced the demonstration of a tire produced using 70% sustainable-material. With increasing consciousness towards sustainability and lethal implications of micro-plastics, the company is focusing on targeting environment-conscious consumers. Such thoughtful initiatives are anticipated to boost market growth during the forecast period.
Partnerships and Collaborations Between Automobile and Tire Manufacturers Boosting the Overall Market Growth
Many tire brands and auto manufacturers have a partnership that includes being the official tire supplier for specific car models. Such strategies are adopted to ensure a smooth supply of components during automobile manufacturing, along with ensuring quality. In addition, many tire manufacturers tailor their products by using raw materials to suit the needs of their automobile partners. These strategies are anticipated to offer lucrative growth opportunities to the United States tire market.
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United States Tire Market - By Distribution Channel
Based on distribution channels, the United States tire market is segmented into online distributors and offline distributors. The offline distributor segment accounted for the largest market share in 2021. The end-users prefer to buy tires from trusted dealers, such as specialty stores of tire brands, which acts as a major driving factor for this segment’s growth. However, the online distributor segment is projected to witness the highest growth rate during the forecast period. The easy accessibility of a wide range of products through online stores, such as Amazon.com and doorstep delivery, is significantly boosting the growth of the online segment.
Impact of COVID-19 on United States Tire Market
The unprecedented COVID-19 pandemic outbreak significantly halted the growth of the United States tire market. In the light of surging COVID-19 pandemic cases, the US government had to impose a strict lockdown to curb the virus spread in the country. The lockdown resulted in restrictions on economic activities, including automobile and tire production. Consequently, the United States tire market had to witness huge losses. The market, however, has begun to recover as lockdown restrictions are lifted and tire brands turn to online sales channels to boost their sales post-COVID-19.
United States Tire Market- Competitive Landscape
The leading players in the United States tire market are 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 players.
The United States tire market is highly consolidated and concentrated among leading multinational tire brands, such as Pirelli, Goodyear, Hankook, etc. The market players offer a wide range of products for different types of vehicles to grab a larger portion of the market. They also constantly introduce technological advancements into their tires to boost the safety of the vehicle. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United States tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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