United States of America Tire Market Gains from Increasing Vehicle Sales and Rising Aftermarket Demand

The increasing sale of vehicles and rising demand for tires in the aftermarket is driving the United States of America tire market.

According to the TechSci Research report, "United States of America Tire Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2028", the United States tire market is projected to expand at a moderate compound annual growth rate (CAGR) over the forecast horizon. The increase in the number of vehicles in the fleet and the sales of two-wheeled, passenger car, bus, and truck vehicles are contributing to the growth of the tire market in the US. The tire industry is witnessing a period of technological advancement, with tire manufacturers in the US competing by introducing new and cutting-edge technologies in the tire manufacturing process. Major tire manufacturers, such as the Michelin Group (Michelin), Bridgestone Group (Bridgestone), Continental Group (Continental), and the Prometon Tire Company (Prometon), are investing in R&D to create technologically advanced over-the-road (OTR) tires, which are expected to contribute to the growth of this market in the near future. Technological advances in tire production are likely to contribute to the overall growth of the United States tire market in the coming years.

In 2021, tire sales in United States reached approximately 126 million units, which includes both replacement and original equipment manufacturer (OE) sales. Passenger cars had the largest market share in terms of tire sales, accounting for 59.02%. Automotive manufacturers utilize radial tires when manufacturing, and vehicles in the United States come with pre-fitted radial tires, resulting in radial tires having the largest market share, 92.70%, compared to bias tires. Light commercial vehicles also had a large market share, accounting for 7.30%. Additionally, the replacement rate of two-wheeler and passenger cars has been high, resulting in a high demand for tires in the post market. As a result, many tire manufacturing companies have increased their production capacity in order to meet the demand for tires from the post market and from OEMs.

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The tire market in U.S. of America is dominated by the aftermarket with 84.93% market share compared to the OEM segment. Total number of tires sold in the U.S. was about 338.47m units in 2022, and it is expected that by 2028 the aftermarket will have the largest market share with 82.81%. Demand for tires is mainly generated by the aftermarket due to the increasing demand of passenger car, two-wheeler, light commercial vehicle, mid and heavy commercial vehicle, and other vehicle fleets. The replacement rate of the tires in passenger car and two-wheeler is very high, which is why the demand for the tires in the aftermarket will always be high. In the year 2021, the passenger car fleet accounted for 11.21million units. The demand for tires also increased in 2022 due to the increase in the production of passenger car and other vehicles.

In the tire market in the United States of America, radial tires account for the largest market share of 92.70% compared to the bias tires segment. In 2022, the fleet size of radial tires was approximately 369.4 million, while bias tires accounted for 7.30% of the total fleet with a fleet size of 29 million units. The radial tires are preferred by many automotive manufacturers, and the demand for them in the aftermarket is high due to their performance and durability in the passenger car and other vehicle segments. Radial tires are characterized by their radial ply placement, which involves the placement of construction sports plies radially from one sidewall to the next on steel belts. This structure optimizes sidewall flexibility, prevents heat build-up, and extends the overall tread life.

Sales of two-wheelers and their production have increased, which has led to an increase in demand for OEM sand in replacement segment during the period of 2018 to 2023. The coronavirus pandemic in the country in 2020 had an impact on the demand of two-wheeler tires in the country. However, with the growing preference of personal mobility over public transport, the growth in two-wheelers will also affect the demand of tires in the future. Bias tires are used in most of the best-selling motorcycles & scooters. Bias tires offer better load-carrying capacity on the unpaved roads because of their staff structure. Bias tires are also more cost-effective for the customers compared to radial tires. The launch of e-scooters & motorcycles in premium & sub premium segment is expected to increase the demand of bias tires in the period of 2022 to 2023, which in turn will lead to the demand of radial tires.

Many of these sustainable sources are utilized for the extraction of raw materials, such as rice hull waste that is transformed into silica, while vegetable byproducts are employed to substitute petroleum oils in the tire manufacturing process. All these initiatives contribute to the development of an emission-neutral tire industry. Additionally, green rubber is a concept that is made from sustainably sourced raw materials, which can lead to a decrease in the cost of tires. Many tire manufacturers have collaborated with biotechnology firms to create renewable rubber for commercial use. For example, Goodyear has set a target to produce 100% sustainable materials-based tires in the next few years, while Michelin has declared its intention to completely produce sustainable tires by 2050. Additionally, Bridgestone has developed tire technology to enhance the environmental impact and tire dynamics. All in all, sustainable sources have become the primary focus of most tire manufacturers around the world.

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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