U.S. Automotive Tire Market Forecasted to Hit $75.4 Billion Value by 2024: P&S Intelligence

NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- The U.S. automotive tire market is expected to value $75.4 billion by 2024 and projected to advance at a CAGR of 5.4% during 2019–2024. The market in the country is primarily driven by the growth in the automotive industry and high tire replacement rate due to increase in the average lifespan of vehicles, according to P&S Intelligence.

On the basis of vehicle, the U.S. automotive tire market has been categorized into two-wheeler, passenger vehicle, light commercial vehicle, and medium and heavy commercial vehicles. Among these, the passenger vehicle category held the largest share in the market in 2018. This can be mainly ascribed to the augmented sales of pickup trucks witnessed in the country in recent years, further leading to the increased demand for tires used in these vehicles.

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Of the three tire types, winter, summer, and all-season, the all-season tire category held the largest share in the U.S. automotive tire market in 2018. Further, the category is expected to continue dominating the market in the forecast period owing to the wide application of all-season tires throughout the year, regardless of any season. Moreover, with the arrival of these tires, the demand and need for season-specific tires have significantly reduced in the country.

On the basis of end-use, the U.S. automotive tire market has been categorized into OEM and aftermarket. Between the two, the aftermarket category held the larger market share, accounting for more than 80% sales volume in 2018. This is because a vehicle’s tire needs to be replaced after every 50,000–80,000 km (30,000–50,000 miles) of usage, which results in the high demand for tires in the aftermarket.

Browse report overview with 38 tables and 18 figures spread through 87 pages and detailed TOC on "U.S. Automotive Tire Market Research Report: By Vehicle (Two-Wheeler, Passenger Vehicle, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles), Design (Radial, Bias), Type (Winter, Summer, All-Season), End-Use (OEM, Aftermarket) – Industry Size, Share Analysis and Growth Forecast to 2024"at:https://www.psmarketresearch.com/market-analysis/u-s-automotive-tire-market

The U.S. automotive tire market is majorly driven by the high tire replacement rate. Due to various technological advancements in recent years, the average lifespan of vehicles has increased significantly. At present, vehicles in the U.S. have a lifespan ranging between 13 and 17 years. Moreover, the average life of vehicles increased considerably from 10.2 years in 2010 to 11.5 years in 2018. Factors such as fierce market competition and stringent government regulations have contributed to the vehicle’s longevity and reliability over the years. A recent study in the U.S. shows that although Americans are increasingly buying pickup trucks and sport utility vehicles (SUVs), they are also retaining their old vehicles owing to the enhanced longevity of those vehicles. This is resulting in the high replacement rate of tires used in the vehicles in the country.

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With advancements in technology and increased penetration of vehicles, the demand for tires with low rolling resistance for improved fuel efficiency, enhanced grip for increased safety, and less wear and tear for enhanced durability has risen considerably. Thus, to meet the changing requirements of the end users, players in the automotive tire market are focusing on the innovation and development of advanced products. For instance, the development of ultra-high-performance tires has helped increase the overall speed and reliability of tires. An average high-performance tire has the ability to sustain a speed up to 270 km/h, whereas an ultra-high-performance tire achieves a maximum speed of 299 km/h. These tires are also suitable for driving over rough terrains and for travelling longer distances owing to their higher durability than other tires. Thus, the development of advanced tires is the key trend observed in the U.S. automotive tire market.

Some of the major players operating in the U.S. automotive tire market are Michelin North America Inc., The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Continental Tire the Americas LLC, Pirelli & C. S.p.A., Hankook Tire Company Limited, Kumho Tire U.S.A. Inc., Bridgestone Americas Inc., Toyo Tire Corporation, and Yokohama Tire Corporation.

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