The North America tire market is anticipated to grow at a modest CAGR of 2.0% during the forecast period. The rising demand for high-performance tires and innovation in tire technology is the major factor for the growth of the tire market in the region. The region is one of the major automotive markets with a sale of around 19.5 million vehicles in 2019. However, there is a flat growth in vehicle sales from a couple of years, which is a major challenger for the industry. Though, the region has a well-developed aftermarket. As per the US Bureau of Transportation Statistics, 284.5 million vehicles were registered (on-road) in the US in 2019 as compared to 248.7 million in 2012, these are further estimated to reach 287.3 million in 2020. The tire needs to change at a regular time interval which offers significant market growth to the industry during the forecast period.
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The North American Tire market is segmented on the basis of vehicle type, road application, construction, tire type, and sales channel. By vehicle type, passenger cars are expected to have a major market share with a considerable growth rate. On the basis of road applications, all-season tires will maintain a substantial market share. Moreover, by sales channel, the aftermarket segment is expected to maintain a significant market share during the forecast period. Besides, the market is segmented based on geography into the US and Canada. The US holds a majority market share in the region.
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Some of the key players of the North American Tire market include Bridgestone Corp., Continental AG, Cooper Tire & Rubber Co., Goodyear Tire and Rubber Co., Michelin Group, Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd. among other. The market players are significantly contributing to the market growth by adopting various strategies including mergers, & acquisitions, collaborations, new product launch, and geographical expansion, to stay competitive in the market.
Market Segmentation
North America Automotive Tire Market by Vehicle Type
• Passenger Cars
• Light &Medium Commercial Vehicle
• Heavy Commercial Vehicle
• Two-Wheeler
• Other (Construction, Agricultural, Customized Sports)
North America Automotive Tire Market by Road Application
• All-Season Tire
• Summer Tire
• Winter Tire
• Other (All-Terrain Tire)
North America Automotive Tire Market by Construction
• Radial Tire
• Bias PlyTire
North America Automotive Tire Market by Tire Type
• Tubeless Tire
• Tubbed Tire
North America Automotive Tire Market by Sales Channel
• OEM (Original Equipment Manufacturer)
• Aftermarket (Replacement)
Regional Analysis
• United States
• Canada
Company Profiles
Apollo Tires Ltd.
• Overview
• Apollo Tires Ltd. in North America
• Apollo Tires Ltd. in Tire Industry
• Recent Developments
• Bridgestone Corp.
• Ceat Ltd.
• Cheng Shin Rubber Ind. Co. Ltd.
• Continental AG
• Cooper Tire & Rubber Co.
• Giti Tire Pte Ltd.
• Goodyear Tire and Rubber Co.
• Hankook Tire Co. Ltd.
• Kenda Rubber Industrial Co., Ltd.
• Michelin Group
• Nexan Tire Corp.
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries Ltd.
• The Yokohama Rubber Co, Ltd.
• Toyo Tire Corp.
• Trelleborg AB
• Triangle Group
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