The US tire market is anticipated to grow at a modest CAGR of 1.9% during the forecast period. The growing demand for high-performance tires and innovation in tire technology are the major factor for the growth of the tire market in the country. As per the OICA, vehicle sales are decreasing in the US since 2016. However, there is a considerable demand from the aftersales sector, providing growth opportunities to the market.
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The US tire market is segmented on the basis of vehicle type, road application, construction, tire type, and sales channel. By vehicle type, the market is further segmented into passenger cars, light & medium commercial vehicles, heavy commercial vehicles, two-wheeler, and other. Passenger cars will maintain a major market share during the forecast period. For instance, out of a total of 333 million tire shipments in 2019, 269 million were for passenger cars.
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Some of the key players of the US 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. For instance, in June 2020, JK Tyre & Industries Ltd. has announced to start their operation in the US by setting up the new subsidiary as Western Tires Inc., located in Texas, which will focus on the sales, service, and network expansion. Earlier to this, the company used to export its tires to the US through local partners.
Market Segmentation
US Automotive Tire Market By Vehicle Type
• Passenger Cars
• Light & Medium Commercial Vehicle
• Heavy Commercial Vehicle
• Two-Wheeler
• Other (Construction, Agricultural, Customized Sports)
US Automotive Tire Market By Road Application
• All-Season Tire
• Summer Tire
• Winter Tire
• Other (All-Terrain Tire)
US Automotive Tire Market By Construction
• Radial Tire
• Bias Ply Tire
US Automotive Tire Market By Tire Type
• Tubeless Tire
• Tubbed Tire
US Automotive Tire Market By Sales Channel
• OEM (Original Equipment Manufacturer)
• Aftermarket (Replacement)
Company Profiles
• 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.
• Omni United (S) Pte. Ltd.
• 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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