According to recently released TechSci Research report, “United States Tire Market Forecast and Opportunities, 2021’’, the country’s tire market is projected to grow at a CAGR of over 5%, in volume terms, during 2016-2021, on account of expanding sales of automobiles, growing purchasing power of people and expanding vehicle fleet size. The prominent driver for expanding tire market of United States is rising automobile fleet, as can be witnessed from the fact that it rose from 311.71 million units in 2011 to 321.41 million units in 2015.
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With an increasing volume share of over 80%, in volume terms in 2015, replacement tire segment dominated tire industry of the United States. However, the OEM tire segmentis forecast to witness marginal change during the forecast period. In 2015, the country’s Southeast region comprising Alabama, Florida, Louisiana, Virginia, etc., accounted for the largest share in the tire market, followed by Midwest, West, Northeast and Southwest regions of the United States. Government of US has also initiated strategic infrastructural projects and developments, resulting in growth in demand for vehicles as well as tires in the country. Some prominent tire manufacturing companies which have a strong presence in the country include Bridgestone, Continental,Michelin and Goodyear. Other players include Cooper, Yokohama, Hankook, Nexen, Pirelli, etc.
“With diverse ongoing and planned construction projects, United States is anticipated to witness infrastructure transformation that will lead to developmental activities being undertaken in energy,transport, water, communication, health and housing sectors across the country, which is estimated to boost construction activities in the country; thereby, driving the automotive sector in the coming years. Moreover, the widespread presence of well-established network of dealers and distributors are expected to push tire sales in domestic market during forecast period. On account of this, the country’s tire market is expected to witness a healthy growth in medium to long term”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“United States Tire Market Forecast and Opportunities, 2021” has analysed the potential of United States tire market, and provides statistics and information on market structure, imports and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.