Rise in vehicle production and growing demand from the replacement market is driving the tire demand.
According to Organic Market Research report, “United States Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, Two-Wheeler and Off the Road Vehicles), By End-User (OEM Vs. Replacement), By Radial Vs Bias, By Distribution Channel (Online and Offline), By Region, Forecast & Opportunities, 2016- 2026”, United States tire market is expected to grow at a CAGR of 1.9% from 2021-2026. Major factors propelling the growth of United States tire market are improving vehicle sales and continuous increase in tire demand in the replacement and export market.
United States tire market is segmented based on vehicle type, end-user, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, Light commercial vehicles, Medium & Heavy Commercial Vehicles, Off the Road vehicles and two-wheeler.
The passenger car and light commercial vehicle tires account for more than half of production. Passenger car tires is showing an increasing trend both in numbers and revenue. Based on end-user segment, the replacement tire dominates the market with over 82% market share in United States tire market in 2020.
The major players in the market include Goodyear Tire & Rubber Company, Bridgestone Corporation, Compagnie Générale des Établissements Michelin SCA, Continental AG, Cooper Tire & Rubber Co, Kumho, Yokohama among others.
“United States Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler and Off the Road Vehicle), By End-User (OEM Vs. Replacement), By Radial Vs Bias, By Distribution Channel (Online and Offline), By Region, Forecast & Opportunities, 2015- 2025” report analyse market, key players, industry trends and expansion plans. These analyses will help the reader to understand the potential worth of investment in the tire market.