US Tire Market Overview:
The trade value of rubber tires imported by the US from China alone was $565,000 in 2018, and the value had witnessed a remarkable 255% growth between 2014 and 2018, according to the International Trade Center (ITC). Furthermore, countries such Germany, Japan, and Thailand were also substantial contributors to the import value of rubber tires by the U.S. The rising import of rubber tires in the U.S. is evidence of the growing U.S. tire market that had observed a gainful valuation of $38.65 billion in 2018. The demand for tires in the U.S. is poised to grow at a compound annual growth rate of 2.12% during the forecast period 2019-2025.
US Tire Market Outlook:
The key application segment of the US tire market is found to be the commercial vehicles segment, which includes trucks, buses, company cars, and other vehicles. According to the International Organization of Motor Vehicles Manufacturers (OICA), in 2018, 8,518,734 commercial vehicles were manufactured with a 1.1% year on year increment in the US. Due to the heavy usage of trucks, buses, and other heavy duty vehicles in the U.S., the commercial vehicles application segment of the U.S. tire market is poised escalate at a CAGR of 2.55% through 2025.
US Tire Market Growth Drivers:
· The Growth of the US Automotive Industry –
The robust economy of the country enables people to spend on expensive cars, which has led to a discernible growth of the U.S. automotive industry. In 2018, the U.S. automotive market manufactured 2,795,971 cars, according to OICA. The production of cars along with heavy duty vehicles is making up for a lucrative U.S. tire marketplace.
· The Soaring Sales of Electric Vehicles in the US –
The plug-in electric vehicles (EVs) experienced a sales upsurge of 70% from 2017 to 2018 with a total of 5 million electric vehicles worldwide by the end of 2018, according to the findings by the International Council of Clean Transportation (ICCT). Furthermore, the organization has executed a geographical scrutiny of the sales in various countries, and according to the analysis, the US had a substantial share of the global EV sales in 2018. Evidently, the augmented sales attributable to the growing EV market in the US is further boosting the US tire market.
· The Penetration of Autonomous Vehicles in the US –
The rising demand for autonomous vehicles across the globe can be fathomed by the growth of the self-driving trucks, self –driving cars, and semi-autonomous and autonomous vehicles markets. Recently, the National League of Cities executed a survey. The results of the survey indicate that more cities will observe autonomous vehicle pilots across America, and this penetration of autonomous vehicles will play a significant role in further growth of the U.S. tire market.
US Tire Market Trends –
· Goodyear Acquires Ventech – In November 2017, the Goodyear Tire & Rubber Company aquired Ventech Systems – a company that provides fully-automated tire inspection technology. The acquisition has been strengthening Goodyear’s position in the U.S. tire market as the organization is now leveraging Ventech’s advanced inspection technology, which is improving the efficiency and providing better products to the customers.
· Reduced Rolling Resistance to Improve Efficiency – The adoption of fuel-saving products is an emerging trend in many industries including the U.S. tire market. Fuel economy standards such a Corporate Average Fuel Economy (CAFE) in the U.S. has made it imperative for tire manufacturers to reduce the rolling resistance in order to improve fuel efficiency.
US Tire Market Key Players Perspective –
The major players of the US tire market share are Cooper Tire & Rubber Company, Goodyear Tires USA, Pirelli & C. S.p.A, Michelin, Bridgestone Corporation, Continental AG, Dunlop Tyres Company, Yokohama Rubber Company, and BFGoodrich.
US Tire Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the construction market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The US tire market research report also analyses the application of tires by raw materials, which include elastomers, reinforcing fillers, chemicals, textile reinforcements, and metal reinforcements & plasticizers.
US Tire Market Report: Industry Coverage
The US tire market report identifies the current trends, opportunities, and challenges in the industry and offers a detailed analysis of the strategies adopted by the existing market players. Furthermore, the report analyses the U.S. tire market on the basis of structure, which includes bias and radial tire structures.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Key Questions Addressed in the US Tire Market Report
Is the market demand for US tire growing? How long will it continue to grow and at what rate?
Which type of US tire presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the US tire market?
A Few Focus Points Of This Research Are Given Below: