USA Tyre Market Overview, 2029

The United States market, often characterized as a capitalist economy, has evolved significantly since its inception. The roots of the U.S. market can be traced back to the colonial era, where trade and commerce began to flourish, driven by agriculture and raw materials. Throughout the 20th century, the U.S. market underwent dramatic changes, influenced by events such as the Great Depression, which led to significant regulatory reforms. In response to the economic collapse of the 1930s, the government introduced the New Deal, implementing measures to stabilize the economy and protect consumers. This era saw the creation of regulatory bodies like the Securities and Exchange Commission (SEC) to oversee financial markets, ensuring transparency and fairness. the U.S. market is one of the largest and most dynamic in the world, encompassing a diverse range of sectors including technology, finance, healthcare, and energy. Regulatory frameworks continue to evolve, balancing the need for innovation with consumer protection and market stability. The Federal Reserve plays a crucial role in monetary policy, influencing interest rates and inflation. As the U.S. market adapts to emerging trends such as digital currencies and sustainability, it remains a focal point of global economic activity, reflecting a complex interplay between regulation, innovation, and market forces.Economic conditions, including employment rates and inflation, significantly impact consumer confidence and spending. During periods of economic growth, demand typically rises, while recessions can lead to decreased consumer spending and a focus on essential goods.

According to the research report "United States (US) Tyre Market Overview, 2029," published by Bonafide Research, the United States (US) Tyre market is anticipated to grow at more than 6% CAGR from 2024 to 2029. The demands in the U.S. market are shaped by a variety of factors, including consumer preferences, technological advancements, and broader economic conditions. At the core, U.S. consumers drive demand through their purchasing decisions, influenced by disposable income, lifestyle choices, and cultural trends. In recent years, there has been a notable shift towards sustainability and ethical consumption, with consumers increasingly seeking products that align with their values. This trend has spurred growth in sectors like organic foods, renewable energy, and sustainable fashion. The U.S. tire market is dominated by several major players, including The Goodyear Tire & Rubber Company, Michelin North America Inc., and Bridgestone Americas Inc.. Goodyear holds the largest market share, followed closely by Michelin and Bridgestone. These companies have been investing heavily in research and development to produce innovative tire solutions that cater to the evolving needs of consumers, such as improved fuel efficiency and enhanced performance for electric vehicles. Additionally, the rise of electric vehicles (EVs) has prompted manufacturers to develop specialized tires that optimize energy efficiency and reduce emissions. Another emerging trend is the increasing popularity of online tire sales, which offers consumers greater convenience and competitive pricing options.

The U.S. tire market is segmented into various categories, each reflecting distinct developments and demand trends. Passenger Car Tires dominate the market, accounting for a significant share due to the high rate of vehicle ownership and frequent replacements driven by daily use. In 2023, the passenger car segment is projected to continue its growth, fueled by increasing sales and a preference for high-performance tires that enhance safety and comfort. The shift towards electric vehicles (EVs) is also impacting this segment, with a growing demand for specialized tires that optimize energy efficiency and performance. Light Commercial Vehicle Tires cater to businesses requiring efficient transportation solutions. This segment is experiencing growth as e-commerce expands, leading to higher demand for delivery vehicles. Innovations in tire technology aimed at improving durability and load capacity are key developments in this sector. Heavy Commercial Vehicle Tires are designed for trucks and larger vehicles that endure rigorous usage. The demand for these tires is closely tied to logistics and freight transportation trends. As the economy recovers and infrastructure projects increase, this segment is expected to see a rise in tire replacements due to higher mileage requirements. Two-Wheeler Tires serve the growing market of motorcycles and scooters, which are increasingly popular in urban areas due to their fuel efficiency and maneuverability in congested traffic. The demand for two-wheeler tires is rising alongside the trend of urbanization and a shift towards more economical transportation options. Three-Wheeler and Other Tires encompass a smaller but important niche, catering primarily to specific commercial applications such as rickshaws and utility vehicles. This segment's development is influenced by regional transportation needs and the growth of informal transport services in urban settings.

The U.S. tire market reflects a diverse demand landscape shaped by vehicle type and application. Radial tires dominate due to their superior performance attributes and compatibility with modern vehicles. In contrast, bias ply tires maintain a strong presence in niche markets requiring high durability under challenging conditions.Radial tires are constructed with cords that run radially from the center of the tire, providing enhanced flexibility in the sidewalls. This design allows for better traction, improved fuel efficiency, and longer tread life compared to bias ply tires. Radial tires are favored for their superior handling, comfort, and performance, making them the preferred choice for passenger cars, light trucks, and increasingly for heavy commercial vehicles. The demand for radial tires is bolstered by the increasing popularity of electric vehicles (EVs), which require specialized tires designed for lower rolling resistance and improved energy efficiency. As consumer awareness of the benefits of radial tires grows, this segment continues to dominate the U.S. tire market, accounting for over 92% of market revenue. Bias ply tires feature overlapping layers of rubber plies that run diagonally across the tire. This construction provides durability and a robust load-carrying capacity, making bias ply tires suitable for heavy-duty applications such as agricultural machinery, trailers, and construction vehicles. They excel in low-speed applications where comfort is less critical but load-bearing capability is essential.

The end-user segments are primarily categorized into Original Equipment Manufacturer (OEM) and replacement tires,OEM Tires are those specified by vehicle manufacturers and fitted to new vehicles at the factory. OEM tires are tailored to meet specific performance criteria set by manufacturers, balancing factors like ride comfort, fuel efficiency, and durability. As automakers increasingly focus on enhancing vehicle performance, they collaborate closely with tire manufacturers to select tires that align with their brand's standards. The distribution of OEM tires typically occurs through direct partnerships between tire manufacturers and automotive companies, ensuring that the tires are readily available for new vehicle production. Replacement tires cater to consumers needing to replace worn-out or damaged tires on their vehicles. This segment is experiencing robust growth due to an aging vehicle fleet and rising consumer awareness regarding tire maintenance for safety and performance. The replacement tire market benefits from various distribution channels, including retail tire shops, online platforms, and automotive service centers. Retailers often stock a wide range of tire brands and types, allowing consumers to choose based on their driving preferences and conditions. Additionally, e-commerce has become a vital channel for purchasing replacement tires, providing convenience and competitive pricing options for consumers.

COVID-19 Impact
The Covid-19 pandemic affected almost every industry vertical across the globe and the tire market in the region of North America was no exception. The enforcement of lockdowns along with the travel restrictions across countries significantly affect the tire market. The situation of lockdowns caused production in the automobile industry to stop which affected the demand from the OEM sector. On the other hand the market was also observing decline from the replacement sector during the pandemic as the requirement for new tires declined.

Key Players
Apollo Tires, Bridgestone, CEAT Tires, Continental, Giti, Goodyears Tires, Hankook, JK tires, Kenda Kumho, Maxxis International, Michelin, MRF, Nexen Tire Corp, Nokian Tires, Pirelli, Sailun Group Co., Ltd, Sumitomo Rubber Industries, Titan International , Toyo Tire Corporation, Triangle Tire Co, Zhongce Rubber Group Co, Yokohama, Doublestar Tire, Linglong, Nankang

Considered in the report
• Geography: USA
• Base Year: 2023
• Historical year: 2018
• Forecasted Year: 2029

Aspects covered in the report
• Market Size by Value (2018-2029F)
• Market Size by Volume (2018-2029F)
• Market Share by Vehicle Type
• Market Share by End Use
• Market Share by Design
• Market Share by Sales Channel
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Automotive and Transport industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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