United States Tire Market Report and Forecast 2024-2032

United States Tire Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the United States tire market reached a value of USD 364.63 million in 2023. Aided by the technological advancements, environmental considerations, and changing consumer demands, the market is projected to further grow at a CAGR of 2.7% between 2024 and 2032 to reach a value of USD 463.57 million by 2032.

The U.S. tire industry represents a critical and dynamic component of the nation's economic and technological advancement. With a focus on innovation, sustainability, and meeting the evolving needs of consumers and the automotive industry, the tire market is set to embark on a path of substantial growth and development, marking a new era of progress and contribution to the global automotive landscape.

The surge in the United States tire market growth attributed to the robust automotive industry, increased vehicle sales, and the rising demand for replacement tires. This market is projected to witness substantial growth, with a Compound Annual Growth Rate (CAGR) that reflects the industry's adaptability and innovation in meeting contemporary challenges and opportunities.

Several factors contribute to the market's dynamics, including the surge in electric vehicle (EV) adoption, which necessitates the development of specialised tires to support the unique requirements of EVs, such as low rolling resistance and durability to handle increased torque. Additionally, the growing emphasis on sustainability has spurred the tire industry to explore eco-friendly materials and manufacturing processes, reducing environmental impact without compromising on performance.

According to the United States tire market analysis, advancements in tire technology, such as airless tires, intelligent tire systems, and advanced materials, have elevated safety standards, fuel efficiency, and the overall driving experience, catering to the sophisticated needs of modern consumers.

Innovation remains at the forefront of the market's expansion, with manufacturers investing heavily in research and development to introduce cutting-edge features like sensor-embedded tires for real-time monitoring of tire health, adaptive tread patterns for improved traction in diverse weather conditions, and eco-friendly tires made from renewable resources.

The regulatory environment influences the United States tire market outlook through standards and regulations related to safety, environmental compliance, and trade policies. Government initiatives aimed at promoting automotive safety and environmental sustainability further shape the industry's trajectory, encouraging innovation and adoption of green technologies.

Market Segmentation

The market can be divided based on design, type, season, vehicle type, sales channel, and region.

Market Breakup by Design

• Radial
• Bias

Market Breakup by Type

• Tube Tire
• Tubeless Tire

Market Breakup by Season

• Winter Tire
• Summer Tire
• All Season Tire

Market Breakup by Vehicle Type

• Two-Wheeler and Three-Wheeler
• Passenger Vehicle
• Heavy Commercial Vehicle
• Light and Medium Commercial Vehicle
• Others

Market Breakup by Sales Channel

• OEM
• Aftermarket

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global United States tire market. Some of the major players explored in the report by Expert Market Research are as follows:

• Bridgestone Corporation
• Michelin Group
• Continental AG
• Pirelli & C. S.p.A
• Goodyear Tire & Rubber Company
• Yokohama Rubber Co., Ltd.
• Hankook Tire & Technology Co., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Giti Tire Pte Ltd.
• Toyo Tire Corp.
• Others

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.