United States Tire Market Report and Forecast 2024-2032

United States Tire Market Size

The United States tire market was around 364.63 million units in the year 2023. The market is estimated to grow at a CAGR of 2.7% between 2024 and 2032, reaching a volume of nearly 463.57 million units by 2032.

Key Trends in the Market

A tire is a circular-shaped structure that surrounds a wheel's rim. Its main function is to bear a vehicle's weight from the axle through the wheel and onto the ground, creating friction and providing traction. By doing so, it enables the vehicle to perform optimally, including starting, stopping, turning, and handling various road conditions.

• The United States tire market demand is being driven by the growing automotive industry. The USA manufactured 1.75 million cars in 2022, according to the International Organisation of Motor Vehicle Manufacturers.

• The growing demand for electric vehicles, buoyed by the introduction of favourable government policies, is driving the United States tire market growth. Government policies to incentivise EV adoption through measures such as tax credits, rebates, grants, and production requirements for automakers and improve technology are also aiding the market expansion.

• Further, increasing technological developments and investments are driving the United States tire market expansion. The use of virtual prototyping techniques by key players to reduce the time taken for testing tires and minimise the environmental impact of tire production is also fuelling the market growth.

United States Tire Industry Segmentation

Based on the design, the market can be divided into radial and bias. Based on type, it is divided into tube tire and tubeless tire. By season, the market is segregated into winter tire, summer tire, and all-season tire. Based on vehicle type, the market is divided into two-wheeler and three-wheeler, passenger vehicle, heavy commercial vehicle, and light and medium commercial vehicle, among others.

Based on sales channel, the market is bifurcated into OEM and aftermarket. The major regional markets of tire in the United States includes New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States tire market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Hankook Tire & Technology Co., Ltd.

• Sumitomo Rubber Industries, Ltd.

• Goodyear Tire & Rubber Company

• Yokohama Rubber Co., Ltd.

• Bridgestone Corporation

• Pirelli & C. S.p.A

• Giti Tire Pte Ltd.

• Toyo Tire Corp.

• Michelin Group

• Continental AG

• Others

United States Tire Market Share by Vehicle Type

As per the United States tire market analysis, passenger vehicles hold a notable share of the market. According to the International Organisation of Motor Vehicle Manufacturers, the United States accounted for 2.9 million registrations or sales of new passenger cars vehicles in 2022. With the increasing popularity of electric and autonomous passenger vehicles, there is a growing demand for innovative tires that can increase the battery ranges of EVs and offer energy-efficient, smooth, and low-impact ride.

United States Tire Market Share by Season

All-season tires hold a significant portion of the United States tire market share. As all-season tires combine the characteristics of summer and winter tyres, they are designed for all weather conditions. They also offer good grip and round-the-year performance.

Drivers in moderate climates benefit most from the all-season tires, especially those who do not frequently face extreme winter conditions like snow, ice, and cold. With the advancements in technology and continuous improvement of rubber compounds, all-season tires have gained popularity in recent years.

Competitive Landscape

Bridgestone Corporation is a global leader providing sustainable mobility and advanced solutions. The company was founded in 1900. It has more than 50 production facilities and 55,000 employees, globally. Business units of Bridgestone Corporation include Bridgestone Retail Operations, Bandag, Firestone Building Products and Firestone Industrial Products.

Michelin Group is the leading tire company that is headquartered in Clermont-Ferrand, France. It manufactures and markets tires and services for every type of vehicle, including aeroplanes, automobiles, motorcycles, earthmovers, farm equipment, and trucks. The company has a presence in 170 countries, with 111,200 employees boast 67 production plants in 17 different countries.

Continental AG develops pioneering technologies and services for sustainable and connected mobility. It was founded in 1871. It currently employs around 200,000 people in 57 countries, globally. The company is segmented into three segments, namely automotive, tire, and Industrial solutions (ContiTech).

Other United States tire market players include Pirelli & C. S.p.A, Tire Pte Ltd., Goodyear Tire & Rubber Company, Yokohama Tire Corporation, Toyo Tire Corp., Hankook Tire & Technology Co., Ltd., and Sumitomo Rubber Industries, Ltd., among others.

Key Highlights of the Report