North America Tire Market Outlook
The North America tire market reached a volume of approximately 399.87 million units in 2023. It is anticipated to expand at a CAGR of 2.6% from 2024 to 2032, culminating in a total volume of 506.74 million units by the end of 2032
Key Takeaways:
- In 2021, the US made 9,157 thousand vehicles, per the Bureau of Transportation Statistics, spurring tire market expansion.
- Canada's auto production, valued at US$74,598 million by Statistics Canada, contributes significantly to the industry.
- The US spent $94,438 million on vehicle parts and accessories in 2021, according to the Bureau of Transportation Statistics.
Based on type, tubeless tire holds a significant North America tire market share as it offers distinct benefits regarding velocity, convenience, grip, and protection from punctures.
Tubeless tires reduce the friction between the tire and tube, thereby decreasing rolling resistance compared to folding tires or tubular ones. They enable lower inflation pressure, enhancing comfort, control in critical situations, and bolstering puncture protection, thus lowering the chances of blowouts.
In April 2024, Kumho Tire U.S.A. introduced two new options in its expanding EV tire lineup: the Majesty 9 Solus TA91 EV and the Crugen HP71 EV. These tires featured Kumho Tire’s proprietary K-Silent technology, aimed at reducing cabin noise and enhancing comfort, with added all-weather performance.
Tubed tires consist of an inner tube filled with air, positioned between the rim and tire. The tube's valve connects to the rim hole for tire inflation. Additionally, it helps maintain the tire's shape and, importantly, provides support for the vehicle's weight, ensuring stability. According to the World Integrated Trade Solutions (WITS), there was a 19.72% compound annual growth rate (CAGR) for U.S. imports of bicycle inner tubes from 2019 to 2022.
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Market Segmentation
North America Tire Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Design
Market Breakup by Type
Market Breakup by Season
Market Breakup by Vehicle Type
- Two-Wheeler and Three-Wheeler
- Light and Medium Commercial Vehicle
Market Breakup by Sales Channel
Market Breakup by Country
The North America tire market key players are Bridgestone Corporation, Michelin Group, Sumitomo Rubber Industries, Ltd., Continental AG, Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A, Yokohama Rubber Co., Ltd., Toyo Tire Corporation, NEXEN TIRE Co., Ltd., and The Goodyear Tire & Rubber Company among others.
Key Highlights of the Report
REPORT FEATURES |
DETAILS |
Base Year |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- Design
- Type
- Season
- Vehicle Type
- Sales Channel
- Region
|
Breakup by Design |
|
Breakup by Type |
|
Breakup by Season |
- Winter Tire
- Summer Tire
- All Season Tire
|
Breakup by Vehicle Type |
- Two-Wheeler and Three-Wheeler
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light and Medium Commercial Vehicle
|
Breakup by Sales Channel |
|
Breakup by Region |
- United States of America
- Canada
|
Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
Companies Covered |
- 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
|
Key Questions Answered in the Report:
1. What was the market volume in 2023?
The market was volume of 399.87 million units in 2023.
2. What is the growth rate of the North America tire market?
The market is projected to grow at a CAGR of 2.6% between 2024 and 2032.
3. What is the market forecast for 2024-2032?
The market is projected to experience robust growth from 2024 to 2032, with expectations to achieve a volume of 506.74 million units by 2032.
4. What is the breakup of the market based on the design?
The tire market is categorised according to design, which includes radial and bias.
5. Who are the key players in the North America tire industry, according to the report?
The key players are Bridgestone Corporation, Michelin Group, Sumitomo Rubber Industries, Ltd., Continental AG, Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A, Yokohama Rubber Co., Ltd., Toyo Tire Corporation, NEXEN TIRE Co., Ltd., and The Goodyear Tire & Rubber Company among others.
6. What is the breakup of the market according to the sales channel?
The market is divided into OEM and aftermarket based on the price range.
7. What is the market breakup by region?
The market is broken down into the United States of America and Canada.
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