U.S. Automotive Tire Market Report 2021-2030

The U.S. automotive tire market revenue reached $57.9 billion in 2018 and it is predicted to
rise to $75.4 billion by 2024, owing to the booming automotive industry and surging
requirement for tire replacement, because of the growing average lifespan of automobiles, in
the country. According to the estimates of P&S Intelligence, a market research company
based in India, the market will demonstrate a CAGR of 5.4% from 2019 to 2024.
The U.S. is home to several leading automobile and automotive component manufacturing
companies across the world. Out of the country’s total gross domestic product (GDP), around
3.0% was contributed by the automobile industry in 2018. Moreover, with the fall in tariff,
emergence of technologically advanced automobiles, such as electric and autonomous
vehicles, changing preferences of consumers, and growing compliance in manufacturing
processes, the industry is set to prosper even more in the coming years. This will subsequently
push up the demand for automotive tires in the country.
Furthermore, the soaring manufacturing of light commercial vehicles is predicted to create
lucrative growth opportunities for the players operating in the U.S. automotive tire market
in the near future. Additionally, the enactment of strict regulations, growing lifespan of
automobiles, and mushrooming requirement for green tires are propelling the automotive tire
industry in the country. The availability of a skilled workforce, introduction of an open
investment policy, provision of incentives by state and local governments for encouraging
vehicle adoption, and existence of a well-developed infrastructure are also fueling the
advancement of the market.
Depending on vehicle, the market is divided into passenger vehicle, medium and heavy
commercial vehicle, light commercial vehicle, and two-wheeler categories. Out of these, the
passenger vehicle category contributed the highest revenue to the U.S. automotive tire market
in the years gone by. This was because of the high demand for pickup trucks in the country
during the last few years, which massively boosted the sales of the tires used in these vehicles.
Hence, the demand for automotive tires will soar in the U.S. in the coming years, mainly
because of the growing tire replacement rate and increasing deployment of electric vehicles in
the country.
This study covers
Historical and the present size of the U.S. Automotive Tire Market
Major factors driving the market and their impact during the short, medium, and long
terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their
comparative future potential
Potential of on-demand logistics services, so the market players make informed
decisions on the sales of their offerings
Competitive scenario of various market segments across key countries in several
regions for uncovering market opportunities for the stakeholders