The North America tire market is anticipated to grow at a modest CAGR of 2.0% during the forecast period. The rising demand for high-performance tires and innovation in tire technology is the major factor for the growth of the tire market in the region. The region is one of the major automotive markets with a sale of around 19.5 million vehicles in 2019. However, there is a flat growth in vehicle sales from a couple of years, which is a major challenger for the industry. Though, the region has a well-developed aftermarket. As per the US Bureau of Transportation Statistics, 284.5 million vehicles were registered (on-road) in the US in 2019 as compared to 248.7 million in 2012, these are further estimated to reach 287.3 million in 2020. The tire needs to change at a regular time interval which offers significant market growth to the industry during the forecast period.
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The North American Tire market is segmented on the basis of vehicle type, road application, construction, tire type, and sales channel. By vehicle type, passenger cars are expected to have a major market share with a considerable growth rate. On the basis of road applications, all-season tires will maintain a substantial market share. Moreover, by sales channel, the aftermarket segment is expected to maintain a significant market share during the forecast period. Besides, the market is segmented based on geography into the US and Canada. The US holds a majority market share in the region.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
North America Tire Market Report Segment
By Vehicle Type
- Passenger Cars
- Light & Medium Commercial Vehicle
- Heavy Commercial Vehicle
- Two-Wheeler
- Other (Construction, Agricultural, Customized Sports)
By Road Application
- All-Season Tire
- Summer Tire
- Winter Tire
- Other
By Construction
- Radial Tire
- Bias Ply Tire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
- OEM
- Aftermarket
North America Tire Market Report Segment- By Geography
- United States
- Canada
The Report Covers
- Comprehensive research methodology of the North American Tire market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the North American Tire industry.
- Insights about market determinants which are stimulating the North American Tire market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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