Tuesday, 22 January 2019

US Tire Market to Reach $ 78 Billion by 2023: TechSci Research


Expanding vehicle fleet and increasing production and sales of passenger cars and LCVs to drive United States tire market through 2023

Tire Market Forecast 2023 in United States

According to TechSci Research report, “United States Tire Market by Vehicle Type, By Demand Category, By Radial Vs Bias, Competition Forecast & Opportunities, 2013 – 2023”, United States tire market is forecast to cross $ 78 billion by 2023 on account of rising sales of automobiles, growing purchasing power of people and expanding vehicle fleet. Moreover, growing construction industry in the country along with high demand for replacement tires is further propelling growth in the country’s tire market. With more than 75% of the volume share in 2017, passenger car tire segment dominated the US tire market, followed by light commercial vehicles, medium & heavy commercial vehicles, OTR vehicles and two-wheelers. The dominance of passenger car segment is backed by high per capita purchasing power in the country and easy availability of passenger cars. However, with increasing infrastructure projects in the country, sales of commercial vehicle tires are also expected to increase, thereby augmenting demand for commercial vehicles tires in the coming years.

Browse 62 market data Figures and 6 Tables spread through 127 Pages and an in-depth TOC on "United States Tire Market" https://www.techsciresearch.com/report/united-states-tire-market/3059.html

In 2017, replacement tire segment dominated US tire market with a volume share of more than 80%. However, OEM tire segment is anticipated to witness higher growth compared to the replacement tire segment during the forecast period. Few of the prominent tire manufacturing companies which have a strong presence in the country include Bridgestone, Cooper, Continental, Michelin and Goodyear. A widespread presence of well-established network of dealers and distributors is expected to push tire sales of these companies in the domestic market during forecast period.

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Among regions, Southeast region comprising Alabama, Florida, Louisiana, Virginia, etc., accounted for the largest share in the United States tire market in 2017, followed by Midwest, West, Northeast and Southwest regions. “Growing demand for radial tires due to various benefits associated with them is expected to positively influence the United States tire market in the coming years. Additionally, consistently rising vehicle sales, coupled with increasing sale of tires through online portals would further steer growth in the country’s tire market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“United States Tire Market by Vehicle Type, By Demand Category, By Radial Vs Bias, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the United States tire market.

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