US Tire Market - Forecast(2021 - 2026)

The trade value of rubber tires imported by the US from China alone was $565,000 in 2018, and the value had witnessed a remarkable 255% growth between 2014 and 2018, according to the International Trade Center (ITC).[1] Furthermore, countries such Germany, Japan, and Thailand were also substantial contributors to the import value of rubber tires by the U.S. The rising import of rubber tires in the U.S. is evidence of the growing U.S. tire market that had observed a gainful valuation of $38.65 billion in 2018. The demand for tires in the U.S. is poised to grow at a compound annual growth rate of 2.12% during the forecast period 2019-2025.

US Tire Market Outlook:

The key application segment of the US tire market is found to be the commercial vehicles segment, which includes trucks, buses, company cars, and other vehicles. According to the International Organization of Motor Vehicles Manufacturers (OICA), in 2018, 8,518,734 commercial vehicles were manufactured with a 1.1% year on year increment in the US.[2] Due to the heavy usage of trucks, buses, and other heavy duty vehicles in the U.S., the commercial vehicles application segment of the U.S. tire market is poised escalate at a CAGR of 2.55% through 2025.

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US Tire Market Growth Drivers:

· The Growth of the US Automotive Industry –

The robust economy of the country enables people to spend on expensive cars, which has led to a discernible growth of the U.S. automotive industry. In 2018, the U.S. automotive market manufactured 2,795,971 cars, according to OICA. The production of cars along with heavy duty vehicles is making up for a lucrative U.S. tire marketplace.

· The Soaring Sales of Electric Vehicles in the US –

The plug-in electric vehicles (EVs) experienced a sales upsurge of 70% from 2017 to 2018 with a total of 5 million electric vehicles worldwide by the end of 2018, according to the findings by the International Council of Clean Transportation (ICCT).[3] Furthermore, the organization has executed a geographical scrutiny of the sales in various countries, and according to the analysis, the US had a substantial share of the global EV sales in 2018. Evidently, the augmented sales attributable to the growing EV market in the US is further boosting the US tire market.

· The Penetration of Autonomous Vehicles in the US –

The rising demand for autonomous vehicles across the globe can be fathomed by the growth of the self-driving trucks, self –driving cars, and semi-autonomous and autonomous vehicles markets. Recently, the National League of Cities executed a survey. The results of the survey indicate that more cities will observe autonomous vehicle pilots across America, and this penetration of autonomous vehicles will play a significant role in further growth of the U.S. tire market.

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US Tire Market Trends –

·    Goodyear Acquires Ventech – In November 2017, the Goodyear Tire & Rubber Company aquired Ventech Systems – a company that provides fully-automated tire inspection technology. The acquisition has been strengthening Goodyear’s position in the U.S. tire market as the organization is now leveraging Ventech’s advanced inspection technology, which is improving the efficiency and providing better products to the customers.

·     Reduced Rolling Resistance to Improve Efficiency – The adoption of fuel-saving products is an emerging trend in many industries including the U.S. tire market. Fuel economy standards such a Corporate Average Fuel Economy (CAFE) in the U.S. has made it imperative for tire manufacturers to reduce the rolling resistance in order to improve fuel efficiency.

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