Passenger Car Tires Market in the US 2015-2019
About Passenger Car Tire
The tire market in the US is one of the largest markets in the world. The US is one of the leading importers of tires and a hub for a large number of vehicle manufacturers.According to the UNECE, in 2011, the US had 403 passenger cars per 1,000 people and 6,561,643 km (4,077,216 miles) of total road network. Also, it had about 126 million passenger cars in use in the same year, which indicates the commercial viability of the automotive industry and the associated markets in the country.The country has mixed weather, which differs from inland northern areas to the coastal areas. A considerable difference in temperature is observed during winters. For instance, the temperature varies in the range of -10 Fahrenheit in North Dakota/central and northern Minnesota to 70 Fahrenheit in central and southern Florida and far southern Texas. This variation in temperature necessitates the need for different types of tires, including winter tires, which are typically advocated for places with temperatures of less than 45 Fahrenheit. Some of the prominent local and multinational tire brands active in the tire market in the country include Michelin, Firestone, Bridgestone, Toyo Tire, Yokohama, Pirelli, Cooper Tires, Goodyear, and Continental Tires.
Technavio's analysts forecast the passenger car tire market in the US to grow at a CAGR of 1.91% over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the passenger car tire market in the US for the period 2015-2019. The forecast and analysis of the market have been done in terms of volume. The market includes the following segments:
Technavio Announces the Publication of its Research Report – Passenger Car Tire Market in the US 2015-2019
Technavio recognizes the following companies as the key players in the passenger car tire market in the US: Bridgestone Americas Tire Operations, Continental Tire North America (formerly General Tire and Rubber), Continental Tire the Americas, Cooper Tire & Rubber, Falken Tire, Giti Tires USA, Goodyear Tire and Rubber, Hankook Tire, Kumho Tire USA, Michelin North America, Nexen Tire America, Nitto Tire USA, Pirelli, Sumitomo Rubber Industries, Toyo Tire USA and Yokohama Tire
Commenting on the report, an analyst from Technavio’s team said: “The tightening of tire disposal laws is seen as a major trend in the market as it gives way to an entire new industry of recycled tires. Scrap tires can be recycled to make asphalt, shoes, ducts, floors, carpets, and even alternative fuels. The US is ranked among the top countries concerned about sustainable consumption. The reason for its high ranking is the combined effort of consumers’ increased awareness and a series of rules to be followed by manufacturers, including those in the tire industry. Recycling tires is mandatory by law and the manufacturers' responsibility.”
According to the report, despite the supply of crude oil being higher than the demand, OPEC, the world's largest oil cartel, has not cut production, which has led to a rapid fall in oil prices. Fuel prices, especially in oil producing countries, such as the US, are at their lowest in years. This fall in fuel prices has led to an increase in on-road and off-road driving. With an increase in the miles being driven, passenger car tires, are expected to wear out sooner, therefore leading to a steady need for the replacement of worn-out tires. With higher demand for replacements, the growth rate of the market is likely rise.
Further, the report states that increase in retreading of tires affecting the replacement tire market.
Bridgestone Americas Tire Operations, Continental Tire North America (formerly General Tire and Rubber), Continental Tire the Americas, Cooper Tire & Rubber, Falken Tire, Giti Tires USA, Goodyear Tire and Rubber, Hankook Tire, Kumho Tire USA, Michelin North America, Nexen Tire America, Nitto Tire USA, Pirelli, Sumitomo Rubber Industries, Toyo Tire USA, Yokohama Tire