U.S. Automotive Tire Market Technological Advancements, Evolving Industry Trends and Insights


Posted February 8, 2021 by Rahul_Gautam

Opportunities for the Automotive Tire Market in the United States
 
The U.S. is the second-largest producer of automobiles in the world, turning out 10,880,019 vehicles in 2019, as per Organisation Internationale des Constructeurs d'Automobiles (OICA). Similarly, even more automobiles were sold in the country last year, specifically 17,480,004. This reflects a rather high demand for associated raw materials and auxiliary components, including tires. As per P&S Intelligence, the U.S. automotive tire market valued $57.9 billion in 2018, and it will grow at a 5.4% CAGR during the forecast period (2019–2024), to reach $75.4 billion by 2024.

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The U.S. is the second-largest producer of automobiles in the world, turning out 10,880,019 vehicles in 2019, as per Organisation Internationale des Constructeurs d'Automobiles (OICA). Similarly, even more automobiles were sold in the country last year, specifically 17,480,004. This reflects a rather high demand for associated raw materials and auxiliary components, including tires. As per P&S Intelligence, the U.S. automotive tire market valued $57.9 billion in 2018, and it will grow at a 5.4% CAGR during the forecast period (2019–2024), to reach $75.4 billion by 2024.

Opportunities for tire manufacturers supplying to the U.S. exist in the growing electric vehicle (EV) niche. Being the second-largest carbon emitter in the world, the main contribution coming from the transportation sector, the U.S. is taking concrete steps to augment the share of EVs in the total automobiles on the roads. One of the major concerns regarding EVs is their range, which entirely depends on the energy density of the battery. Hence, in order to augment the EV driving range till the time the batteries become more efficient, tire manufacturers are offering lightweight, high-performance tires.

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Hence, with the rise in automobile sales, the requirement for tires in the U.S. will grow too.
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Issued By Rahul Gautam
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Categories Automotive , Business , Research
Tags 2021 us automotive tire market , us automotive tire market , us automotive tire market 2021 , us automotive tire market report , us automotive tire market share , us automotive tire market size
Last Updated February 8, 2021