Foreign Players will Raise the Competitiveness in the North American Tire Market

The North American tire market is anticipated to grow with a modest CAGR of 2.0% during the forecast period (2020-2026). North America is one of the most attractive markets for tire companies. It is due to the US market. The new vehicle sales in the country are flat from some last years. However, the significant demand from the aftermarket is appealing for foreign players. These companies are mostly planning to invest and manufacture tires domestically or increasing their tire manufacturing capacity to reduce the overall manufacturing cost and stay competitive in the regional market. 

The companies that are investing in North American tire industry include Triangle Tires, Nokian Tyres, Sentury Tires, Hankook Tires, Giti Tires, and Kumho Tires. Some of the instances include Triangle Tires plans to invest $580 million for the production of 6 million tires per year, Nokian Tyres plans to invest $360 million for 4 million tires per year, Hankook Tires invested $800 million for manufacturing 5.5 million tires, and so on. 

Browse the full report description of "North America Tire Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Light & Medium Commercial Vehicle, Heavy Commercial Vehicle, Two-Wheeler and Other), By Road Application (All-Season Tire, Summer Tire, Winter Tire and Other), By Construction (Radial Tire and Bias Ply Tire), By Tire Type (Tubeless Tire and Tubbed Tire), By Sales Channel (OEM and Aftermarket) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/north-america-tire-market

There is a possibility, that due to the COVID-19 pandemic and decreased automotive sales, these investments will be postponed however, companies foresee significant growth in the regional market. With the increased production capacity of the new players, these companies are expected to provide a tough market competition to the already well-established players. 

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered- 

o Vehicle Type 

o Road Application 

o Construction 

o Tire Type 

o Sales Channel 

• Countries Covered- 

o US

o Canada

• Competitive Landscape- Bridgestone Corp., Cooper Tire & Rubber Co., Continental AG, Goodyear Tire and Rubber Co., Michelin Group, Pirelli & C. S.p.A.

Key questions addressed by the report

• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected region

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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

To learn more about this report request a free sample copy @  https://www.omrglobal.com/request-sample/north-america-tire-market