After Market will hold a Major Market Share in the US Tire Market

The US tire market is anticipated to grow with a modest CAGR of 1.9% during the forecast period (2020-2026). As per the OICA (International Organization of Motor Vehicle Manufacturers), the new vehicle sales growth is flat in North America. The major factor for the growth of the market is the increasing average ride per vehicle in the region, technological advancement, and the demand from the aftermarket. 

As per the US Tire Manufacturer Association, the demand for tires in the US from the OEM side was around 58.7 million in 2019. Out of this, around 46.3 million were for passenger cars, 5.9 million for light trucks, and 6.5 million for trucks. Whereas the demand for tires from the aftermarket side was 274 million in 2019. Out of this, 222.6 million were passenger cars, 32.5 million light trucks and 18.9 were trucks. 

Browse the full report description of "US 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/us-tire-market

Due to the COVID-19 pandemic, a steep fall in tire demand is expected in the region. Though, the vehicle fleet is expected to reach more than 287 million in 2020 as compared to 284.5 million in 2019. The demand for tires in the country is expected to fall by around 16.0% on a YoY basis in the country. 

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

• 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?

US 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 

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