The North America Tire Market is expecting around 4.2% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. With the high disposable income of consumers, the well-developed construction industry, and mounting demand for replacement tires, there's an escalating demand for automobiles across North America, i.e., the prime aspect driving the tire market in the region.
Besides, the rapidly expanding vehicle fleet for agricultural purposes, coupled with technological advancements in automobiles & tires, is also driving the growth of the tire market. Moreover, the increasing number of construction projects, owing to rapid infrastructural developments in the region, is leading to the burgeoning adoption of heavy commercial vehicles & construction equipment, i.e., another crucial aspect projected to fuel the market growth in the coming years, further states the research report, “North America Tire Market Analysis, 2022.”
Increasing Prevalence of Electric Vehicles to Boost the Market
Amongst all Vehicle Types, Passenger cars have dominated the North America Tire Market in the previous few years, and the same trend is very likely during the forecast period. It owes to the accelerating private vehicle ownership across different countries in North America, i.e., leading to the burgeoning tire sales, which, in turn, is flourishing the regional market. Besides, the growing penetration of cabs, taxis, etc., is also contributing to the surging sales of passenger cars across the region.
Moreover, an escalating vehicle fleet for passenger cars and the rising awareness among people about the benefits of timely maintenance & inspection of tires are other crucial aspects projected to stimulate the demand for replacement tires and, as a result, augment the growth of the regional market through 2027.
Furthermore, with the mounting need to address environmental issues and curb carbon emissions, governments of different countries in North America are taking several initiatives to encourage the adoption of Electric Vehicles (EVs), which, in turn, would generate significant growth opportunities for the leading players operating in the regional market during the forecast period, reveals MarkNtel Advisors in their research report, "North America Tire Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the North America Tire Market are Goodyear, Bridgestone, Michelin, Continental, Sumitomo, Hankook, Kumho, Pirelli, Yokohama, and Toyo.
Key Questions Answered in the Research Report: