North America Tire Market Research Report Forecast: (2022-2027)

Market Definition

North America, amongst the prominent industries for automobiles & tires, holds immense growth potential for automakers & tire manufacturers. Their active participation in the industry has led to various new launches of vehicle models & tires in recent years. Based on these aspects, the coming years are projected to be highly profitable for the tire industry across North America.

Market Insights

The North America Tire Market is projected to grow at a CAGR of around 4.2% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven principally by the swiftly increasing vehicle fleet, owing to the growing private vehicle ownership as a result of changing living standards & improving economic conditions of North Americans.

Besides, the growing awareness about the importance & benefits of timely inspection & maintenance of vehicles & tires is further generating growth opportunities for the leading players in the market to expand their product portfolio and offer lucrative tire replacement deals to customers. 

Moreover, an increasing number of construction projects in line with burgeoning infrastructural developments is surging the demand for heavy vehicles & construction equipment and, in turn, is infusing the production & sales of tires across the region. 

Furthermore, various efforts by governments of different countries in North America toward encouraging the adoption of Electric Vehicles (EVs) to address environmental issues & curb carbon emissions are displaying a growing number of vehicles in the region. As a result, the leading tire manufacturers are actively working on upgrading their product offerings to suffice the requirements of EVs, which is another crucial aspect expected to drive the market through 2027.