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North America Tire market is forecast to cross USD 90 billion by 2025, on an account of rising sales of automobiles and expanding vehicle fleet. Growth in the construction industry and increasing number of infrastructure projects on an account of infrastructure renovation measures in the United States are some of the factors that are expected to positively influence the demand for tires in North America.
Large and widespread network of distributors and dealers of the tires manufactured by the leading players are also expected to push the demand for tires in North America. Higher per capita income level and discretionary income in the region when compared to other countries, large vehicle fleet, expanding logistics sector and increasing vehicle sales and production in the region are leading to a considerable growth in the demand for automotive tires in the countries of United States, Canada and Mexico.
According to MarkNtel Advisors’ research report titled “North America Tire Market Analysis, 2020”, increase in demand for low resistance tires with enhanced fuel efficiency and high focus on technical innovations to cater to the growing demand for advanced tires in the customer segment is driving the demand for passenger car vehicles in the region. Thus, the demand for ultra-high-performance tires has witnessed a robust growth in the historical period due to their ability to enhance the speed of the vehicle and provide smooth drive experience on rough terrains sand travelling long distances than other tires. Key international tire manufacturers operating in the North American market are Michelin North America Inc., The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Continental Tire the Americas LLC, Pirelli & C. S.p.A., Hankook Tire Company Limited, Kumho Tire U.S.A. Inc., Bridgestone Americas Inc., Toyo Tire Corporation, and Yokohama Tire Corporation.
Moreover, high demand for passenger cars, growing logistics sector, and increasing demand for light weight vehicles are positively influencing the demand for tires in the region. Further, government intervention, regulations, and private labelling initiatives are also expected to propel the demand for tires in North America during the forecast period.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report North America Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of Unit sold (Million Units).
Q. What would be the growth rate or CAGR of North America Tire Market during 2020-25?
A. The market size of North America Tire Market during 2020-25 is forecast to be around XX%.
Q. Who are the key competitors or players operating in North America Tire Market?
A. Michelin North America Inc., The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Continental Tire the Americas LLC, Pirelli & C. S.p.A., Hankook Tire Company Limited, Kumho Tire U.S.A. Inc., Bridgestone Americas Inc., Toyo Tire Corporation, and Yokohama Tire Corporation and few others are the leading players in the North America Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in North America Tire Market?
A. The passenger car vehicle segment holds the lion’s share in the North American tire market, followed by the light commercial vehicles market.
Q. Which Tire type segment would emerge as an opportunity area for players in North America Tire Market?
A. The industry is undergoing an overhaul with radial tires. The pace of radialisation is higher in passenger car tire market, while LCV and MHCV segment registering a steady growth.
Q. Which sales channel type segment would emerge as an opportunity area for players in North America Tire Market?
A. Large and widespread network of distributors and dealers of the tires manufactured by the leading players are also expected to push the demand for tires in North America.
