Expansion of Automobile Sector to Fuel U.S. Automotive Tire Market Growth

The U.S. automotive tire market is set to increase its revenue size to $75.4 billion by 2024 from $57.9 billion in 2018, while demonstrating a 5.4% CAGR between 2019 and 2024 (forecast period). The market growth can be driven by the expansion of automobile industry and high tire replacement rate in the country. Customers in the U.S. are changing their tires frequently due to the increasing average lifespan of vehicles and rising number of road accidents caused due to snowfall during the winter season.


With constant technological advancements in the automobile industry, the average lifespan of automobiles has increased significantly in recent years. Currently, the average lifespan of vehicles in the U.S. ranges between 13 and 17 years. Factors such as strict government regulations and fierce market competition have resulted in the increased lifespan and enhanced reliability of the vehicles in the country. Due to the rising longevity, people are retaining their old vehicles, resulting in frequent replacement of tires in these models in the country.

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Moreover, the growing penetration of vehicles and advancements in technology will drive the U.S. automotive tire market during the forecast period. Due to these factors, the demand for tires with improved grip for increased safety, less wear and tear for enhanced durability, and low-rolling resistance for amplified fuel efficiency will rise in coming years. Thus, to cater to the changing needs of the customers, industry players are primarily focusing on the innovation and development of advanced tires. For example, the introduction of ultra-high-performance tires has magnified the overall speed and reliability of tires. 

Besides, the expansion of automobile sector in the country will fuel the U.S. automotive tire market growth in coming years. With the increasing demand for light commercial vehicles, the demand for automotive tires will soar in future. Moreover, the implementation of open investment policy, availability of skilled labor force, presence of a large consumer base, provision of state and local government incentives for automobile adoption, and existence of a well-developed infrastructure are boosting the automobile industry. 

Furthermore, categories under the type segment of the U.S. automotive tire market include summer, winter, and all-season. Among these, in 2018, the all-season category accounted for the largest share in the market and is expected to continue its dominance during the forecast period. This is due to the widespread adoption of all-season tires throughout the year, irrespective of any season. Moreover, the widening application of these tires has significantly reduced the demand for summer and winter tires in the country.

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Moreover, the largescale adoption of electric vehicles (EVs) is creating lucrative opportunities for players operating in the U.S. automotive tire market. Manufacturers of EVs are incorporating modified, lightweight tires that are especially designed for such vehicles. Besides, the tire manufacturers are utilizing advanced carbon-containing material that provides low-rolling resistance, reduced carbon emissions, and improved endurance. Thus, the increasing adoption of these application-specific tires will help enhance the fuel efficiency of vehicles and offer a smoother riding experience. 

Thus, the improving technologies in the tire industry and the growing automobile industry will propel the market growth during the forecast period.


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