US TIRE MARKET
The U.S. Tire market grew by ~3% in 2018 and total U.S. tire sales grew to ~328 Million units and is expected to remain stagnant in 2019 .Although 80% of the market demand is generated from replacement, most tire manufacturers aim to get more OE contracts as it brings more visibility and credibility to the brand. The OE tire market in US is not as profitable as the replacement market but serves and important role in building brand equity.
NEW PRODUCT LAUNCH
Dec 2019– Yokohama unveiled regional-haul trailer tire, the 114R Ultra Wide-Base which has advanced compound, offers cut and chip resistance with low rolling resistance or wear performance
Dec 2019– Hankook tire announced an AI based predictive model which could slash time required to develop tire compounds,by 50%
Oct 2019– Continental unveiled its intelligent steer tires(identify punctures,slow air loss,stone ejectors) for trucks at the North American Commercial Vehicle Show
Sep 2019– Hercules tires launched dedicated winter tire for CUVs and SUVs
Jan 2019– Goodyear,launched its Endurance LHS in mid-2018 and in jan 2019 said that the new tire delivered an increase in wear range of up to 25% when compared to G399A and other steer tire models
MARKET SIZE AND FORECAST
US tire market size across all segments is estimated at $25-$28B per annum.
The growth in Crossovers and SUVs which now command 55% share of new car sales in US will fuel growth in tire sizes.Traditional body-on-frame SUVs have remained relatively stagnant.The car manufacturers have introduced crossovers in all segments. For example, there are compact /subcompact crossovers, performance oriented luxury crossovers and three-row, full-size crossovers.
The market trend will shift from 17 -18 inch wheels at present to growth in 19, 20, 21 inches as more OEMs offer more trim packages with bigger wheel options.There is also a growing demand demand for all-terrain tires which can offer balanced performance on on/off road.
In the replacement market,there is also a growing demand for the all-weather tires, which have more than average mileage expectations and are snowflake certified.We expect tire manufacturers to add new well differentiated CUV and SUV tires in the same size segments to try to attract consumers to their unique offerings.
THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS
- Market Size and Forecast of US tire market (Volume and Value)
- Market Trends,risks, drivers and opportunities in US tire market
- Market share of tire manufacturers in US
- Growth strategy and expansion plans of tire manufacturers in IUS
- Impact of growing online tire sales on US tire market replacement demand