According to recent findings, the North America Tire Market is projected to grow at a CAGR of around 4.2% during the forecast period, i.e., 2022-27.
At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market’s promising outlook.
North America Tire Overview:
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.
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North America Tire Segmentation Analysis:
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium and Heavy Commercial Vehicle (M&HCV)
- Two-Wheeler
- Three-Wheeler
- Off Road Tire (OTR)
According to reports, Amongst them all, passenger cars dominated the North America Tire Market with the largest share in the previous few years.
By Demand Category
- OEMs
- Replacement Demand
By Tire Type
- Radial
- Bias
By Sales Channel
- Direct Sales
- Online
- Channel Partners
By Season
- All Season Tires
- Winter
- Summer Tires
By Rim Size
- Up to 12”
- 1” to 15”
- 1” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
By Country
- United States
- Canada
According to reports, Of all countries across North America, the US leads the tire market with the largest share.
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Some of the Market players in the North America Tire are:
- Goodyear
- Bridgestone
- Michelin
- Continental
- Sumitomo
- Hankook
- Kumho
- Pirelli
- Yokohama
- Toyo.
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