US Tire Market Size, Share Analysis and Growth Forecast to 2024

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The U.S. automotive tire market is witnessing growth due to the prospering automotive industry and high demand for tire replacement due to the improving average age of vehicles. From $57.9 billion in 2018, the market is expected to garner $75.4 billion by 2024, registering a 5.4% CAGR during the forecast period (2019–2024). A circular component that goes around the wheel and contains compressed air, which helps in transferring the load of the vehicle from the axle to the ground, is referred to as a tire.

Low-rolling-resistance tires that are more fuel-efficient than conventional tires are trending in the U.S. automotive tire market. Additionally, they also provide enhanced durability and have a better grip for increased safety. Technological advancements have not only led to improvements in vehicles, thereby leading to their high demand, but they have also influenced the tires, which are now being made for improved functionality. For instance, innovation by market players in this field have led to the development of ultra-high-performance tires that are highly reliable and perform well at high speeds and on rough terrains.



The segments of the US tire market are end use, vehicle, type, and design. The bifurcations of the design segment are bias and radial. In 2018, the larger market sales volume share was held by radial tires, and during the forecast period, the market is expected to continue to be dominated by them. This can be attributed to the advantages of radial tires such as their sturdy construction and better durability than bias tires. Further, they offer a smoother ride experience, therefore are in high demand.



The growing focus on electric vehicles is opening up new avenues for tire manufacturers in the country. These vehicles have lower performance in terms of range, compared to conventional vehicles. Original equipment manufacturers are working toward improving the range and performance of these vehicles by researching in various domains, one of them being tire design. Tire manufacturers are coming with lightweight products that offer increased low-rolling resistance and endurance and emit less carbon. For instance, the Michelin Energy E-V tires were manufactured by Michelin in 2018, exclusively for electric vehicles.



Explore Full Report Description At@ https://www.psmarketresearch.com/market-analysis/u-s-automotive-tire-market

Therefore, the market for automotive tires in the U.S. is slated to experience significant growth in the forecast period due to the rising popularity of e-vehicles as well as longevity of vehicles.

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