Over $75 Million Revenue Expected in U.S. Automotive Tire Market

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What helps a vehicle move smoothly on the road? It is not the engine, the shock absorbers, or the tightly welded/bolted metal frame; it is actually the humble tire! With continuous driving, the tire experiences significant wear and tear, just like any other component of an automobile. Another reason for the high demand for these components is the rising average age of vehicles. With automobiles being used for longer periods than before, the tire replacement rate is also going up. For instance, in the U.S., an automobile was driven for around 10.2 years on an average in 2010, but by 2018, the average age of vehicles had risen to 11.5 years.


The key reasons behind this has been the fierce competition in the auto sector, which is impelling vehicle manufacturers to offer better and more-durable automobiles to customers. In addition, several stringent government regulations have also been implemented in this regard in the country. Owing to all these factors, the U.S. automotive tire market is projected to grow from $57.9 billion in 2018, at a 5.4% CAGR during 2019–2024, to $75.4 billion by 2024. To further dominate the competition, tire producers are bringing about technological advancements in these products.

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For instance, tires with stronger grip, for better safety; lower rolling resistance, for a smoother ride; and less wear and tear, for higher durability are being produced in the country. Similarly, ultra-high-performance tires, which can sustain a speed of up to 299 kmph, compared to high-performance tires, which have a maximum speed of 270 kmph, have also been developed. In addition, tires especially designed for sport utility vehicles (SUV) and other off-road automobiles are also becoming increasingly popular, as they are more durable than other types.

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However, the most important reason for the growing demand for tires is the expanding automotive industry. Several local automakers and those from Asia and Europe have manufacturing plants here, making the country one of the largest automobile producers on earth. Moreover, the government policies related to vehicle security are quite strict here, which leads to a high demand for better-quality tires by customers, be it for a new automobile or as replacements. Similarly, green tires are high in demand, owing to the large contribution of the transport sector in the total greenhouse gas emissions in the nation.


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