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Automotive Tire Sales in US Region – U.S. Automotive Tire Market Research Report

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One of the largest automotive markets in the world is that of the U.S. In 2018, the industry contributed 3.0% to the country’s gross domestic production (GDP). Several reasons, such as existence of a large consumer base, presence of a well-developed infrastructure, introduction of an open investment policy, availability of a highly skilled workforce, and provision of local and state incentives for vehicle adoption, are responsible for the steady growth of the automotive industry in the U.S. In addition to this, the country is home to many global automobile and associated component manufacturers. Due to these, the demand for tires in the country is on a considerable rise.

A tire surrounds the wheel’s rim to transfer the vehicle’s load from the axle to the ground and provides traction on the surface traveled over. As per a research conducted by P&S Intelligence, the U.S. automotive tire market reached a value of $57.9 billion in 2018 and is predicted to grow at a CAGR of 5.4% in the coming years. Tires are used by all kinds of vehicles: passenger vehicle, light commercial vehicle, two-wheeler, and medium & heavy commercial vehicles. Among these, the demand for tires was created the most by passenger vehicles due to the increased sales of large pickup trucks in the U.S., in the recent years.

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.

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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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