Sales of Automotive Tires To Surge in U.S. in Coming Years

The major reasons behind the robust growth of the U.S. automotive tire market are the expansion in the country’s automotive industry and high replacement rate of tires. The latter is itself due to the increasing age of vehicles, as technological advancements and stricter production and passenger safety standards are leading to a better quality of the components and overall automobile. As per the International Energy Agency (IEA), till 2008, the U.S. was the largest automotive market in the world, while since 2008, it has been the second-largest.

Passenger vehicle, two-wheeler, medium and heavy commercial vehicle, and light commercial vehicle are the various categories under the vehicle type segment of the U.S. automotive tire market. Among these, till now, the passenger vehicle category has held the largest share, as the burgeoning sales of pickup trucks have significantly raised the demand for tires in the country. Further, the number of passenger vehicles produced and sold is a lot higher than that of commercial vehicles.

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The bifurcations within the design segment of the market are bias and radial, of which the market was dominated by the radial bifurcation in the past. Radial tires have crisscrossed steel belts and perpendicular polyester plies, which make them sturdier, and, thus, more popular than bias tires. Additionally, the radial variants are more durable than bias tires, and they also offer a smoother ride, which is why automakers, as well as customers, in the country prefer radial tires.

The increasing automobile production is one of the most-important U.S. automotive tire market drivers. In fact, in 2018, the automotive industry contributed 3.0% to the country’s gross domestic product (GDP), which reflects a high demand for tires. With mass automobile production resulting in low vehicle prices and with the increasing demand for electric and autonomous vehicles, the demand for tires in the nation is expected to continue to rise at a healthy rate in the years to come. Additionally, the demand for green tires and higher operational life of automobiles are also rising here.

Additionally, with the Chinese tire production declining, the price of RSS Grade 4 rubber fell by 25% between 2017 and 2018 in India. Backed by low raw material prices and increasing product demand, Indian tire manufacturers, including MRF Ltd., Apollo Tyres Ltd.,and JK Tyre and Industries Ltd., saw a 15–20% jump in their stock value between October 2017 and April 2018. Additionally, India’s share in the total tire imports in the U.S. rose to 17% in FY20 from 15% in FY19, thus reflecting the vast opportunities in the U.S. automotive tire market for Indian firms.

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Therefore, as the U.S.–China trade war intensifies, Indian companies can hope to cater to an increasing demand for tires in the U.S. in the near future.

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This release was published on openPR.