North America Tire Market Share Will Hit 455.0 Million Units By 2028 | Growth With Recent Trends & Demand

According to IMARC Group, the North America tire market size reached 385.5 Million Units in 2022. Looking forward, the market is expected to reach 455.0 Million Units by 2028, exhibiting a growth rate (CAGR) of 3% during 2023-2028.

Factors Affecting the Growth of the North America Tire Industry:

• Increasing Vehicle Ownership and Usage:

The tire market in North America is expanding, driven by increasing vehicle ownership and usage. As more individuals and families acquire vehicles, the demand for tires is rising. This trend is particularly evident in suburban and rural areas where public transport is less accessible, making personal vehicles a necessity. Additionally, the growing trend of long-distance travel and road trips in countries like the United States and Canada is leading to higher wear and tear of tires, subsequently increasing the demand for tire replacements. This consistent growth in vehicle usage is boosting tire sales, which, in turn, is encouraging tire manufacturers to expand their product range.

• Advancements in Tire Technology:

Technological advancements in tire manufacturing are continuously reshaping the North America tire market. The integration of new technologies, such as improved rubber compounds, advanced tread patterns, and reinforced sidewalls, is enhancing tire performance, durability, and safety. These innovations are particularly important in regions with extreme weather conditions, where tire performance is critical. Moreover, the development of eco-friendly tires, which use sustainable materials and reduce fuel consumption, is gaining traction among environmentally conscious consumers. This technological evolution is attracting a tech-savvy consumer base as well as setting new standards in tire manufacturing.

• Regulatory and Safety Standards:

The tire market in North America is influenced by stringent regulatory and safety standards. Governments are implementing regulations that require tires to meet specific safety, efficiency, and environmental standards. These regulations are prompting tire manufacturers to invest in research and development to create products that comply with these standards. Additionally, consumer awareness about tire safety and its impact on driving experience and vehicle efficiency is leading to a demand for high-quality tires. This focus on safety and compliance is ensuring consumer protection and driving innovation and quality improvement in the tire industry.

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North America Tire Market Report Segmentation:

The report is organized into distinct sections as follows:

Breakup by Segment:

• OEM Market
• Replacement Market

By segment, replacement tires represented the largest segment due to the regular need for tire changes and maintenance in vehicles.

Breakup by Application:

• Passenger Car/ Light Truck
• Commercial Tires (Trucks)
• Commercial Tires (Off- Highway)

By application, passenger car/light truck represented the largest segment owing to the high number of personal vehicles and the predominant use of cars for commuting in North America.

Breakup by Country:

• United States
• Canada

Country wise, the United States emerged as the largest market on account of its vast automotive market, high vehicle ownership rates, and extensive road infrastructure.

North America Tire Market Trends:

The growing emphasis on vehicle safety and performance is one of the primary drivers accelerating the growth of the North America tire market. Moreover, manufacturers are capitalizing on this increased focus to develop targeted marketing strategies that appeal to safety-conscious consumers.

In addition to this, the importance of research and innovation in tire technology is key in creating products that cater to specific vehicle needs and driving conditions, fostering consumer trust and loyalty. Furthermore, the versatility of tires, with applications in various types of vehicles, addresses the diverse transportation and performance needs of consumers, thereby promoting the expansion of the North America tire market.

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Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Media Contact:

Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
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Country: United States
Website: https://www.imarcgroup.com

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.