USA Passenger Car Tyres Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2577 | Last Updated On: Aug 30 2022 | Available Formats

> USA Passenger Car Tyres Market is Expected to reach a high CAGR By 2029: DataM Intelligence

USA Passenger Car Tyres Market is segmented By Construction (Bias Tyres, Radial Tyres), By Application (Luxury Passenger Cars, Standard Passenger Cars, Hatchback, Sedan, XUV, TUV, SUV, Crossover, Others), By Material (Natural Rubber, Synthetic Rubber, Others), By End User (Original Equipment Tyres, Replacement/Aftermarket) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The USA Passenger Car Tires Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

USA Passenger Car Tires Market - Strategic Insights

Metrics

Details

Market CAGR

 High

Segments Covered

By Construction, By Application, By Material, By End User and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The standard Passenger Cars segment holds the tire market's major share due to the increase in new models' launches.

Luxury Passenger Cars' demand will witness considerable growth mainly due to the growth of the replacement market.

The replacement tires in the end-users dominate the passenger car tires market in the USA.

With the rising middle class and upper-middle-class, passenger cars' demand increases, leading to growth in the passenger car tires market.

Radial tires hold the highest market share in USA Passenger Car Tyres Market  followed by Biastir tires.

Replacement/Aftermarket is the fastest-growing end-user owing to the high replacement of tires in the country. Improper roads, an increasing number of accidents, and rash driving lead to the early replacement of tires from the standard hour's usage. Tire replacement owing to racing on streets and other sports activities also increases the demand for fresh replacements.

Market Dynamic

While buying a car, USA customers prefer driving experience and performance in a luxury car as first preference, followed by interior design and powertrain. Exterior design is a less preferred parameter while buying a luxury car.

However, the Luxury car segment is witnessing a heavy drop in car sales; this trend started in 2019 and continued in 2020. As per Goodcarbadcar, total sales in 2019 witnessed a decline of around 30% from 2018. In 2020, the situation worsened due to the Pandemic situation, which crippled passenger cars and tire sales both in the country. For over a month, the country was in lockdown, and even when unlock is initiated in the country, passenger car sales are still low especially luxury passenger cars.

Despite the decline in luxury car sales, some models have over-performed, including Audi A8, BMW 7-series, Kia K900, and Genesis G90, owing to convenience and performance, which are key factors for American customers while buying a luxury car. Some models which are less preferred due to convenience factor such as Lexus LS, whose sales dropped by over 40% in 2019

Most luxury car manufacturers can customize the vehicles to any extent, which depends on the imagination and budget. Tires too form a part of customization where thousand of designs are available and many with specific lighting features, which increases the demand for tires in the country.

Market Segmentation

By Application

The increase in tires' new technology for standard passenger cars is booming the USA passenger car tire market.

For instance, In January 2020, JK Tyres launched its own manufacturing facility under its subsidiary Western Tires INC to produce tires locally for passenger cars. The company was exporting tires for the past 2 decades.

In 2017, Michelin introduced a new airless tire for passenger cars produced through the 3D printer from renewable and bio-sourced materials. The tire also has a connected feature where a tire can be used in different conditions and can be changed or recharged for a different landscape or condition. 

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