BURNABY, Canada, April 30, 2014 /PRNewswire/ --
Large fleet of approximately 251.5 million passenger cars and commercial vehicles is fueling replacement demand for tyres in the US
The United States automobile market is the second largest automobile market in the world. About 16 major auto manufacturers such as Chrysler Group LLC, General Motors Co. and Ford Motor Co. are currently operating in the country's automobile market. Subsequent to exhibiting sluggish growth due to negative economic scenario over the last few years, the automobile sales in the US are witnessing a revival, which is supporting the growth of tyre sales. In 2012, automobile manufacturers in the country produced more than 10 million vehicles, consequently, fueling the demand for tyres by the OEM segment in the country.
There are around 40 major tyre production plants that are involved in the production of passenger car tyres, commercial vehicle tyres and off-the-road (OTR) tyres in the US. Michelin North America, Inc. has the highest tyre production capacity, followed by Goodyear Tire & Rubber Co., Cooper Tire & Rubber Co., and Bridgestone America, Inc. Presently, southern states dominate in terms of the overall tyre production in the country. Many domestic and foreign tyre manufacturing companies like Bridgestone, Yokohama, Hankook, Michelin, Toyo, etc. are increasingly investing in the southern states of the US.
"With sales of around 7.59 million passenger cars in 2013, the passenger car fleet in the US crossed 125 million mark. This huge car fleet is augmenting the demand for passenger car tyres in the replacement market. Further, the US is one of the largest passenger car exporters in the world. As a result, with growing demand for passenger cars across the globe, the US passenger car exports are also projected to increase in coming years, which would consequently boost the passenger car production, and thereby, the demand for passenger car tyres from the OEM sector.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to "United States Tyre Market Forecast & Opportunities, 2019", the US tyre market is forecast to grow at a CAGR of about 6%, in volume terms, during 2014-19. The growth would be significantly supported by the increasing demand for passenger car tyres, especially utility vehicle tyres and light duty truck tyres. Also, increasing demand for commercial tyres from recovering construction sector, small medium enterprises (SMEs) and mining sector of the country would boost the demand for commercial and OTR vehicle tyres over the next five years.
"United States Tyre Market Forecast and Opportunities, 2019" has evaluated the future growth potential of the US tyre industry and provides statistics and information on market structure, exports and future growth of the country's tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the US tyre industry.
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SOURCE TechSci Research