NEW YORK, Nov. 17, 2016 /PRNewswire/ -- United States has one of the largest automotive tire market, and also the second largest automobile market across the globe. A slow increase in the market was witnessed during 2012, which was neglected due to increment in the sales of automobiles during 2013-2015. Increasing automobile sales paired with increasing vehicle fleet are expected to drive the country's tire industry through 2021. Moreover, growth in the country's tire industry is backed by increasing sales volume of different vehicle segments, which is resulting in expansion of replacement automotive fleet in the US. The country's automobile sales, comprising passenger cars and commercial vehicles, grew from around 13 million in 2011 to about 17.47 million units in 2015. Additionally, gross national income of the country increased from US$50,450 in 2011 to US$54,960 in 2015, as per the data released by World Bank. The above drafted factors were identified to be few of the prominent reasons for the robust sales of vehicles in the country during 2011-2015, which consequently boosted demand for tires in the country over the last five years.
According to the TechSci Research report, "United States Tire Market Forecast and Opportunities, 2021'', demand for tires in the United States is forecast to grow at a CAGR of over 5%, in volume terms, during 2016-2021. The vehicle fleet of the country is dominated by passenger car segment, followed by light commercial vehicles, medium and heavy commercial vehicles, off-the-Road (OTR) vehicles and two-wheeler segment. As a result, the passenger car tire segment held the largest volume share in the country's tire market in 2015, and its dominance is anticipated to continue during the forecast period as well. Leading global tire companies operating in the United States include Bridgestone, Goodyear, Michelin, Cooper, Continental, Sumitomo, Hankook, Yokohama, etc. The report also portrays huge potential of tire market in Southeast and Midwest regions of the country. The vast demand for tires from these regions can mainly be imputed to the large automobile fleet size, high population density coupled with the rapid urbanization in the area. "United States Tire Market Forecast and Opportunities, 2021'' report elaborates following aspects of tire market in the United States:
- US Tire Market Size, Share & Forecast
- Segmental Analysis – By Vehicle Type (Passenger Car, Medium and Heavy Commercial Vehicles, Light Commercial Vehicles, Off-The-Road (OTR) & Two-Wheeler Tires); By Demand Category (OEM Vs Replacement) and By Online Vs Offline Sales Channel
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of US tire market
- To identify the on-going trends and anticipated growth in the next five years
- To help industry consultants, tire companies and other stakeholders align their market-centric strategies
- To obtain research based business decisions and add weight to presentations and marketing materials
- To gain competitive knowledge of leading market players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based upon both primary and secondary research. Primary research includes interviews with vehicle manufactures, tire companies, distributors and industry experts. Secondary research includes an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Read the full report: http://www.reportlinker.com/p04344812-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: email@example.com
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/united-states-tire-market-forecast--opportunities-2021-300365675.html