According to the latest report by IMARC Group, titled "United States Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the United States tire market is expected to grow at a CAGR of 2.6% during 2022-2027. A tire is a ring-like component that is widely used in the manufacturing of various types of vehicles. It includes a sidewall, bead, body ply, and inner liner that are molded together in order to provide smooth traction between the wheel and the surface. Its main function is to support the automobile weight and transmit braking or traction force to the road surface. Apart from this, it is also designed to absorb road shocks, reduce vibration, and facilitate changing and maintaining the direction of travel while offering enhanced comfort to the driver.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
United States Tire Market Trends:
The market in the United States is primarily driven by significant growth in the automotive sector. Along with this, continual technological advancements in the sector are creating a positive outlook for the market. For instance, the widespread integration of sensors in tires to measure the temperature and tread depth as well as to provide real-time alerts is propelling the market growth. Moreover, increasing investments by major players in product innovations, such as the launch of air-free, self-inflating and self-sealing tires in the market, is providing a boost to the market growth. Furthermore, the widespread preference for electric vehicles (EVs) across the country due to the rising environmental concerns among the masses is positively influencing the market growth. Some of the other factors contributing to the market growth include the widespread prominence of fuel-efficient tire technology across the country and extensive research and development (R&D) activities conducted by key players to introduce improved product variants in the market.
- On the basis of the design, the market has been bifurcated into radial and bias.
- Based on the end-use, the market has been classified into OEM and replacement.
- On the basis of the vehicle type, the market has been categorized into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers and off-the-road (OTR).
- Based on the distribution channel, the market has been segmented into offline and online.
- On the basis of the season, the market has been segregated into all season tires, winter tires and summer tires.
- Based on the region, the market has been divided into Northeast, Midwest, South and West.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players.
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