According to IMARC Group’s latest report, titled “North America Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the North America tire market reached a volume of 370 Million Units in 2020. Tire refers to a ring-shaped, inflated structure placed around the rim of the metallic wheel to provide smooth acceleration. It is generally manufactured using natural or synthetic rubber, wire, fabric, carbon black, chemical compounds, etc. Tire aids in minimizing the rolling resistance, reducing wear and tear, increasing the performance of the vehicle, enhancing grip for safety, improving mileage and traction, etc. As a result, it finds extensive usage in numerous activities, such as construction, transportation, agriculture, etc.
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The rising demand for automobiles, owing to the outpaced economy, is primarily driving the North America tire market. Apart from this, the elevating usage of agricultural tire for supporting heavy vehicles, absorbing shock, reducing soil compaction, etc., is further catalyzing the market growth. Moreover, the widespread utilization of waste tire in several infrastructural projects, such as in the production of rubber composites and fuel in cement kilns, is positively influencing the product demand across the North America. Besides this, the launch of several favorable policies by government bodies to minimize the instances of road accidents is also augmenting the market growth. Furthermore, numerous technological advancements, such as the integration of energy harvesting and display systems to offer insights and data regarding the performance of the vehicles, are anticipated to fuel the North America tire market over the forecasted period. Looking forward, IMARC Group expects the North America tire market to grow at a CAGR of around 4% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Segmentation:
- Key Regions Analysed
- United States
- Canada
- Analysis for Each Country
- Market by Segment
- OEM Market
- Replacement Market
- Market by Application
- Passenger Car/ Light Truck
- Commercial Tires (Trucks)
- Commercial Tires (Off- Highway)
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- Competitive Landscape
- Competitive Structure
- Key Player Profiles
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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