The Market value of Tyres sold via Tyre Specialists channel in United States of America attained a value of Euro 5,631.19 Million in 2020
The indicator recorded a historical decline (CAGR) of 6.68% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
The Market value of Tyres sold via Tyre Specialists in the United States of America (2017 - 2025, Euro Million)
Tyres sold via Tyre Specialists in the United States of America
The tires and rubber market consists of the manufacturers’ revenues generated through the sales of both original equipment manufacturer (OEM) and aftermarket tires for passenger cars (Cars), commercial vehicles (Trucks), and motorcycles. The volume represents the number of tires produced for passenger cars, commercial vehicles, and motorcycles.
The value of the US tires & rubber market declined in 2020, a weaker performance as compared with 2019, due to the COVID-19 pandemic. The market is expected to recover in 2021, following a moderate growth trajectory thereafter until the end of the forecast period. The weak economic activity brought about by the COVID-19 pandemic, particularly in the automotive industry, reduced demand in the tires & rubber market in 2020. Additionally, supply chain disruptions and reduced production capacity amid a labor shortage and containment-pandemic measures, also contributed to the market’s weak performance in that year. Demand in the historical period prior to 2020 had significantly grown thanks to high consumer and business confidence and low-interest rates, which was reflected in the growth of the new car and medium & heavy trucks market in recent years.
Category segmentation
Truck aftermarket is the largest segment of the tires & rubber market in the United States, accounting for more than two-thirds of market volume.
Geography segmentation
Asia-Pacific owns the largest share in the global tires & rubber market in terms of capacity. The United States is second in the ranking list.
Competitive landscape
The US tires & rubber market is dominated by huge players such as Bridgestone and Goodyear due to its large size and the high demand for products. While the OEM market is dominated by market leaders, aftermarkets are much more fragmented, which has led to increased competition amongst the leading players. Cooper Tire relies heavily on the US market, while competitors such as Michelin benefit from a wider geographical presence. The leading players have all had to grapple with the impact of the COVID-19 pandemic in recent months, which has hampered their performance.
Who are the leading players?
Bridgestone is one of the largest manufacturers of tires and rubber products in the world and a leading player in the US. The company is primarily engaged in the production of tires and tubes for passenger cars, motorcycles, trucks and buses, construction and mining vehicles, aircraft, and industrial machinery. The company's portfolio includes the key brands Bridgestone, Potenza, Dueler, Ecopia, Turanza, Blizzak, and Battlax.
Cooper Tire & Rubber Company (Cooper Tire)
Cooper Tire is another leading tire manufacturing company in the US. It designs, manufactures, markets, and sells passenger cars and light and medium trucks, motorsport, motorcycle, and racing tires. The company markets its tires under Cooper, Mastercraft, Starfire, Roadmaster Mickey Thompson, Dick Cepek, Dean and Avon brands.
Goodyear Tire & Rubber Company
The Goodyear Tire & Rubber Company (Goodyear) is a manufacturer of tires and related products worldwide. Goodyear products find application in the areas of trucks, automobiles, buses, motorcycles, aviation, farm implements, industrial equipment, earthmoving and mining equipment, and others. The company's portfolio includes the key brands Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, Wrangler, and Remington.
Compagnie Generale des Etablissements Michelin
Compagnie Generale des Etablissements Michelin (Michelin) is a global tire company that manufactures and sells sustainable tires for different types of automotive and non-automotive vehicles such as agricultural equipment, aircraft tires, and bicycles tires.
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