North America Tire Market Size to Surpass 455.0 Million Units by 2028, exhibiting a CAGR of 3%

IMARC Group, a leading market research company, has recently releases report titled “North America Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the North America tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the North America Tire Market?

The North America tire market size reached 385.5 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 455.0 Million Units by 2028, exhibiting a growth rate (CAGR) of 3% during 2023-2028.

What is a Tire?

A tire is a rubber-based component fitted around a wheel’s rim to provide traction and absorb road shocks, essentially serving as the interface between a vehicle and the road surface. Tires are made from a blend of natural and synthetic rubber, fabric, and wire, and they contain a tread and a body. The tread is designed to provide grip, while the body gives structure and shape to the tire. A crucial characteristic of tires is their tread pattern, which varies according to the specific driving conditions they are designed for, such as wet, dry, or off-road conditions. Tread depth is another key feature, as it directly impacts traction and, consequently, vehicle safety. Modern tires often come with wear indicators that help users know when it’s time for a replacement. Load-carrying capacity and speed rating are other vital parameters, usually mentioned on the tire’s sidewall, to guide consumers on the tire’s capabilities.

Tires may also feature specialized technologies such as run-flat capability, which allows a tire to function for a limited distance after getting punctured. Radial tires, characterized by the arrangement of internal ply cords, are the most commonly used type due to their durability and fuel efficiency compared to bias-ply tires. The inflation pressure of a tire, measurable in units like pounds per square inch (PSI) or kilopascals (kPa), is essential for its optimal performance and longevity. Advanced tire technologies are also focusing on smart features, such as sensors that monitor and report tire condition in real-time, contributing to proactive maintenance and enhanced safety.

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What are the Growth Prospects and Trends in the North America Tire Market?

The increasing number of vehicles on the road and a rising emphasis on vehicle safety and performance represents one of the key factors driving the growth of the tire market in North America. Moreover, the demand for more fuel-efficient, durable, and high-performance tires is contributing to the market growth. In addition to this, regulatory agencies are setting rigorous standards for tire manufacturing, thus bolstering consumer confidence and ensuring market reliability. In line with this, advancements in material science and engineering are leading to the development of tires that meet these standards. These innovations are capturing the interest of consumers who are seeking technologically advanced and long-lasting tire options, thereby stimulating market expansion. Besides this, emerging trends in smart tires, equipped with sensors for real-time monitoring of wear and tear, are necessitating the integration of digital technologies for comprehensive vehicle maintenance. This is enhancing the overall performance and safety of driving experiences, thereby propelling the market growth.

Additionally, the awareness of the implications of using substandard or worn-out tires, such as reduced fuel efficiency and increased risk of accidents, serves as a pivotal factor driving the market growth. Furthermore, the move towards sustainability is encouraging the production of eco-friendly tires, made from recycled or bio-based materials, is creating a positive market outlook in North America.

What is Included in Market Segmentation?

The report has categorized the market based on segment, application and country.

Segment Insights:

OEM Market
Replacement Market

Application Insights:

Passenger Car/ Light Truck
Commercial Tires (Trucks)
Commercial Tires (Off- Highway)

Country Insights:

United States
Canada

Competitive Landscape

Competitive Structure
Key Player Profiles

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Key Highlights of The Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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