The market is evaluated to be selling 587.86 Million tyres annually as of 2020 and is expected to grow to USD 103.48 Billion in size by the year 2026.
In order to assess and study the regional trends and patterns in the North America tyre market, the research has been approached by looking at the market through appropriate segments and classification. The segments that aided in the comprehensive evaluation of the markets were based on vehicle types, end-use demand, and the demand of tyres on the basis of their construction design.
The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheeler, and other vehicles including bicycles. The categorization on the basis of end-use demand includes demand for replacement tyres and OEM demand for tyres.
Based on design types, the tyre market is segmented as radial tyres and bias-ply tyres. To have a broader understanding of the North America landscape of the tyre market, further segmentation has been made based on countries, and the sales channels through which the products are made available to the distributors and customers.
The North America tyre market is majorly driven by the USA having almost a little more than 85% of the overall market's share. Canada, Mexico combined share a little over 14% of the market leaving a minuscule share for the rest of the North American tyre market. The USA and Canada are more developed economies and have a more saturated tyre market than Mexico.
Mexican tyre market is the fastest growing tyre market in the region, forecasted to register a CAGR little shy of 7% during the forecast period of 2021 to 2026. As the North American region is highly developed economically, where the automotive industry is well penetrated, the radial tyres have one of the highest adoption rates in the region as compared to the rest of the world.
On the basis of vehicle types, it has been observed that the LCV tyres were the most demanded in the region historically from 2015 to 2020. One of the reasons for the higher growth is due to the expansion of urban inter and intra city logistics in the region facilitating small and growing businesses.
ASPECTS COVERED IN THE REPORT
Market Size by Value (2015-2026F)
Market Size by Volume (2015-2026F)
Market Share by Vehicle Type
Market Share by End Use
Market Share by Design
Market Share by Sales Channel
Market Share by Country
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Global Tyre Market Outlook
3.1. Market Size by Value
3.2. Market Size by Volume
3.3. Market Share
3.3.1. By Vehicle Type
3.3.2. By End Use
3.3.3. By Design
3.3.4. By Sales Channels
3.3.5. By Region
3.3.6. By Country
3.3.7. By Company
4. North America Tyre Market Outlook
4.1. Market Size by Value
4.2. Market Size by Volume
4.3. Market Share
4.4. US Tyre Market Outlook
4.5. Canada Tyre Market Outlook
4.6. Mexico Tyre Market Outlook
5. Market Dynamics
5.1. Key Drivers
5.2. Key Challenges
6. Market Trends and Developments
7. Company Profiles
7.3. Cooper Tires
7.4. Goodyear Tyres
7.6. Maxxis International
7.10. Sumitomo Rubber Industries
8. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/wb76kh
View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005350/en/
Laura Wood, Senior Press Manager
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