London, 11 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the passenger car tire market in the US 2015-2019, which is expected to grow at a CAGR of 1.91% during the forecast period of 2014-2019.
The passenger car market in the US is growing primarily because of rising sales and increased production of passenger cars, which is propelled by their demand in the US and across the emerging economies. The huge production and sales figures of the automobile industry in the US have significantly contributed to the demand for tires. General Motors, Ford, Toyota, Chrysler, Honda, Hyundai, Nissan, and Volkswagen are among the leading passenger car vendors in the market.
“The tightening of tire disposal laws is seen as a major trend in the market as it gives way to an entire new industry of recycled tires,” says Faisal Ghaus, Vice President of Technavio.
“Scrap tires can be recycled to make asphalt, shoes, ducts, floors, carpets, and even alternative fuels. The US is ranked among the top countries concerned about sustainable consumption.”
Key Market Drivers
- Falling Crude Oil Prices Leading to Increased Miles Driven per Year, thereby Having a Positive Impact on Tire Demand
- Need for Replacement of Old and Damaged Tires Having a Positive Impact on Domestic Tire Market
- Safety Advocacy Pushing Consumers to Monitor the Condition of Tires in Use
Key Market Trends
- Tightening of Tire Disposal Laws
- Increasing Innovations in the Market
- Fall in Rubber Prices
Key Market Vendors
- Bridgestone Americas Tire Operations LLC
- Continental Tire the Americas LLC
- Continental Tire North America (Formally General Tire and Rubber Co.)
- Cooper Tire & Rubber Co.
- Falken Tire Corp.
- Giti Tire USA Ltd.
- Goodyear Tire and Rubber Co.
- Hankook Tire Co. Ltd.
- Kumho Tire USA Inc.
- Michelin North America, Inc.
- Nexen Tire America Inc.
- Nitto Tire USA Inc.
- Pirelli & C. SpA
- Sumitomo Rubber Industries Ltd.
- Toyo Tire USA Corp.
- Yokohama Tire Corp.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
