BURNABY, Canada, November 9, 2015 /PRNewswire/ --
Expanding automotive fleet, growth in automobile industry, and favorable government policies to propel growth in United States tyre market over the next five years
According to TechSci Research report, "United States Tyre Market Forecast & Opportunities, 2020", tyre market in the United States is forecast to witness a nominal growth during 2015-20. Despite increased taxes, regulatory burdens and capping on the foreign investments, the automobile as well as tyre market will be driven by increasing disposable income resulting in the increasing sales of vehicles and expanding automobile fleet over the next five years. United States is the second largest automobile manufacturer and the largest passenger car manufacturer in the world. Almost all global automobile manufacturers are present in the country, consequently driving the OEM tyre demand in the United States. The big-three passenger car OEMs General Motors, Ford and Chrysler dominate the passenger car production in the country.
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There are 11 major tyre companies operating around 40 tyre manufacturing plants in the US. Bridgestone, Goodyear, Pirelli, Cooper and Continental are the largest tyre players in the US, cumulatively accounting for around two-third of the country's tyre sales in 2014. The strengthening US Dollar along with falling oil and food prices in the country are leaving more money in the consumer's pocket, thereby boosting consumer spending and increasing automobile sales, in turn, driving the tyre market of the country in the coming years. Continuing rise in automobile sales coupled with presence of almost all major global OEMs is expected to boost tyre demand from both OEM & replacement tyre segment in the coming years. Anticipated increase in automobile production and motorisation rate is expected to further augment OEM as well as replacement tyre demand through 2020.
"United States tyre market is replacement driven, with the tyre replacement segment accounting for around 80% of total tyre demand in the country in 2014. Replacement tyre demand will continue to dominate the country's tyre market, however the share of OEM tyre demand is expected to increase during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United States Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of United States tyre market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in United States tyre market.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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