US Tire Market - Forecast(2020 - 2025)
The trade value of rubber tires imported by the US from China alone was $565,000 in 2018, and the value had witnessed a remarkable 255% growth between 2014 and 2018, according to the International Trade Center (ITC). Furthermore, countries such Germany, Japan, and Thailand were also substantial contributors to the import value of rubber tires by the U.S. The rising import of rubber tires in the U.S. is evidence of the growing U.S. tire market that had observed a gainful valuation of $38.65 billion in 2018. The demand for tires in the U.S. is poised to grow at a compound annual growth rate of 2.12% during the forecast period 2019-2025. US Tire Market Outlook: The key application segment of the US tire market is found to be the commercial vehicles segment, which includes trucks, buses, company cars, and other vehicles. According to the International Organization of Motor Vehicles Manufacturers (OICA), in 2018, 8,518,734 commercial vehicles were manufactured with a 1.1% year on year incr...