USA Passenger Car Tyres Market: Accelerating Towards a High-CAGR Future

The USA Passenger Car Tires Market is expected to grow at a high CAGR during the forecasting period 2023-2030. The standard Passenger Cars segment holds the tire market's major share due to the increase in new models' launches.

Luxury Passenger Car demand will witness considerable growth mainly due to the growth of the replacement market. The replacement tires in the end-users dominate the passenger car tires market in the USA.

With the rising middle class and upper-middle class, passenger cars' demand increases, leading to growth in the passenger car tires market. Radial tires hold the highest market share in USA Passenger Car Tyres Market, followed by Biastir tires.

Replacement/Aftermarket is the fastest-growing end-user owing to the high replacement of tires in the country. Improper roads, an increasing number of accidents, and rash driving lead to the early replacement of tires from the standard hour's usage. Tire replacement owing to racing on streets and other sports activities also increases the demand for fresh replacements.

A Comprehensive Market Analysis:

USA Passenger Car Tyres Market Dynamics:

• Customers in the USA prioritize driving experience and performance in a luxury vehicle above interior design and powertrain when purchasing a vehicle. The exterior design of a premium automobile is not as important a consideration.
• However, sales of luxury cars are drastically declining; this trend began in 2019 and continues in 2020. According to Goodcarbadcar, overall sales in 2019 decreased by almost 30% from 2018. Due to the Pandemic crisis in 2020, which severely hurt sales of both tires and passenger automobiles in the nation, the situation deteriorated. The nation remained under lockdown for more than a month, and even after the country was released, sales of passenger cars especially luxury vehicles remained low.
• Despite the drop in luxury automobile sales, certain models, such as the Audi A8, BMW 7-series, Kia K900, and Genesis G90, have outperformed others due to convenience and performance, which are important considerations for American consumers when purchasing a premium vehicle. Some models, like the Lexus LS, whose sales decreased by more than 40% in 2019 owing to convenience factors, are less popular.
• Most luxury automobile manufacturers provide a wide range of customization options, depending on the buyer's preferences and financial constraints. Tires are included in personalization, and there are thousands of designs available, many of which have unique lighting elements. This raises the demand for tires in the country.

Recent Developments

• In 2023, Kumho Tire U.S.A. Inc has announced that it is going to open a distribution warehouse of around 350000 sq. ft. which will be capable of handling about 5 million passenger and light truck tires a year.

To better understand the USA Passenger Car Tires market, its opportunities, and challenges, we invite you to request a sample report from DataM Intelligence. This comprehensive report will provide valuable insights into the market dynamics, helping business decision-makers, investors, CXOs, and R&D professionals make informed decisions in this rapidly evolving industry.

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