United States Tire Market Trend Analysis, Research Report 2022-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States tire market was worth USD 63.8 billion in the year 2021. According to the study, the market is estimated to grow at a CAGR of 6.8%, earning revenue of around USD 99.6 billion by the end of 2028. The growth of the United States tire market can be attributed to increasing demand for passenger and light vehicles for private and certain commercial uses. Additionally, the expanding manufacturing and production industry is also propelling the demand for medium and heavy-duty vehicles, which is anticipated to fuel the demand for tires across the USA during the forecast period. Furthermore, tire brands in the United States are also focusing on launching innovative products, such as smart tires with sensors, which is estimated to present lucrative growth opportunities to the United States tire market during the forecast period. However, the monopoly of certain tire companies in the country may act as a huge restraining factor for market growth.
Advancements in Tire Technology Driving the United States Tire Market
The tire market in the United States is getting extremely competitive. Therefore, US-based tire brands engage in extensive R&D activities to launch technological advancements and gain a competitive edge. For instance, Goodyear, a leading US-based tire manufacturer, recently announced the demonstration of a tire produced using 70% sustainable-material. With increasing consciousness towards sustainability and lethal implications of micro-plastics, the company is focusing on targeting environment-conscious consumers. Such thoughtful initiatives are anticipated to boost market growth during the forecast period.
Partnerships and Collaborations Between Automobile and Tire Manufacturers Boosting the Overall Market Growth
Many tire brands and auto manufacturers have a partnership that includes being the official tire supplier for specific car models. Such strategies are adopted to ensure a smooth supply of components during automobile manufacturing, along with ensuring quality. In addition, many tire manufacturers tailor their products by using raw materials to suit the needs of their automobile partners. These strategies are anticipated to offer lucrative growth opportunities to the United States tire market.
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United States Tire Market - By Distribution Channel
Based on distribution channels, the United States tire market is segmented into online distributors and offline distributors. The offline distributor segment accounted for the largest market share in 2021. The end-users prefer to buy tires from trusted dealers, such as specialty stores of tire brands, which acts as a major driving factor for this segment’s growth. However, the online distributor segment is projected to witness the highest growth rate during the forecast period. The easy accessibility of a wide range of products through online stores, such as Amazon.com and doorstep delivery, is significantly boosting the growth of the online segment.
Impact of COVID-19 on United States Tire Market
The unprecedented COVID-19 pandemic outbreak significantly halted the growth of the United States tire market. In the light of surging COVID-19 pandemic cases, the US government had to impose a strict lockdown to curb the virus spread in the country. The lockdown resulted in restrictions on economic activities, including automobile and tire production. Consequently, the United States tire market had to witness huge losses. The market, however, has begun to recover as lockdown restrictions are lifted and tire brands turn to online sales channels to boost their sales post-COVID-19.
United States Tire Market- Competitive Landscape
The leading players in the United States tire market are Goodyear Tire and Rubber Company, Cooper Tire & Rubber Company, Michelin, Bridgestone Corporation, Continental AG, Hankook Tire & Technology, Pirelli & C. S.p.A., Yokohama Rubber Company, Hoosier Racing Tire, Sumitomo Rubber Industries, Ltd., and other prominent players.
The United States tire market is highly consolidated and concentrated among leading multinational tire brands, such as Pirelli, Goodyear, Hankook, etc. The market players offer a wide range of products for different types of vehicles to grab a larger portion of the market. They also constantly introduce technological advancements into their tires to boost the safety of the vehicle. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the United States hand sanitizer market is estimated to grow at a CAGR of 4.4% during the forecast period of 2022-2028. The United States hand sanitizer market is significantly proliferating at a huge rate because of the increasing prevalence of various infectious diseases and the rising demand for hand sanitizers in hospitals and other healthcare facilities. Furthermore, the increasing demand for diagnostic tests, especially after the COVID-19 outbreak in the country, is also propelling the demand for hand sanitizers to prevent virus transmission. Additionally, with surging demand for hand sanitizers, hand sanitizer manufacturers in the United States are also launching a wide range of products, which is anticipated to present lucrative growth opportunities to the market in the forecast period.
Rising Prevalence of Online Sales Channels Propelling the United States Hand Sanitizer Market
The nationwide lockdown imposed by the US government to mitigate the COVID-19 spread in the United States halted the distribution channels of hand sanitizers. Panic buying during the Coronavirus outbreak resulted in hand sanitizer shortages in supermarkets and hypermarkets which prevented consumers from obtaining these products as easily as before. Therefore, to boost their sales, hand sanitizer brands immediately turned to online channels. Additionally, distributors launched their products on popular consumer goods websites, such as Amazon.com, to increase access to their products in the market, which is anticipated to drive market growth during the forecast period.
Expanding Hand Sanitizer Production is Anticipated to Drive the Market Growth During the Forecast Period
The rising demand for hand sanitizers in the market is also calling for the need of expanding production to meet the domestic demand for these products. The companies are increasingly investing in expanding their production capacities and establishing new plants for production. The rising demand for hand sanitizers in the market is also calling for the need of expanding production to meet the domestic demand for these products. The companies are therefore investing in expanding their production capacities and establishing new plants for production. According to INEOS, the global chemicals giant plans to build two hand sanitizer plants with a total production capacity of 1 million bottles to help address the hand sanitizer shortage. According to analysts, these factors are projected to drive growth in the US hand sanitizer market during the forecast period.
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United States Hand Sanitizer Market - By End-User
According to end-users, the U.S. hand sanitizer market is segmented into hospitals, schools, restaurants, household purposes, and others. According to a recent study, hospitals have accounted for the largest portion of the market due to the developed health infrastructure and the stringent government regulations that govern patient and staff health and hygiene. Furthermore, increasing demand for diagnostic tests and surgical procedures in the country is also estimated to fuel the demand for hand sanitizers in hospitals in the forecast period. On the other hand, the school and restaurant segment are projected to witness the highest CAGR during the forecast period due to the reopening of these facilities amid the coronavirus pandemic.
Impact of COVID-19 on United States Hand Sanitizer Market
The unprecedented COVID-19 outbreak in the country offered lucrative growth opportunities to the United States hand sanitizer market. In order to prevent COVID-19 transmission, hand sanitizers were in high demand in healthcare facilities, such as hospitals and for personal use. However, the market faced huge challenges during the initial period due to panic buying of the products and shortages of hand sanitizers in supermarkets and pharmacies. Despite these challenges, manufacturers have quickly expanded their production capacities, which is expected to proliferate the market growth during the forecast period.
United States Hand Sanitizer Market-Competitive Landscape
The leading players in the United States hand sanitizer market are GOJO Industries, Inc., Vi-Jon, Inc., Edgewell Personal Care, Nice Pak, EO Products, KAS Direct, LLC, 3M, Procter & Gamble, Best Sanitizers, Kutol Products Company, Inc., and other prominent players.
The United States hand sanitizer market is highly fragmented with the presence of leading industry players. New entrants are also getting immense growth opportunities due to the huge demand and supply gap of hand sanitizers in the market. The companies are launching a wide range of products with various odours to attract consumers. Additionally, they are focusing on improving distribution channels and boosting their production penetration through digital platforms. In addition, partnerships, agreements, mergers, joint ventures, etc., are also common in this market.
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