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Tires - US - November 2015

The tire market is a mix of old and new. While the retail tire market still requires consumers to visit a brick and mortar store, the Internet makes researching both tire brands and repair shops easier than it ever was in the past. Today’s consumer has plenty of options when it comes to both tires and the shops that do the replacement work – and plenty of ways to research those options.

This report looks at the following areas:

  • Consumers need to be prompted on when to change their tires
  • Social media not getting much traction in the tire market

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

          • The issues
            • Consumers need to be prompted on when to change their tires
              • Figure 1: Prompt to replace tires, September 2015
            • Social media not getting much traction in the tire market
              • Figure 2: Attitudes towards most recent tires purchase, September 2015
            • The opportunities
              • Younger consumers are buying tires more often
                • Figure 3: Previous tire purchase, by age, September 2015
              • Aging vehicle fleet adds opportunity
                • Figure 4: Average age of passenger cars and light trucks, 2005-15
              • What it means
              • The Market – What You Need to Know

                • Market will dip, but growth to follow
                  • New cars could spur growth in a few years
                    • New tire innovations could also drive growth
                    • Market Size and Forecast

                      • Historic and projected sales performance
                        • Figure 5: Total US sales and fan chart forecast of replacement tires, at current prices, 2010-20
                        • Figure 6: Total US retail sales and forecast of replacement tires, at current prices, 2010-20
                    • Market Breakdown

                      • Passenger cars rule the road, so passenger-car tires rule the market
                        • Figure 7: Total US retail sales and forecast of replacement tires, by segment, at current prices, 2010-20
                      • Most tires sold via independent retailers
                        • Figure 8: Total US retail sales of replacement tires, by channel at current prices, 2013 and 2015
                    • Market Perspective

                      • Today’s new-car growth brings tomorrow’s tire customers
                      • Market Factors

                        • Growth in the Millennial market could lead to increased spending on tires
                          • Figure 9: Tire purchase plans, by Age, September 2015
                        • Climate change could drive increase in snow tires
                          • Figure 10: Mileage of tire replacement, by Region, September 2015
                      • Key Players – What You Need to Know

                        • Goodyear, Bridgestone, Michelin rule the tire market
                          • Cooper Tires isn’t far behind
                            • Niche brands make up a smaller part of the market
                            • What’s Working?

                              • Goodyear, Bridgestone, Michelin combine marketing with innovation
                              • What’s Struggling?

                                • Small brands don’t have the purchase intent of larger brands
                                • What’s Next?

                                  • Innovations might change the tire game
                                  • The Consumer – What You Need to Know

                                    • Younger buyers are in the tire market
                                      • Consumers need a prompt to change their tires
                                        • Well-known brands high on consumers shopping lists
                                          • Run-flat tires tops for tech
                                          • Timing of Last Tire Purchase

                                            • As consumers drive more, they need tires more often
                                              • Millennials are in the tire market
                                                • Figure 11: Previous tire purchase, September 2015
                                              • Those with higher incomes also shopping for tires sooner
                                                • Figure 12: Tire purchase plans, by demographics, September 2015
                                              • Hispanics more likely to be replacing tires soon
                                                • Figure 13: Tire purchase plans, by Race, September 2015
                                            • Prompt to Replace Tires

                                              • Worn tires are biggest prompt for a change
                                                • Figure 14: Prompt to replace tires, September 2015
                                              • Older buyers more apt to replace their tires when they are worn
                                                • Figure 15: Prompt to replace tires, by demographics, September 2015
                                              • Blacks most apt to change tires when they are worn
                                              • Mileage of Tire Replacement

                                                • Consumers replace tires at 40,000 miles
                                                  • Figure 16: Mileage of tire replacement, September 2015
                                                • Baby Boomers most likely to replace tires at 40,000 miles
                                                  • Men of all ages more likely than women to replace tires at 40,000 miles
                                                    • Figure 17: Mileage of tire replacement, by gender, September 2015
                                                • Attitudes towards Most Recent Tire Purchase

                                                  • When it comes to tire purchases, consumers follow technician recommendations
                                                    • Young buyers listen to the experts
                                                      • Blacks least likely to follow recommendations
                                                        • Figure 18: Attitudes towards most recent tires purchase, September 2015
                                                    • Tire Brands

                                                      • Goodyear, Michelin, Firestone top on consumers’ lists
                                                        • Figure 19: Brands of tires, September 2015
                                                      • Men more interested in Hankook tires than are women
                                                        • Non-Millennials the most interested in Michelin
                                                          • High household incomes also interested in Michelin
                                                          • Tire Feature Interest

                                                            • Run-flat tires draw interest
                                                              • Figure 20: Interest in tire features, September 2015
                                                            • Middle-aged consumers especially interested in run-flat tires
                                                              • Black consumers are interested in run-flat tires, too
                                                                • Figure 21: Interest in tire features, by demographics, September 2015
                                                            • Tire Spending

                                                              • Most consumers are spending at least $250 on tires
                                                                • Figure 22: Consumer Spending On Tires In The Past 12 Months, By Type Of Tires Purchased, October 2014-June 2015
                                                            • Appendix – Data Sources and Abbreviations

                                                              • Data sources
                                                                • Sales data
                                                                  • Fan chart forecast
                                                                    • Consumer survey data
                                                                      • Abbreviations and terms
                                                                        • Abbreviations
                                                                        • Appendix – Consumer

                                                                            • Figure 23: Consumer Spending On Tires In The Past 12 Months, By Type Of Tires Purchased, October 2014-June 2015

                                                                        Companies Covered

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                                                                        Tires - US - November 2015

                                                                        US $3,995.00 (Excl.Tax)