Tires and Rims - US - March 2013
“For the first time since World War II, Americans are driving less. While the tire industry is currently benefiting from the release of pent-up demand, the aging population and the subsequent lack of enthusiasm from young people to drive could end up impacting tire sales if these two groups buy less frequently, or not at all. Incorporating more technologies into a tire that allows the product to withstand the elements longer, or informing consumers about “dry rot,” may become more important marketing tools for tire manufacturers over time.”
– Colin Bird, Automotive Analyst
Some questions answered in this report include:
- How can tire makers cope with aging Baby Boomers and apathetic Millennials?
- How will consumers, and the tire industry, react to the expiration of U.S. sanctioned tariffs against Chinese tires?
In this report, Mintel explores the tires and rims market in the U.S., and provides insight into the external and internal factors that influence tire and rim purchases, and trends within the tires and rims market. Mintel also will provide insight into what these various factors mean for future sales, marketing and advertisements, and industry innovations.
The report covers passenger (P-metric) and light truck (LT-metric) tires. Sales of passenger and light truck replacement tires in the U.S. declined slightly in 2012, to $29.8 billion, down from $30.1 billion in 2011. As the economy continues to improve, Mintel expects modest growth in the replacement tire industry.
Major themes throughout this report include: consumer awareness of name brand tires, the importance of origin of tires to consumers (as tariffs against Chinese-made tires are lifted), the importance of tire durability and tread wear warranties, and the importance of emerging features in premium brand tires, such as run-flat technology, tire pressure monitoring, and low-rolling resistance tires. Additionally, Mintel profiles major tire retailers and analyzes tire retail distribution and marketing, including sales of OE fitments, private label brand tires, and name brand tires. This report explores how tire makers and tire retailers can position themselves in a market where Millennials and Baby Boomers are driving less, which will ultimately impact volume growth.
For the purpose of this report, Mintel uses the following definitions:
As defined by this report, the replacement tire market are those sold for passenger cars and light trucks, including all subcompact , compact , midsized, or full-sized sedans, hatchbacks, or convertibles; compact, midsized, or full-sized truck-based SUVs; compact, midsized, or full-sized car-based crossovers; minivans or MPVs; compact, midsized, or full-sized pickup trucks or vans; any type of hybrid electric, electric, or alternatively fueled vehicle; any type of luxury vehicle; any type of classic car; or any variation above, so long as it’s for noncommercial usage. The rim market are rims that are sold as new rims for passenger motor vehicles, the same as defined and outlined for the replacement tire market. This report also excludes the following:
- Used and retreaded tires
- Tires sold for public service vehicles, motorcycles, bicycles, and nontravel-related vehicles including race cars, go-carts, buses, planes, trailers, race cars, golf carts, commercial hauling trucks and vans, and building construction vehicles.
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