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- US Tires Market Report 2024
Tires are a commodity for many households, given the widespread vehicle ownership and the regular need for tire purchases. Among the different types of tires, all-season options are highly favored by consumers. When shopping for tires, trust in the retailer and sticking to a budget are key factors influencing decisions. Despite the rise of digital shopping, many still prefer the traditional in-person experience, although there is a noticeable shift towards exploring online purchasing avenues. Additionally, there is a growing curiosity and acceptance of technological advancements, such as artificial intelligence, in enhancing tire maintenance, and diagnostics. This evolving landscape presents both challenges and opportunities for consumers and retailers in the tire market.
This report looks at the following areas:
- Consumers’ household vehicle ownership and type
- Annual driving behavior and tire purchase history
- Number of tires purchased, tire type purchased, and ownership awareness
- Past tire purchasing locations, future purchase channels, and important factors
- Tire considerations, knowledge, and attitudes
Sustainability and innovation are redefining tire choices, but trust and affordability remain as important as ever.
Gabe Sanchez, Automotive Analyst
Market Definitions
For the purpose of this Report, Mintel focuses on the replacement tire market, and has used the following definitions:
The consumer tire market include tires 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 (multipurpose vehicle); 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 use.
This Report builds on the analysis presented in Mintel’s Tires – US, 2021 Report. Readers may also be interested in Mintel’s Auto Aftermarket – US, 2024 Report and Mintel’s Auto Maintenance: DIY vs Servicing – US, 2024 Report.
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Executive Summary
- What you need to know
- Market size & forecast
- Market predictions
- What consumers want & why
- What consumers want & why (cont'd)
- Opportunities
- Captivate eco-conscious consumers through sustainability, lifestyle and pop culture
- Restoring Osborn Reef: drive sustainability perceptions
- Gamify tire education
- Journey beyond tires: redefine loyalty with adventure-driven rewards
- Leverage subscription services to bolster loyalty
- Develop geo-targeted applications to provide personalized solutions
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Market Dynamics
- Market context
- Market drivers
- Consumer sentiment rebounds after a number of months on the slide
- Graph 1: consumer sentiment index, 2022-24
- Annual inflation is within range of the Federal Reserve's 2% target rate
- Graph 2: headline CPI and core CPI, 2021-24
- Prices of new and used vehicles remain elevated
- Average age of vehicles on the road continues to increase
- Global price of rubber remains elevated
- Market size and forecast
- Retail sales and forecast of tires
- Consumer spending is expected to increase
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Consumer Insights
- Consumer fast facts
- Vehicle ownership
- Most households have at least one vehicle…
- Graph 3: number of vehicles in household, by age, 2024
- …with continued consolidation…
- Graph 4: number of vehicles in household, 2020-24
- …across various areas
- Graph 5: single car households, by area, 2022-24
- Income plays a critical role in ownership
- Graph 6: at least one vehicle in household, by age and household income, 2024
- Annual driving and ownership type
- Navigating vehicle ownership across gender and age
- Graph 7: primary vehicle ownership status, by gender, 2024
- Who's driving?
- Graph 8: annual miles driven, by gender, 2024
- Tread carefully: keep in mind tire lifespan
- Keep in touch with consumers
- Leasing trends among black consumers offer additional opportunities
- Graph 9: primary vehicle ownership status, Black consumers vs overall, 2024
- Urban consumers drive more, despite having more options
- Graph 10: annual miles driven, by area, 2024
- Consider mobile pop-up tread checks at high-traffic urban locations
- Tire purchase history
- Maximize reach through age-specific targeting
- Graph 11: tire purchase history, by age, 2024
- Understand purchasing habits across age
- Graph 12: number of tires purchased, by age, 2024
- Retailers and brands take a bundled approach
- Navigating tire preferences
- Navigating tire preferences across age and gender
- Graph 13: tire type last purchased, by age, 2024
- Understanding brand awareness
- Graph 14: tire brand awareness, by age and gender, 2024
- Resonating with consumers across ages
- Understanding tire purchasing among multicultural consumers
- Graph 15: tire purchase history, by race, 2024
- Black consumers indicate limited purchasing
- Graph 16: number of tires purchased, by race, 2024
- Beyond loyalty, think flexible financing
- Hispanic consumers indicate the highest awareness
- Graph 17: tire brand awareness, by race, 2024
- Drive ownership awareness, loyalty through social media
- Parental status provides an extra layer of reach across demographics
- Graph 18: tire purchase history, moms vs dads, 2024
- Bridging the knowledge gap among fathers, drive the sale of sets
- Graph 19: number of tires purchased, by parental status (moms vs dads), 2024
- Awareness versus loyalty: reaching parents
- Graph 20: tire brand awareness, by parental status (moms vs dads), 2024
- Engaging parents' tire purchasing decisions
- Graph 21: tire type last purchased, by parental status (moms vs dads), 2024
- Improving the sale of specialty tires among parents
- Online purchasers look to seasonal tires
- Graph 22: tire type last purchased, online tire purchasers vs overall, 2024
- Top purchase locations and important factors
- Drivers are buying tires at a variety of locations
- Graph 23: tire purchase location for primary vehicle, 2024
- Purchasing locations: age and gender trends
- Graph 24: tire purchase location for primary vehicle, by age, 2024
- Top factors: age and gender
- Graph 25: reasons for purchasing tires at specific location, by age, 2024
- Reaching consumers across age
- Navigating future purchasing preferences by age
- Graph 26: future tire purchase channel, by age, 2024
- Men drive online tire purchasing
- Graph 27: purchased tires online, by gender, 2024
- Online satisfaction signals further opportunity for omnichannel strategies
- Graph 28: future tire purchase channel, online tire purchasers vs overall, 2024
- eBay provides digital convenience
- Reach younger consumers with tailored messaging
- Graph 29: tire purchase location for primary vehicle (select), parental vs overall, 2024
- Parental preferences: trust and deals resonate with parents
- Graph 30: reasons for purchasing tires at specific location (select), moms vs dads, 2024
- Future tire purchases: understanding parents
- Graph 31: future tire purchase channel, by parental status (moms vs dads), 2024
- Black consumers look beyond the top purchasing locations
- Graph 32: tire purchase location for primary vehicle, Black and Hispanic consumers vs overall, 2024
- Tire warranties drive perceptions of value
- Exploring patronage across areas…
- Graph 33: tire purchase location for primary vehicle (select), by area, 2024
- Discount Tire's nationwide reach enhances market penetration
- Tire considerations and knowledge
- Understanding consumers’ knowledge and loyalty
- Enhance consumer education, drive trust
- Graph 34: tire repair knowledge and purchase urgency, by gender, 2024
- Gamify tire education
- Urban consumers are in need of education
- Graph 35: tire repair knowledge and purchase urgency, by area, 2024
- Improve proactive purchasing
- Graph 36: tire repair knowledge and effect of price, by those who "wait until the last minute to buy new tires" vs overall, 2024
- Engaging consumers' price considerations across gender
- Graph 37: price considerations, by gender, 2024
- Breakdown the cost, improve perceptions of value
- Engaging younger consumers through purchasing behavior
- Graph 38: purchasing behavior, by age, 2024
- Appeal to younger consumers' interest in personalization
- Attitudes toward tires
- Educate and innovate to improve perceptions
- Graph 39: attitudes toward tire type and brand (% agree), by age, 2024
- Room to differentiate among urban consumers
- Graph 40: attitudes toward tire type and brand (% agree), by area, 2024
- Capitalize on quality: target younger consumers' trust in premium durability
- Graph 41: tire perceptions (% agree), by age, 2024
- Consumers look beyond price
- Graph 42: attitudes toward tire incentives and sustainability (% agree), by age, 2024
- Professional tire servicing is valued across age
- Graph 43: it is worth the money to have a professional change tires for you (% agree), by age, 2024
- Embracing AI: engaging tech-savvy drivers with personalized tire solutions
- Graph 44: "I am optimistic about the role of artificial intelligence in improving tire diagnostics and maintenance" (% agree), by age, 2024
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Competitive strategies
- Goodyear and TDK collaborate to enhance tire intelligence
- Brands expand mobile tire services
- Hankook highlights an electrified and digital future
- Sustainable innovations in the tire industry
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Appendix
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
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