British Columbia, Canada, August 18, 2012 --(PR.com
)-- United States tires industry is reporting sluggish year on year growth as compared to tire production in last decade. During the same period fuel prices too surged up, hence resulting in adoption of automobile technology which offers high fuel efficiency and mileage. Tires became significant automotive parts that were emphasized on in order to improve the fuel efficiency. Tire manufacturers are heavily investing in green technology to achieve the goal of sustainable economical and ecological benefits.
Goodyear, Bridgestone and Michelin are major players engaged in tire manufacturing in the United States, which apart from increasing their production capacity are also investing in green technologies. Top three companies comprehensively hold 30% market share in passenger tires, 28% in light truck tires and almost 50% share in heavy truck tires segment.
According to a recently published report by TechSci Research, a global management consulting firm “Global & United States Tire Market Forecast and Opportunities, 2017,” Automobile Analyst, Mr. S. N. Jha predicts that fuel efficient tire technology will boost the domestic production of tires in the United States. The analyst at TechSci also recommends tire manufacturing companies in the United States to invest more on R&D and find alternate raw material used in tire manufacturing. The report “Global & United States Tire Market Forecast and Opportunities, 2017” also mentions about the new alternate options for replacing traditional use of rubber and chemicals in tire industry. The report gives details about the companies which are working on transition to new raw material in order to reduce the manufacturing cost of tire.
The report also details about growth drivers and challenges for tire manufacturers in the country. According to the report, import of tires from Asian countries, especially from Indonesia, Taiwan, and South Korea is influencing tire production in the United States. Government’s imposition of extra tariff on import of low cost tires from China has hardly changed production scenario in the United States as companies started high imports from other countries of Asia and Europe.
“Global & United States Tire Market Forecast & Opportunities, 2017” has evaluated the future growth potential of global and United States tire industry and provides statistics and information on market structure, exports and imports trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.