$24.7bn
$XXX.Xm
55,601
302
$X.Xbn
Tire manufacturers produce tires for a variety of purposes, in addition to inner tubes and tire repair materials. The steadily rising number of total vehicle miles in the United States and the low price of rubber created healthy operating conditions for tire manufacturers leading up to the outbreak of COVID-19. But as measures were put into place to combat the spread of the virus, domestic travel stopped. This caused profit to shrink as revenue dried up while operating costs remained constant. As pandemic-related disruptions ended, domestic travel renewed and the price of rubber fell slightly, providing a bright spot for manufacturers. The lack of new car sales tempered this growth, resulting in overall revenue falling at a CAGR of 0.7% to $24.7 billion through the end of 2024, including an expected gain of 1.0% in 2024 alone. Profit has similarly shrunk to 3.8% of revenue in 2024, down from 4.0% in 2019.
Industry revenue has declined at a CAGR of 0.7 % over the past five years, to reach an estimated $24.7bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
The Goodyear Tire & Rubber Company | 6,744.9 | 447.6 | 6.6 | |
Compagnie Generale Des Etablissements Michelin | 4,764.8 | 593.2 | 12.4 | |
Bridgestone Corporation | 3,286.9 | 343.9 | 10.5 |
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Industry revenue is measured across several distinct product and services lines, including Passenger vehicle tires, Mid-sized and heavy-duty truck tires and Tractor and Industrial tires. Passenger vehicle tires is the largest segment of the Tire Manufacturing in the US.
Passenger tires generate most revenue
This industry manufactures aircraft and motor vehicle tires, inner tubes and tire repair materials. The finished products are then sold to aircraft and motor vehicle manufacturers and tire wholesalers. Operators do not retread tires.
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NAICS 32621 - Tire Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The high price of rubber pressures tire manufacturers. Despite a sharp decline in 2022 and 2023, otherwise steadily rising purchase costs keep profit down.
Learn about an industry's products and services, markets and trends in international trade.
Passenger tires continue to lead the industry. Driving cars individually has long been the most popular method of transportation in the United States.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Access to labor is key to keeping up. The largest tire manufacturers, which dominate the industry, need to maximize output to compete.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Price competition results in import penetration. Tariffs, international regulations on rubber production and a declining trade-weighted index will help domestic producers reg...
Learn about the performance of the top companies in the industry.
Goodyear, Michelin and Bridgestone lead the way. These manufacturers use their resources to produce the most advanced tires, enabling them to take up most revenue.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The price of rubber continues to dictate success. Rubber price's consistent climb remains pivotal, exerting pressure on profit and influencing the success trajectory for tire...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
High purchase costs keep profit down. The price of rubber has grown steadily in recent years and shows no sign of slowing.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Tire Manufacturing in the US industry in United States is $24.7bn in 2024.
There are 302 businesses in the Tire Manufacturing in the US industry in United States, which has declined at a CAGR of 1.1 % between 2019 and 2024.
The market size of the Tire Manufacturing in the US industry in United States has been declining at a CAGR of 0.7 % between 2019 and 2024.
Over the next five years, the Tire Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Tire Manufacturing market in United States are The Goodyear Tire & Rubber Company, Compagnie Generale Des Etablissements Michelin and Bridgestone Corporation
Passenger vehicle tires and Inner tubes are part of the Tire Manufacturing in the US industry.
The company holding the most market share in United States is The Goodyear Tire & Rubber Company.
The level of competition is moderate and increasing in the Tire Manufacturing in the US industry in United States.