Global tire sales were $127 billion in 2007, according to Tire Business Magazine.
Modern Tire Dealer reported that nearly 241 million units of replacement tires were sold in the United States for light vehicles in 2007, and recent innovations, such as tire-pressure monitoring systems, self-sealing tires and run-flat tires, are expected to fuel additional growth in a global tire market that reached $127 billion in the same year (as estimated by Tire Business magazine).
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The Freedonia Group, an international business research company, is forecasting that U.S. tire sales will increase to 375 million units by 2010 (see chart below).
In addition to new products shaping the market, shifts in tire sizes are also expected due to high fuel prices and the vehicles that U.S. consumers are buying as a result.
There are 1,740 recognized tire sizes on the market today, with more expected. Growth in such a diverse segment also brings challenges. In 2007, specialty installation shops and tire dealers accounted for 48% of all the performance tires sold in the United States. Their closest competitor was mail order with 15.6%, followed by wholesale clubs with 7.6%. It will be important to observe over the next several years how the various retail outlet types adapt to the changing performance-tire environment.
For the full SEMA News article on wheel and tire trends, click here.
For more original market research,visit www.sema.org/research.