Table of Contents
Executive Summary
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- The issues
- Consumers need to be prompted on when to change their tires
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- Figure 1: Prompt to replace tires, September 2015
- Social media not getting much traction in the tire market
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- Figure 2: Attitudes towards most recent tires purchase, September 2015
- The opportunities
- Younger consumers are buying tires more often
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- Figure 3: Previous tire purchase, by age, September 2015
- Aging vehicle fleet adds opportunity
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- Figure 4: Average age of passenger cars and light trucks, 2005-15
- What it means
The Market – What You Need to Know
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- Market will dip, but growth to follow
- New cars could spur growth in a few years
- New tire innovations could also drive growth
Market Size and Forecast
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- Historic and projected sales performance
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- Figure 5: Total US sales and fan chart forecast of replacement tires, at current prices, 2010-20
- Figure 6: Total US retail sales and forecast of replacement tires, at current prices, 2010-20
Market Breakdown
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- Passenger cars rule the road, so passenger-car tires rule the market
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- Figure 7: Total US retail sales and forecast of replacement tires, by segment, at current prices, 2010-20
- Most tires sold via independent retailers
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- Figure 8: Total US retail sales of replacement tires, by channel at current prices, 2013 and 2015
Market Perspective
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- Today’s new-car growth brings tomorrow’s tire customers
Market Factors
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- Growth in the Millennial market could lead to increased spending on tires
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- Figure 9: Tire purchase plans, by Age, September 2015
- Climate change could drive increase in snow tires
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- Figure 10: Mileage of tire replacement, by Region, September 2015
Key Players – What You Need to Know
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- Goodyear, Bridgestone, Michelin rule the tire market
- Cooper Tires isn’t far behind
- Niche brands make up a smaller part of the market
What’s Working?
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- Goodyear, Bridgestone, Michelin combine marketing with innovation
What’s Struggling?
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- Small brands don’t have the purchase intent of larger brands
What’s Next?
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- Innovations might change the tire game
The Consumer – What You Need to Know
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- Younger buyers are in the tire market
- Consumers need a prompt to change their tires
- Well-known brands high on consumers shopping lists
- Run-flat tires tops for tech
Timing of Last Tire Purchase
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- As consumers drive more, they need tires more often
- Millennials are in the tire market
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- Figure 11: Previous tire purchase, September 2015
- Those with higher incomes also shopping for tires sooner
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- Figure 12: Tire purchase plans, by demographics, September 2015
- Hispanics more likely to be replacing tires soon
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- Figure 13: Tire purchase plans, by Race, September 2015
Prompt to Replace Tires
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- Worn tires are biggest prompt for a change
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- Figure 14: Prompt to replace tires, September 2015
- Older buyers more apt to replace their tires when they are worn
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- Figure 15: Prompt to replace tires, by demographics, September 2015
- Blacks most apt to change tires when they are worn
Mileage of Tire Replacement
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- Consumers replace tires at 40,000 miles
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- Figure 16: Mileage of tire replacement, September 2015
- Baby Boomers most likely to replace tires at 40,000 miles
- Men of all ages more likely than women to replace tires at 40,000 miles
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- Figure 17: Mileage of tire replacement, by gender, September 2015
Attitudes towards Most Recent Tire Purchase
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- When it comes to tire purchases, consumers follow technician recommendations
- Young buyers listen to the experts
- Blacks least likely to follow recommendations
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- Figure 18: Attitudes towards most recent tires purchase, September 2015
Tire Brands
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- Goodyear, Michelin, Firestone top on consumers’ lists
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- Figure 19: Brands of tires, September 2015
- Men more interested in Hankook tires than are women
- Non-Millennials the most interested in Michelin
- High household incomes also interested in Michelin
Tire Feature Interest
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- Run-flat tires draw interest
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- Figure 20: Interest in tire features, September 2015
- Middle-aged consumers especially interested in run-flat tires
- Black consumers are interested in run-flat tires, too
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- Figure 21: Interest in tire features, by demographics, September 2015
Tire Spending
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- Most consumers are spending at least $250 on tires
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- Figure 22: Consumer Spending On Tires In The Past 12 Months, By Type Of Tires Purchased, October 2014-June 2015
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Fan chart forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
Appendix – Consumer
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- Figure 23: Consumer Spending On Tires In The Past 12 Months, By Type Of Tires Purchased, October 2014-June 2015
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