Facts Issue 2008: The replacement market closes in on $30 billion
Thanks to increased passenger, light truck, farm and OTR tire shipments, and price increases across the board, the United States replacement tire market grew to $29.4 billion in 2007.
According to Modern Tire Dealer's 2008 Facts Issue, the market rose 8.2% compared to 2006, when it totaled nearly $27.2 billion.
Replacement passenger tire sales represented 62.6% of the replacement market, or $18.4 million. Here's how each of the tire segments fared in 2007 vs. 2006:
* passenger, $18.4 billion (up 1.1%);
* light truck, $4.5 billion (up 7%);
* truck, $5.5 billion (down 1.8%);
* Farm, $475 million (up 11%); and
* OTR, $521 million (up 17%).
The 42nd annual January Facts Issue also contains information on retail and commercial brand share, average tire costs, tire plant capacities and much more. Check it out!