Light truck tire market continues to climb in 2024

AKRON — The North American light truck tire market continues to show strong returns. Shipments are forecast to end the year on a historic high, imports are up double digits, and aftermarket spending on light trucks and SUVs continues to grow.

The U.S. Tire Manufacturers Association in July increased an earlier positive forecast for total tire shipments to the U.S. this year to 337.4 million units, which would be a record.

The replacement light truck tire market is forecast to increase 4.7% from last year to 35.9 million units. The original equipment (OE) light truck segment is expected to grow by 5.5% over 2023 to 6.2 million units.

Tire imports to the U.S. have rebounded this year across all segments, but the light truck market saw the biggest increase compared with last year.

In the first six months of 2024, light truck tire imports are up 31.4% to around 18.9 million units. Thailand, Vietnam, Canada, Cambodia and Mexico are the leading sources of LT tire imports, accounting for more than half of shipments.

U.S. consumers spent $52.4 billion accessorizing and modifying their vehicles last year, and that is expected to increase to $53.4 billion this year, according to the Specialty Equipment Market Association (SEMA).

Owners of pickup trucks spent the most upgrading their vehicles last year, accounting for 32% of aftermarket retail sales. After trucks, CUVs (15%) and SUVs (12%) owners spend the most in the aftermarket.

In 2023, SEMA said performance, special-purpose and off-road tire sales accounted for more than $6 billion and is expected to increase this year.

The value of performance and special-purpose tire sales — snow/winter (not all-season) tires, low-profile, high-performance or vintage tires — reached $2.87 billion in 2023, according to SEMA.

Pickups accounted for 20% of sales in this segment, with CUVs and SUVs representing 15% and 13%, respectively. The top physical location channel sales came from tire shops, which account for 27%. Tire shops also accounted for the largest share of online sales at 13%, SEMA's data show.

The off-road and oversized tires segment accounted for $2.22 billion last year. Pickups made up 67% of sales, followed by SUVs at 22% and CUVs at 6%. The top physical location for sales was, by far, tire shops, which made up 28% of the sales channel last year. Tire shops also led online sales with 21%.

When it comes to aftermarket spending, SUV owners spend the largest share (16%) on wheels and tires, SEMA said. The share spent on tires and wheels for pickup trucks is also 16%, but utility accessories made up the largest share at 17%.

Tire and wheel installation is the most common vehicle accessory to be professionally installed. According to SEMA, 86% of tires and wheels sold in 2023 were installed by professionals.

"While we have heard people wonder otherwise, research consistently finds that many young people still enjoy accessorizing their vehicles," SEMA said in its June market report.

"Younger drivers are more likely to be enthusiasts than older drivers, and often buy more complex performance parts or accessories and make extensive modifications to their vehicles. Younger drivers continue to be a very important and engaged part of our industry."

Drivers aged 16 to 29 make up 22% of vehicle owners, the second largest group behind those aged 60-plus, but the younger age group makes up the largest percentage of drivers who accessorize their vehicles at 29%.

The most popular light truck tire size for original equipment is LT275/70R18 and has been for the last three years, USTMA data shows. While the LT275/70R18 size is catching up on the replacement side (it was narrowly in second place in 2023), the most popular size remains LT265/70R17.

Of note, both on the OE and replacement sides, size 235/65R16C — a metric size for cargo vans — is steadily growing among more popular sizes.

Speaking of popular, light trucks continue to be the largest type of vehicle sold in both the U.S. and Canada. Trucks are followed in popularity by SUVs and CUVs. It should be noted that CUV is the fastest growing segment.

The best-selling vehicles in the U.S. last year were the Ford F series, Chevrolet Silverado, Ram and Toyota RAV4.