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Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A2190
Year End
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Market Overview:
The Asia Pacific tire market size reached 1,200 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 1,550 Million Units by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
Increasing demand for vehicles, growing replacement demand, declining prices of rubber and increasing production in the region represent some of the key factors contributing to the growth of the Asia Pacific tire industry. Furthermore, rising demand for secondhand vehicles in countries such as India, China, Indonesia, Malaysia, etc., is expected to drive the market for the replacement tire industry. Additionally, increasing investment towards infrastructure projects such as roads, bridges, and tunnels, have been able to increase the connectivity across the Asia Pacific region, this is also catalyzing the demand for tires across the region.
The increasing demand for tires in the Asia Pacific region is also being driven by the increasing automobile production along with the expanding fleet size. In addition to this, the rising consumer living standards supported by their growing disposable income levels have also boosted automobile sales, thereby propelling the demand for tires in the region. Furthermore, the increasing usage of both light and heavy commercial vehicles in logistics and construction activities has also augmented the market growth. Additionally, the growing popularity of next-generation and high-performance tires for luxury and premium cars is also driving the market growth. Apart from this, the increasing demand for replacement tires owing to the large consumer base of passenger cars and the high replacement rate of tires after certain usage limit, is further bolstering the demand of tires in the region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific tire market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on radial/bias tires, end-use, vehicle type, size and distribution channel.
Breakup by Radial/Bias Tires:
- Radial
- Bias
Breakup by End-Use:
- OEM
- Replacement
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two-Wheelers
- Off-The-Road (OTR)
- Three- Wheelers
Breakup by Size:
- Passenger Cars
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Light Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Medium and Heavy Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Two-Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Three- Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Off-The-Road (OTR)
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Indonesia
- Malaysia
- Pakistan
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Michelin, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli C. S.p.A., Yokohama Tire Corporation, Hankook Tire & Technology Co., Ltd., Toyo Tire Corporation, Kumho Tire Co., Ltd., etc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | Million Units |
| Segment Coverage | Radial/Bias Tires, End-Use, Vehicle Type, Size, Distribution Channel, Country |
| Countries Covered | China, India, Japan, Australia, South Korea, Thailand, Indonesia, Malaysia, Pakistan, Others |
| Companies Covered | Michelin, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli C. S.p.A., Yokohama Tire Corporation, Hankook Tire & Technology Co., Ltd., Toyo Tire Corporation and Kumho Tire Co., Ltd. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The Asia Pacific tire market reached a volume of 1,200 Million Units in 2022.
We expect the Asia Pacific tire market to exhibit a CAGR of 4.5% during 2023-2028.
The rising investments in infrastructural projects, such as roads, bridges, tunnels, etc., to increase the connectivity, along with the growing popularity of next-generation and high-performance tires for luxury and premium cars, are primarily driving the Asia Pacific tire market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several Asia Pacific nations, resulting in the temporary closure of numerous manufacturing units for vehicles, thereby negatively impacting the Asia Pacific market for tires.
Based on the radial/bias tires, the Asia Pacific tire market has been segmented into radial and bias. Currently, radial holds the majority of the total market share.
Based on the end-use, the Asia Pacific tire market can be divided into OEM and replacement, where replacement currently exhibits a clear dominance in the market.
Based on the vehicle type, the Asia Pacific tire market has been categorized into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, Off-The-Road (OTR), and three- wheelers. Among these, passenger cars account for the majority of the total market share.
Based on the distribution channel, the Asia Pacific tire market can be segregated into offline and online. Currently, offline holds the largest market share.
On a regional level, the market has been classified into China, India, Japan, Australia, South Korea, Thailand, Indonesia, Malaysia, Pakistan, and others, where China currently dominates the Asia Pacific tire market.
Some of the major players in the Asia Pacific tire market include Michelin, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Sumitomo Corporation, Pirelli C. S.p.A., Yokohama Tire Corporation, Hankook Tire & Technology Co., Ltd., Toyo Tire Corporation, Kumho Tire Co., Ltd., etc.
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