Asia Pacific Tire Market to Reach 1,800 Million Units by 2032, Propelled by Significant Growth in Automotive Industry

According to the latest report by IMARC Group, titled “Asia Pacific Tire Market Report by Radial/Bias Tires (Radial, Bias), End-Use (OEM, Replacement), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two-Wheelers, Off-The-Road (OTR), Three- Wheelers), Size (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two-Wheelers, Three- Wheelers, Off-The-Road (OTR)), Distribution Channel (Offline, Online), and Country 2024-2032," the Asia Pacific tire market size reached 1,270 Million Units in 2023. A tire is a ring-shaped component used for encircling the wheel to provide traction on the road, track, or ground. They can be manufactured using several raw materials, such as rubber compounds, carbon black, metallic elements, chemicals, fillers, and textiles. Tires are strong and highly durable products that provide wear resistance, friction, shock absorption, and cushioning properties. They also assist automobiles in transferring load, protecting them from damage, and reducing vibrations as the tire rolls over rough surfaces, which, in turn, increases the vehicle performance and improves mileage and passenger safety. Consequently, tires find extensive applications in multiple commercial and passenger vehicles, including motorcycles, bicycles, aircraft, carts, casters, lawnmowers, wheelbarrows, and heavy equipment.

Asia Pacific Tire Market Trends:

The significant growth in the automotive industry is one of the key factors creating a positive outlook for the market in the region. Tires are widely used in personal, commercial, and industrial vehicles, such as cars, jeeps, sedans, buses, motorcycles, large trucks, vans, tractors, and trailers to aid vehicle handling, controlling, and turning and enable a better fuel economy and comfortable ride for passengers. In addition to this, rising investments by several regional governments in infrastructural development activities, such as roads, bridges, and tunnels, is acting as another growth-inducing factor. Furthermore, the widespread product utilization in aircraft wheels for taxiing, take-off and landing operations, and ensuring passenger safety is providing an impetus to the market growth. Additionally, the introduction of run-flat tire technology that allows a vehicle to operate in case of a punctured tire or air loss, which, in turn, enhances safety, improves convenience, reduces weight, and saves space on the vehicle, is positively influencing the market growth. Along with this, the recent development of self-sealing tires containing a sticky substance in the inner lining to seal punctures immediately, prevent pressure drop, and maintain performance, is propelling the market growth. Moreover, the rising demand for eco-friendly tires manufactured using natural rubber components that reduce carbon footprint and aid in combating pollution is favoring the market growth. Other factors, including rising expenditure capacities of consumers, rapid industrialization, and increasing funding in research and development (R&D) of innovative products, such as airless and three-dimensional (3D) printed tires, are anticipated to drive the market growth. On account of the aforementioned factors, the market is expected to reach 1,800 Million Units by 2032, exhibiting a CAGR of 3.6% during 2024-2032.

Market Summary:

• On the basis of the radial/bias tires, the market has been divided into radial and bias.
• Based on the end-use, the market has been bifurcated into OEM and replacement.
• On the basis of the tire and rim size, the market has been classified into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, off-the-road (OTR), and three-wheelers.
• On the basis of the distribution channel, the market has been divided into offline and online.
• Region-wise, the market has been categorized into China, India, Japan, Australia, South Korea, Thailand, Indonesia, Malaysia, Pakistan, and Others.
• 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 Scope:

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