As per the latest report by IMARC Group, titled “Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Asia Pacific tire market reached a volume of 1,200 Million Units in 2022. Tires are essential components of vehicles manufactured using steel, silica, rayon, synthetic, polyester, carbon black, vulcanization accelerator, and natural and synthetic rubber. They are attached to the rim of the wheel to serve as a cushion and minimize the impact of road shocks. Their main functions include supporting the vehicle load, transmitting traction and braking forces to the road surface, and changing and maintaining the direction of the vehicle. At present, the demand for tires is escalating in the Asia Pacific region on account of the rising sales of passenger vehicles.
Asia Pacific Tire Market Trends:
The easy availability of raw materials required for the production of tires represents one of the key factors impelling the Asia Pacific tire market growth. Moreover, the leading players in the region are increasing research and development (R&D) activities to introduce innovative products. For instance, Hankook Tire & Technology Group, a South Korean company, recently launched non-pneumatic tires (NPTs) that are made using eco-friendly materials. Apart from this, key players are also engaging in the development of ecological, flat-run and nitrogen-based tires, which are environment friendly. For example, Bridgestone Corporation, a Japanese multinational firm, introduced the fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly. Looking forward, the market volume is projected to grow at a CAGR of
4.5% during the forecast period (2023-2028).
- The market has been bifurcated into radial and bias tires.
- On the basis of the end-use, the market has been divided into original equipment manufacturer (OEM) and replacement tires.
- Based on the tire and rim size, the market has been segmented into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, off-the-road (OTR) and three-wheelers.
- The market has been analyzed on the basis of the distribution channel into offline and online stores.
- Region-wise, the market has been classified into China, India, Japan, Australia, Indonesia, South Korea, Thailand, Malaysia, Pakistan and others.
- The competitive landscape of the market has been examined, with some of the key players being Michelin Group, 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.
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