The Asia Aftermarket Passenger Car Tire Market is projected to grow at a CAGR of 4.83% during the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The market growth imputes to the rising inclination of the governments to curb the rising depletion of fossil fuel reserves & burgeoning carbon emissions in their respective countries. Under the initiatives, the governments of various countries launched subsidies and tax exemptions for residents to adopt sustainable means of transportation such as electric vehicles, or green fuel-based vehicles. In 2020, the Singapore government announced to phase out its all internal combustion engines of automobiles & replace all of them with cleaner energy vehicles by 2040. Hence, these initiatives notably increased the demand for electric cars and would create a significant demand for tire replacement in the forthcoming period. Furthermore, the increasing income levels of the consumers in the Asian countries have positively impacted the sales of passenger cars in the historical period. Hence, this is projected to create the demand for tires from the aftermarket segment in the years to come.
Radial Tires to Out-power Bias Tires in the Asia Aftermarket Passenger Car Tire Market
Based on the tire type, the market is bifurcated into Radial & Bias tires. Of them, the Radial tires are anticipated to hold the majority market share in the Asia Aftermarket Passenger Car Tire market in the forthcoming years. The rising radicalization rate of cars & growing adoption of low rolling resistance tires with efficient load-bearing capacity & high elasticity has contributed to an increase in the demand for radial tires in Asia.
Moreover, the adoption of low-emission vehicles such as electric vehicles, green energy-based vehicles, etc., is expected to increase the demand for radial tires, as they possess a lower emission advantage. Hence, these factors would largely support the demand for radial passenger car tires from the aftermarket in the forthcoming years.
Multi-brand Stores to Gain a Significant Share in the Asia Aftermarket Passenger Car Tire Market
Based on the sales channel, the market is bifurcated into Online, Exclusive Outlets, and Multi-brand stores. Of them all, the multi-brand stores captured a significant market share in the Asia Aftermarket Passenger Car Tire market in the historical years & the same trend is anticipated to continue in the forthcoming years. Further, the availability of large product portfolios with differentiated brands that offer customers to choose preferential options from a variety of products has largely supported the sales of tires from multi-brand stores. In addition, the ease of tire replacement from multi-band stores is a prime factor that would provide a lucrative growth opportunity for the aftermarket sales of the tire from multi-brand outlets during 2022-2027.
China to Dominate the Market Growth in the Forthcoming Years
Geographically, China is anticipated to dominate the Asia Aftermarket Passenger Car Tire market during 2022-2027. The rise in consumer spending on automobile units, owing to an increase in disposable income & the rising need for domestic travel for entertainment & work-related purposes, has notably increased the passenger vehicle traffic in China during the historical period. According to the Ministry of Industry and Information Technology, in 2020, China recorded sales of more than 25 million vehicles, including around 19.9 million passenger vehicles. This led to an increase in the demand for passenger car tires from aftermarkets in recent years.
Furthermore, rising awareness of consumers for periodic maintenance of their vehicles is expected to drive the sales of passenger car tires from the aftermarket in China during 2022-2027, reveals MarkNtel Advisors in their research report, " Asia Aftermarket Passenger Car Tire Market Analysis, 2022-2027."
The leading players in the Asia Aftermarket Passenger Car Tire Market are Bridgestone, Sumitomo Tyre, Michelin, The Goodyear Tire & Rubber Manufacturing Company, Hankook Tire, Continental, Apollo Tyres Limited, Pirelli, MRF Ltd., Zhongce Rubber Group Co., Ltd., Giti Tires, CEAT.
Key Questions Answered in the Study