The Asia-Pacific Tire Market is expecting around 10% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The burgeoning sales of vehicles due to the improving economy, changing living standards, growing purchasing power, and rapid inclination toward private vehicle ownership is the prime aspect driving the tire industry in Asia-Pacific.
Besides, declining rubber prices are also generating growth opportunities for the leading players to extend their production & trade business across the region, thereby driving the market. In addition, a rapid surge in the demand for second-hand vehicles, especially across India, Indonesia, Malaysia, etc., coupled with mounting awareness about the benefits & significance of timely inspection & replacement of tires, are other crucial aspects augmenting the market growth.
Moreover, the mounting government focus on infrastructural developments & enhancing road connectivity is leading to an increasing number of construction projects like highways, bridges, tunnels, etc. It, in turn, would significantly boost the production & sales of vehicles & tires through 2027, further states the research report, “Asia-Pacific Tire Market Analysis, 2022.”
Booming Sales of Radial Tires across the Agriculture Sector to Drive the Market
The swift expanding agriculture sector, i.e., augmenting the requirements for heavy vehicles & equipment and directly influencing the production & sales of radial tires, thereby driving the market. Besides, the benefits of radial tires like flexible sidewalls, better vehicle stability & tire durability, firm gripping, and improved tread traction, among others, are projecting a greater inclination toward them for various agricultural equipment & heavy machinery.
Moreover, the capabilities of radial tires to display resistance from shocks & bumps also make them suitable for vehicles used in off-road areas. Hence, with the growing agriculture & construction activities across different countries in Asia-Pacific, the demand for radial tires is likely to escalate and fuel the overall market growth through 2027.
Marketing Hub China to Continue Dominating the Tire Market through 2027
In the previous few years, China has dominated the tire market across Asia-Pacific with the largest share, and the same trend is projected during the forecast period. It owes principally to massive investments by the government of China in the tire industry, i.e., generating growth opportunities for the leading players to stimulate R&D on modern tires with technologically advanced features.
Besides, the growing inclination toward developing high-performance tires to increase fuel efficiency & reduce carbon emissions is another aspect attributing to the swiftly expanding tire industry across China. Moreover, the country is a hub & prominent market for different trade businesses, and the tire industry is no exception & witnessing rigorous imports & exports. As a result, it is another crucial aspect that shall further augment the overall market growth in the years to come, reveals MarkNtel Advisors in their research report, "Asia-Pacific Tire Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Asia-Pacific Tire Market are Goodyear, Bridgestone, Michelin, Continental, Sumitomo, Hankook, Kumho, Pirelli, Yokohama, and MRF.
Key Questions Answered in the Research Report