According to MarkNtel Advisors, the Japan Tire Market is expecting around 4% CAGR during 2021-26. The rapidly increasing sales of vehicles, particularly passenger cars, owing to the improving economic conditions, growing purchasing power & mounting preferences of people for privately owning a vehicle is the prime aspect driving the tire market in Japan.
Besides, since Japan is an automotive hub, several prominent tire manufacturers are establishing their manufacturing facilities across the country & introducing new varieties of tires with high performance & advanced technologies in order to expand their visibility & consumer base in the country.
Moreover, the growing inclination of the government is encouraging the public to adopt Electric Vehicles (EVs) and Hybrid vehicles, i.e., another crucial aspect instigating the demand for tires and propelling the overall market growth, further states the research report, “Japan Tire Market Analysis, 2021.”
Rapidly Increasing Private Vehicle Ownerships across Japan Boost the Tire Market
In recent years, passenger cars have displayed the fastest growth in the Japan Tire Market, and the trend shall even continue in the coming years. It owes principally to the escalating number of car sales & new registrations of EVs, principally due to the rising purchasing power & growing inclination of the people toward owning the cars. Besides, the increasing penetration of taxis & cabs across the country is another prominent aspect stimulating the demand for passenger cars.
These escalating sales of passenger cars are generating growth opportunities for the leading tire manufacturers to develop & distribute an extensive range of tires with multiple features to suffice the burgeoning consumer requirements and augment the overall market growth through 2026, reveals MarkNtel Advisors in their research report, "Japan Tire Market Analysis, 2021."
The leading players in the Japan Tire Market include Bridgestone Corporation, Sumitomo Rubber Industries Limited, Yokohama Rubber Company Limited, Toyo Tires & Rubber Company Limited, Kumho Tire Japan Inc., Japan Michelin Tire Co Ltd., Japan Goodyear Inc., Japan Pirelli Inc., and Hankook Tire Japan.
Key Questions Answered in the Research Report