The total population of Japan in 2020 was around 126,476,461 as compared to 127,202,192 in 2016. There is a slight plummet in the population, however, the population would grow in the coming years. Japan's automotive industry is one of the prominent and largest industries in the world. Around 9% of Japan’s working population is working in the auto-industry related work. The country has a number of large automobile manufacturers including Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha, and Mitsuoka and Toyota.
According to MarkNtel Advisors’ research report “Japan Tire Market Analysis, 2020”, the Japan Tire market is expected to grow at a considerable CAGR during 2021-26. Burgeoning demand for small & mini passenger cars coupled with high vehicle ownership and snowballing demand for better quality tires would influence Japan tires market over the next few years.
Passenger Tire Segment is Witnessing Majority of the Growth
The passenger car tire market is the dominant segment in the country's tire market in 2020 followed by the light commercial vehicle (LCV) tire market and heavy commercial vehicle (HCV) tire market. Total vehicle sales or new registration of vehicles in 2019 in the country was around 5,195,216 as compared to 5,272,067 in 2018. The demand for vehicles especially passenger vehicles burgeoning owing to the rising purchasing power of the individuals and demand for luxury vehicles.
Based on the demand category, the Japan tire market is predominantly a replacement driven market owing to a large vehicle fleet and high vehicle ownership ratio. The tires are primarily imported from the Asian countries such as Thailand, Malaysia and Indonesia, etc.
“Japan Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Japan Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go Market Strategies and identifying the blue ocean for its offerings.
A large Number of Imports Are Pushing the Growth
Based on the regions, Kanto and Kansai of Japan held a significant market share in 2020. The demand from these regions is majorly attributed to the high population growth and economic concentration that fosters the sales of tires in Japan. Kanto and Kansai regions are anticipated to flourish in the coming years as well as revealed by the MarkNtel Advisors’ research report “Japan Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share 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, Hankook Tire Japan, etc.
Key questions answered in the study: