Market Definition
The tire industry in the Asia-Pacific is quite vast and projecting swift expansion in the coming years due to improving economic conditions & living standards and growing inclination toward private ownership of vehicles. Besides, the abundance of raw materials like rubber & cheap labor is another crucial aspect attracting several prominent tire manufacturers to set up their production facilities across the region and contribute to the notably growing tire industry during the forecast period.
Market Insights
The Asia-Pacific Tire Market is projected to grow at a CAGR of around 10% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the rapidly increasing vehicle fleet across Asia-Pacific due to the increasing inclination of people toward private vehicle ownership on account of their swiftly improving economic conditions, increasing purchase power, & changing living standards.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 10% |
| Country Covered | China, India, Japan, South Korea, Malaysia, Indonesia, Philippines, Pakistan, Bangladesh, Vietnam, Australia, New Zealand, Singapore, Thailand, Nepal, Myanma |
| Key Companies Profiled | Goodyear, Bridgestone, Michelin, Continental, Sumitomo, Hankook, Kumho, Pirelli, Yokohama, MRF |
| Unit Denominations | USD Million/Billion |
Besides, the mounting demand for secondhand vehicles, especially across countries like India, Malaysia, & Indonesia, is also anticipated to drive the market in the coming years owing to the growing need for replacement tires entwined with greater awareness about timely maintenance of tires & vehicles.
Moreover, with various ongoing & upcoming construction projects associated with roads, bridges, tunnels, & airports, among others, in line with extensive infrastructural developments across different countries, the demand for heavy commercial vehicles & construction equipment is surging at a rapid pace and, as a result, positively impacting the overall market growth.
Impact of Covid-19 on the Asia-Pacific Tire Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries, and the automotive & tire industries across Asia-Pacific were no exception. The tire industry got catastrophically affected when governments of different regional countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease.
The leading players in the industry faced several challenges like disruptions in the supply chain for raw materials, hampered transportation & logistics, shortage of labor, increased demand & supply gaps, & shutdown of manufacturing units.
Consequently, the prominent players witnessed substantial financial losses, which led to a temporary decline in the growth of the tire market. On the other hand, while the agriculture sector remained operational amidst the crisis, the demand for agriculture equipment & tires escalated swiftly and, in turn, projected a temporary hike in the market.
Nonetheless, governments uplifted the restrictions and allowed the recommencement of business operations with the gradually declining number of Covid-19 cases. As a result, the leading players have now resumed their business operations with increased production capacities to meet the burgeoning tire requirements. It, in turn, would lead the Asia-Pacific Tire Market to regain its usual pace, recover from losses, and witness steady growth during the forecast period.
Market Segmentation
Based on Tire Type:
Of them all, Radial tires are expected to observe the fastest growth in the Asia-Pacific Tire Market during the forecast period. It owes principally to the surging need for agriculture vehicles & equipment, i.e., directly impacting the demand for radial tires due to their capabilities like lower rolling resistance, reduced fuel consumption, better grip, stability, & durability, among others.
Radial tires run cooler and dissipate heat better than bias tires, owing to which they offer enhanced durability & become more suitable for daily use. Moreover, the mounting focus of governments of different countries across Asia-Pacific on strengthening the agriculture sector is another crucial aspect projected to spur the demand for radial tires while contributing to the overall market growth over the coming years. It, in turn, would encourage the leading tire manufacturers to increase their production capacities & meet the burgeoning end-user requirements.
Based on the Vehicle Type:
Here, Off-the-Road (OTR) vehicles are anticipated to significantly contribute to the growth of the Asia-Pacific Tire Market during the forecast period. It owes principally to the increasing number of large-scale construction projects for roads, power plants, industrial facilities, airports, commercial & residential complexes, etc., across different countries across the region, i.e., surging the need for OTR vehicles and positively influencing the tire market. The demand for OTR tires in the construction sector is seen majorly for equipment like loaders, bulldozers, excavators, trenchers, etc.
Besides, increasing exploration & production activities for metal, minerals, & coal, especially across countries like China, India, Australia, & Indonesia, are other crucial aspects fueling the demand for OTR vehicles & their tires. Moreover, the swiftly expanding agriculture sector and the advent of farm mechanization trends are also propelling the demand for OTR vehicles & tires across Asia-Pacific. Furthermore, the growing inclination of people toward adventure sports like dirt bikes & quads for recreational purposes shall further augment the production & sales of OTR tires and drive the market through 2027.
Country Landscape:
Geographically, the Asia-Pacific Tire Market expands across:
Here, of all countries in Asia-Pacific, China acquired the largest share in the Tire Market in the previous few years, and this dominance is likely in the coming years as well. It owes principally to the rapidly growing number of small & large-scale automakers & tire producers establishing their manufacturing facilities in the country and actively participating in the market by increasing their production capacities.
Due to the extensive presence of prominent players in China, the rising number of OEMs (Original Equipment Manufacturers) is generating growth opportunities for them to develop & distribute High-Performance tires and expand their foothold in the country.
Moreover, the young population of China is projecting a greater inclination toward sporty vehicles to drive on challenging terrains. Hence, it is instigating the leading players to develop compatible tires to offer robust grips, minimal rolling resistance, reduced tread wear, & improved traction and, consequently, drive the Asia-Pacific Tire Market across China through 2027.
On the other hand, the growing adoption of technologically advanced agriculture equipment for farming activities shall soar the demand for tires across Japan and contribute to the overall market growth through 2027. Moreover, the swift change in the living standards and rapid industrialization across Japan is also likely to play a crucial role in stimulating the Japan Tire Market over the forecast years.
Nonetheless, countries like Indonesia, Thailand, Australia, etc., are immensely focusing on expanding their respective agriculture sectors and, in turn, propelling the requirements for equipment like tractors & harvesters. Hence, the demand for agriculture equipment tires is rapidly surging across these countries, which would boost the overall growth of the Asia-Pacific Tire Market during the forecast period.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Asia-Pacific Tire Market is projected to grow at a CAGR of around 10% during 2022-27.
A. Radial Tires are anticipated to emerge as an area of remunerative opportunities for the leading players in the Asia-Pacific Tire Market through 2027.
A. The rapidly increasing vehicle fleet and the mounting inclination toward the production & distribution of high-performance tires are the key growth opportunities anticipated to drive the Asia-Pacific Tire Market through 2027.
1. Introduction
1.1. Research Process
1.2. Product Overview
1.3. Market Segmentation
1.4. Assumptions
2. Glossary
3. Executive Summary
4. Expert Verbatim- What our Experts Say?
5. Asia-Pacific Tire Production Overview
6. Asia-Pacific Tire Market Analysis, 2017-2027
6.1. Market Size & Analysis
6.1.1.Market Revenues
6.1.2.Units Sold
6.2. Market Share & Analysis
6.2.1.By Vehicle Type
6.2.1.1. Passenger Car
6.2.1.2. Light Commercial Vehicle (LCV)
6.2.1.3. Medium and Heavy Commercial Vehicle (M&HCV)
6.2.1.4. Two-Wheeler
6.2.1.5. Three-Wheeler
6.2.1.6. Off Road Tire (OTR)
6.2.2.By Demand Category
6.2.2.1. OEMs
6.2.2.2. Replacement Demand
6.2.3.By Tire Type
6.2.3.1. Radial
6.2.3.2. Bias
6.2.4.By Sales Channel
6.2.4.1. Direct Sales
6.2.4.2. Online
6.2.4.3. Dealers/Distributors
6.2.4.4. Others
6.2.5.By Season
6.2.5.1. All Season Tires
6.2.5.2. Winter
6.2.5.3. Summer Tires
6.2.6.By Rim Size
6.2.6.1. Up to 12”
6.2.6.2. 12.1” to 15”
6.2.6.3. 15.1” to 18”
6.2.6.4. 18.1” to 20”
6.2.6.5. 20.1” to 22.5”
6.2.6.6. 22.6” to 26”
6.2.6.7. 26.1” to 35”
6.2.6.8. 35.1” to 47”
6.2.6.9. Above 47”
6.2.7.By Country
6.2.7.1. China
6.2.7.2. India
6.2.7.3. Japan
6.2.7.4. South Korea
6.2.7.5. Malaysia
6.2.7.6. Indonesia
6.2.7.7. Philippines
6.2.7.8. Pakistan
6.2.7.9. Bangladesh
6.2.7.10. Vietnam
6.2.7.11. Australia
6.2.7.12. New Zealand
6.2.7.13. Singapore
6.2.7.14. Thailand
6.2.7.15. Nepal
6.2.7.16. Myanmar
6.2.8.By Leading Companies
6.2.8.1. Market Share
6.2.8.2. Strategic Factorial Indexing
6.2.8.3. Competitors Alignment in Competition Quadrant
6.3. Asia-Pacific Market Attractiveness Indexing
6.3.1.By Vehicle Type
6.3.2.By Demand Category
6.3.3.By Tire Type
6.3.4.By Country
6.4. China Tire Market Analysis, 2017-2027
6.4.1.Market Size & Analysis
6.4.1.1. Market Revenues
6.4.1.2. Units Sold
6.4.2.Market Share & Analysis
6.4.2.1. By Vehicle Type
6.4.2.2. By Demand Category
6.4.2.3. By Tire Type
6.4.2.4. By Sales Channel
6.4.2.5. By Season
6.4.2.6. By Rim Size
6.5. India Tire Market Analysis, 2017-2027
6.5.1.Market Size & Analysis
6.5.1.1. Market Revenues
6.5.1.2. Units Sold
6.5.2.Market Share & Analysis
6.5.2.1. By Vehicle Type
6.5.2.2. By Demand Category
6.5.2.3. By Tire Type
6.5.2.4. By Sales Channel
6.5.2.5. By Season
6.5.2.6. By Rim Size
6.6. Japan Tire Market Analysis, 2017-2027
6.6.1.Market Size & Analysis
6.6.1.1. Market Revenues
6.6.1.2. Units Sold
6.6.2.Market Share & Analysis
6.6.2.1. By Vehicle Type
6.6.2.2. By Demand Category
6.6.2.3. By Tire Type
6.6.2.4. By Sales Channel
6.6.2.5. By Season
6.6.2.6. By Rim Size
6.7. South Korea Tire Market Analysis, 2017-2027
6.7.1.Market Size & Analysis
6.7.1.1. Market Revenues
6.7.1.2. Units Sold
6.7.2.Market Share & Analysis
6.7.2.1. By Vehicle Type
6.7.2.2. By Demand Category
6.7.2.3. By Tire Type
6.7.2.4. By Sales Channel
6.7.2.5. By Season
6.7.2.6. By Rim Size
6.8. Malaysia Tire Market Analysis, 2017-2027
6.8.1.Market Size & Analysis
6.8.1.1. Market Revenues
6.8.1.2. Units Sold
6.8.2.Market Share & Analysis
6.8.2.1. By Vehicle Type
6.8.2.2. By Demand Category
6.8.2.3. By Tire Type
6.8.2.4. By Sales Channel
6.8.2.5. By Season
6.8.2.6. By Rim Size
6.9. Vietnam Tire Market Analysis, 2017-2027
6.9.1.Market Size & Analysis
6.9.1.1. Market Revenues
6.9.1.2. Units Sold
6.9.2.Market Share & Analysis
6.9.2.1. By Vehicle Type
6.9.2.2. By Demand Category
6.9.2.3. By Tire Type
6.9.2.4. By Sales Channel
6.9.2.5. By Season
6.9.2.6. By Rim Size
6.10. Philippines Tire Market Analysis, 2017-2027
6.10.1. Market Size & Analysis
6.10.1.1. Market Revenues
6.10.1.2. Units Sold
6.10.2. Market Share & Analysis
6.10.2.1. By Vehicle Type
6.10.2.2. By Demand Category
6.10.2.3. By Tire Type
6.10.2.4. By Sales Channel
6.10.2.5. By Season
6.10.2.6. By Rim Size
6.11. Australia Tire Market Analysis, 2017-2027
6.11.1. Market Size & Analysis
6.11.1.1. Market Revenues
6.11.1.2. Units Sold
6.11.2. Market Share & Analysis
6.11.2.1. By Vehicle Type
6.11.2.2. By Demand Category
6.11.2.3. By Tire Type
6.11.2.4. By Sales Channel
6.11.2.5. By Season
6.11.2.6. By Rim Size
6.12. Indonesia Tire Market Analysis, 2017-2027
6.12.1. Market Size & Analysis
6.12.1.1. Market Revenues
6.12.1.2. Units Sold
6.12.2. Market Share & Analysis
6.12.2.1. By Vehicle Type
6.12.2.2. By Demand Category
6.12.2.3. By Tire Type
6.12.2.4. By Sales Channel
6.12.2.5. By Season
6.12.2.6. By Rim Size
6.13. Thailand Tire Market Analysis, 2017-2027
6.13.1. Market Size & Analysis
6.13.1.1. Market Revenues
6.13.1.2. Units Sold
6.13.2. Market Share & Analysis
6.13.2.1. By Vehicle Type
6.13.2.2. By Demand Category
6.13.2.3. By Tire Type
6.13.2.4. By Sales Channel
6.13.2.5. By Season
6.13.2.6. By Rim Size
6.14. Singapore Tire Market Analysis, 2017-2027
6.14.1. Market Size & Analysis
6.14.1.1. Market Revenues
6.14.1.2. Units Sold
6.14.2. Market Share & Analysis
6.14.2.1. By Vehicle Type
6.14.2.2. By Demand Category
6.14.2.3. By Tire Type
6.14.2.4. By Sales Channel
6.14.2.5. By Season
6.14.2.6. By Rim Size
6.15. Bangladesh Tire Market Analysis, 2017-2027
6.15.1. Market Size & Analysis
6.15.1.1. Market Revenues
6.15.1.2. Units Sold
6.15.2. Market Share & Analysis
6.15.2.1. By Vehicle Type
6.15.2.2. By Demand Category
6.15.2.3. By Tire Type
6.15.2.4. By Sales Channel
6.15.2.5. By Season
6.15.2.6. By Rim Size
6.16. New Zealand Tire Market Analysis, 2017-2027
6.16.1. Market Size & Analysis
6.16.1.1. Market Revenues
6.16.1.2. Units Sold
6.16.2. Market Share & Analysis
6.16.2.1. By Vehicle Type
6.16.2.2. By Demand Category
6.16.2.3. By Tire Type
6.16.2.4. By Sales Channel
6.16.2.5. By Season
6.16.2.6. By Rim Size
6.17. Nepal Tire Market Analysis, 2017-2027
6.17.1. Market Size & Analysis
6.17.1.1. Market Revenues
6.17.1.2. Units Sold
6.17.2. Market Share & Analysis
6.17.2.1. By Vehicle Type
6.17.2.2. By Demand Category
6.17.2.3. By Tire Type
6.17.2.4. By Sales Channel
6.17.2.5. By Season
6.17.2.6. By Rim Size
6.18. Myanmar Tire Market Analysis, 2017-2027
6.18.1. Market Size & Analysis
6.18.1.1. Market Revenues
6.18.1.2. Units Sold
6.18.2. Market Share & Analysis
6.18.2.1. By Vehicle Type
6.18.2.2. By Demand Category
6.18.2.3. By Tire Type
6.18.2.4. By Sales Channel
6.18.2.5. By Season
6.18.2.6. By Rim Size
6.19. Pakistan Tire Market Analysis, 2017-2027
6.19.1. Market Size & Analysis
6.19.1.1. Market Revenues
6.19.1.2. Units Sold
6.19.2. Market Share & Analysis
6.19.2.1. By Vehicle Type
6.19.2.2. By Demand Category
6.19.2.3. By Tire Type
6.19.2.4. By Sales Channel
6.19.2.5. By Season
6.19.2.6. By Rim Size
7. Asia-Pacific Tire Market Value Chain Analysis
8. Asia-Pacific Tire Market Policies and Regulations
9. Asia-Pacific Tire Market Trends & Insights
10. Asia-Pacific Tire Market Dynamics
10.1. Growth Drivers
10.2. Challenges
10.3. Impact Analysis
11. Asia-Pacific Tire Market White Spaces, Hotspots & Opportunities
12. Asia-Pacific Tire Market Key Strategic Imperatives for Growth & Success
13. Asia-Pacific Tire Market Porters Five Forces Analysis
14. Asia-Pacific Tire Market Competition Outlook
14.1. Competition Matrix
14.1.1. Product Portfolio
14.1.2. Brand Specialization
14.1.3. Target Markets
14.1.4. Target End Users
14.1.5. Research & Development
14.1.6. Strategic Alliances
14.1.7. Strategic Initiatives
14.2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
14.2.1. Goodyear
14.2.2. Bridgestone
14.2.3. Michelin
14.2.4. Continental
14.2.5. Sumitomo
14.2.6. Hankook
14.2.7. Kumho
14.2.8. Pirelli
14.2.9. Yokohama
14.2.10. MRF
15. About Us & Contact Details
