The demand for tires in the Asia-Pacific region is anticipated to witness exponential growth during the forecast period. The growth in demand for OTR tires, high-performance tires and other market segments can be attributed to shifting in automotive production base to Asian countries and high demand for passenger cars, agriculture vehicles, and luxury vehicles in the emerging economies of China, India, Indonesia, and Vietnam, etc. As of 2019, and the demand for radial tires held the dominating share and also showcased robust growth in the overall demand from the replacement sector. The tire manufacturers in the region are focusing on devising their strategic measures and strengthen their foothold in the market through capacity expansions, mergers and acquisitions, and product launches.
High population growth, rising per capita income, and focus of governments of different economies to promote the production of green tires is expected to propel the market growth during the forecast period. The growth in the demand for tires in the region is also supported by rise in export opportunities for tires manufactured in the economies of countries such as China, India, and Vietnam, etc. due to their low production costs and availability of high profit margins for the manufacturers. Moreover, a rise in demand for retreading tires on an account of its low operational costs is also fuelling the growth of tires market in the region, especially from the commercial vehicle segment. The developing trend of the usage of bio-oils such as orange peel oils to reduce the use of petroleum in the overall tire manufacturing process is further driving the demand for tires in the Asia-Pacific region.
According to MarkNtel Advisors’ research report titled “Asia-Pacific Tire Market Analysis, 2020”, the Asia-Pacific region holds broad spectrum of opportunities for the tire industry. The reduction in the tariffs, favorable government policies, introduction of electric vehicles & autonomous vehicles, and availability of a large customer base in the region on an account of high population growth are the factors contributing to the growth in demand for the Tire market in the region. Transformations in the market with efforts made by leading manufacturers to enhance the lifecycle of tires and launching new efficient product offerings to remain competitive alongside the growth in the rubber market in the leading economies of Asia-Pacific region have led the Asia-Pacific Tire market to account for more than 50% of the demand for tires, globally. The market is poised to grow at a CAGR of approximately 10%, in value terms, to reach USD 110 billion mark, by the end of 2025.
According to MarkNtel Advisors’, the Key Players in the Asia-Pacific Tire market are Bridgestone, Continental AG, Goodyear, Hankook, Michelin, Pirelli, Sumitomo Tires, Kumho Tires, Yokohama and Apollo Tires, etc.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Asia-Pacific Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Asia-Pacific Tire Market during 2020-25?
A. The market size of Asia-Pacific Tire Market during 2020-25 is forecast to be around 10%.
Q. Who are the key competitors or players operating in Asia-Pacific Tire Market?
A. Continental, Bridgestone, Pirelli, Yokohama, Double Coin, Triangle Tire, Toyo, Hangzhou Zhongce, Shandong Linglong, Qingdao Doublestar Rubber, Madras Rubber Factory (MRF) and few others are the leading players in the Asia-Pacific Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Asia-Pacific Tire Market?
A. Passenger car and light commercial vehicle segment captured a considerable market share in the Asia-Pacific Tire Market.
Q. Which Tire type segment would emerge as an opportunity area for players in Asia-Pacific Tire Market?
A. On the basis of tyre type, the demand for radial tires holds the dominating share alongside robust growth in the demand from replacement sector.
