According to the latest report by IMARC Group, titled “Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Asia Pacific tire market size reached 1,170 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 1,520 Million Units by 2027, exhibiting a growth rate (CAGR) of 4.7% during 2022-2027.
Industry Overview and Application:
Tire refers to a circular automotive component that is made up of natural or synthetic rubber compound, silica, wire, carbon black, steel, etc., and is inflated with compressed air. It is largely available in radial and bias construction variants and numerous sizes. These automotive tire models are custom-built for supporting the weight of a vehicle, absorbing road shocks, and transmitting traction for acceleration and braking. They help maintain and change the direction of travel thereby ensuring passenger safety and a seamless car handling experience. Consequently, tire products are extensively utilized in the production of passenger cars, heavy commercial, light commercial, and other vehicles.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The elevating demand for first and second-hand cars in countries such as India, China, Indonesia, Malaysia, etc., is among the key factors driving the Asia Pacific tire market. Moreover, the inflating investments towards several infrastructure projects, including bridges, roads, tunnels, etc., to improve transport connectivity are further catalyzing the market across the region. Besides this, the growing automobile production and the expanding fleet size are acting as significant growth-inducing factors.
Additionally, the rising usage of both light and heavy commercial vehicles in construction and logistics activities is also positively influencing the regional market. Apart from this, the launch of next-generation high-performance tires for premium and luxury cars and the escalating requirement for replacement tires, on account of the large consumer base of second-hand passenger cars, are expected to stimulate the Asia Pacific tire market in the coming years.
Competitive Landscape with Key Players:
The competitive landscape of the Asia Pacific tire industry has been studied in the report with the detailed profiles of the key players operating in the market.
APAC Tire Market 2022-2027 Competitive Analysis and Segmentation
Asia Pacific Tire Market Key Players:
- Michelin
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber Company
- Sumitomo Corporation
- Pirelli C. S.p.A.
- Yokohama Tire Corporation
- Hankook Tire & Technology Co., Ltd
- Toyo Tire Corporation
- Kumho Tire Co., Ltd.
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Asia Pacific Tire Market Segmentation:
The report has segmented the APAC tire market on the basis of radial/bias tires, end use, vehicle type, size, distribution channel and country.
Breakup by Radial/Bias Tires:
- Radial
- Bias
Breakup by End-Use:
- OEM
- Replacement
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two-Wheelers
- Off-The-Road (OTR)
- Three-Wheelers
Breakup by Size:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two-Wheelers
- Off-The-Road (OTR)
- Three-Wheelers
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- China
- India
- Japan
- Australia
- Indonesia
- South Korea
- Thailand
- Malaysia
- Pakistan
- Other Regions
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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