The Asia-Pacific tire market size reached 1,270 Million Units in 2023. The market is projected to reach 1,800 Million Units by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2023-2032.
Increasing demand for vehicles, growing replacement demand, declining prices of rubber and increasing production in the region represent some of the key factors contributing to the growth of the Asia-Pacific tire industry. Furthermore, rising demand for secondhand vehicles in countries such as India, China, Indonesia, Malaysia, etc., is expected to drive the market for the replacement tire industry. Additionally, increasing investment towards infrastructure projects such as roads, bridges, and tunnels, have been able to increase the connectivity across the Asia-Pacific region, this is also catalyzing the demand for tires across the region.
The increasing demand for tires in the Asia-Pacific region is also being driven by the increasing automobile production along with the expanding fleet size. In addition to this, the rising consumer living standards supported by their growing disposable income levels have also boosted automobile sales, thereby propelling the demand for tires in the region. Furthermore, the increasing usage of both light and heavy commercial vehicles in logistics and construction activities has also augmented the market growth. Additionally, the growing popularity of next-generation and high-performance tires for luxury and premium cars is also driving the market growth. Apart from this, the increasing demand for replacement tires owing to the large consumer base of passenger cars and the high replacement rate of tires after certain usage limit, is further bolstering the demand of tires in the region.
2. What is the expected growth rate of the Asia-Pacific tire market during 2024-2032?
3. What are the key factors driving the Asia-Pacific tire market?
4. What has been the impact of COVID-19 on the Asia-Pacific tire market?
5. What is the breakup of the Asia-Pacific tire market based on the radial/bias tires?
6. What is the breakup of the Asia-Pacific tire market based on the end-use?
7. What is the breakup of the Asia-Pacific tire market based on vehicle type?
8. What is the breakup of the Asia-Pacific tire market based on the distribution channel?
9. What are the key regions in the Asia-Pacific tire market?
10. Who are the key players/companies in the Asia-Pacific tire market?
Increasing demand for vehicles, growing replacement demand, declining prices of rubber and increasing production in the region represent some of the key factors contributing to the growth of the Asia-Pacific tire industry. Furthermore, rising demand for secondhand vehicles in countries such as India, China, Indonesia, Malaysia, etc., is expected to drive the market for the replacement tire industry. Additionally, increasing investment towards infrastructure projects such as roads, bridges, and tunnels, have been able to increase the connectivity across the Asia-Pacific region, this is also catalyzing the demand for tires across the region.
The increasing demand for tires in the Asia-Pacific region is also being driven by the increasing automobile production along with the expanding fleet size. In addition to this, the rising consumer living standards supported by their growing disposable income levels have also boosted automobile sales, thereby propelling the demand for tires in the region. Furthermore, the increasing usage of both light and heavy commercial vehicles in logistics and construction activities has also augmented the market growth. Additionally, the growing popularity of next-generation and high-performance tires for luxury and premium cars is also driving the market growth. Apart from this, the increasing demand for replacement tires owing to the large consumer base of passenger cars and the high replacement rate of tires after certain usage limit, is further bolstering the demand of tires in the region.
Key Market Segmentation:
The report provides an analysis of the key trends in each sub-segment of the Asia-Pacific tire market report, along with forecasts at the regional and country level from 2023-2032. The report has categorized the market based on radial/bias tires, end-use, vehicle type, size and distribution channel.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
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Light Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Medium and Heavy Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Two-Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Three- Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
- Off-The-Road (OTR)
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Market Breakup by Price Range
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Indonesia
- Malaysia
- Pakistan
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined with some of the key players being 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., etc.Key Questions Answered in This Report
1. What was the size of the Asia-Pacific tire market in 2023?2. What is the expected growth rate of the Asia-Pacific tire market during 2024-2032?
3. What are the key factors driving the Asia-Pacific tire market?
4. What has been the impact of COVID-19 on the Asia-Pacific tire market?
5. What is the breakup of the Asia-Pacific tire market based on the radial/bias tires?
6. What is the breakup of the Asia-Pacific tire market based on the end-use?
7. What is the breakup of the Asia-Pacific tire market based on vehicle type?
8. What is the breakup of the Asia-Pacific tire market based on the distribution channel?
9. What are the key regions in the Asia-Pacific tire market?
10. Who are the key players/companies in the Asia-Pacific tire market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis
2 Scope and Methodology
4 Introduction
5 Asia-Pacific Tire Industry
6 Market Breakup by Radial/Bias Tires
7 Market Breakup by End-Use
8 Market Breakup by Vehicle Type
9 Market Breakup by Size
10 Market Breakup by Distribution Channel
11 Market Breakup by Country
12 Tire Pricing Analysis
13 SWOT Analysis
15 Porters Five Forces Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value in 2023 | 1.27 Billion Units |
| Forecasted Market Value by 2032 | 1.8 Billion Units |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
