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Asia-Pacific Tire (Tyre) Market Outlook, 2027

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    Report

  • 108 Pages
  • September 2022
  • Region: Asia Pacific
  • Bonafide Research
  • ID: 5660313
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The Asia-Pacific tyre market is a rapidly developing market. As the economies in the region are rapidly growing and infrastructure development is taking place throughout the region; the Asia-Pacific tyre market finds itself on a suitable pedestal to grow upon. As per the research under the title, “Asia-Pacific Tire Market Outlook, 2027”, the market is evaluated to be worth more than USD 80 Billion as of 2021 and is expected to grow at a CAGR of more than 5% in terms of volume during the period of 2021 to 2027. In order to assess and study the regional trends and patterns in the Asia-Pacific tyre market, the research has been approached by looking at the market through appropriate segments and classification. The segments that were made during the comprehensive evaluation of the markets were based on vehicle types, end-use demand, and the demand of tyres on the basis of their construction design. The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers, and other vehicles including bicycles. The categorization based on end-use demand includes demand for replacement tyres and OEM demand for tyres. Based on design types, the tyre market is segmented as radial tyres and bias-ply tyres. To have a broader understanding of the landscape of the tyre market in Asia-Pacific, further segmentation has been made on the basis of countries, and the sales channels through which the products are made available to the distributors and customers.

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. Besides, the mounting demand for second hand 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.

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 have driven the demand for the market in recent years. 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.

The Asia-Pacific tyre market is majorly driven by China, Japan, and India having a combined share of little shy than 65%. Australia contributes the lowest share in the overall Asia-Pacific tyre market as of 2021. As many of the major national markets in the region are rapidly growing, Japan is the only market that is showing signs of maturity. Japan grew at a CAGR of roughly 2% during the historical period of 2016 to 2021. It has been further forecasted that its tyre market will be progressing towards maturity by growing at a CAGR of little over 3% during the 2022 to 2027 period. However, during the same period, the rest of the Asia-Pacific regional markets combined excluding the major economies are projected to be registering a growth rate of more than 9%. As of 2021, it was derived that about 134.67 Million units of 2 wheeler tyres were sold in the region, making it one of the major drivers of the tyre market in the region. 3 wheeler and other tyres are expected to be the fastest-growing category during the 2022 to 2027 period, expected to grow at a CAGR of more than 11%. As the region is a major global hub for vehicle manufacturing and assembly, the OEM demand for tyres is more promising in the Asian Pacific market than anywhere else in the world.

COVID-19 Impact

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.

Key Players: Apollo Tires, Bridgestone, CEAT Tires, Continental, Giti, Goodyears Tires, Hankook, JK tires, Kenda Kumho, Maxxis International, Michelin, MRF, Nexen Tire Corp, Pirelli, Sailun Group Co., Ltd, Sumitomo Rubber Industries, Titan International , Toyo Tire Corporation, Triangle Tire Co, Zhongce Rubber Group Co, Yokohama, Doublestar Tire, Linglong, Nankang

Considered in the report

  • Geography: Asia Pacific
  • Base Year: 2021
  • Historical year: 2016
  • Forecasted Year: 2027

Countries covered

  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific

Aspects covered in the report

  • Market Size by Value (2016-2027F)
  • Market Size by Volume (2016-2027F)
  • Market Share by Vehicle Type
  • Market Share by End Use
  • Market Share by Design
  • Market Share by Sales Channel
  • Market Share by Country

Intended Audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Automotive and Transport industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Table of Contents

1. Executive Summary2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic / Demographic Snapshot
5. Global Tire Market Outlook
5.1. Market Size by Value
5.2. Market Size by Volume
5.3. Market Share
5.3.1. By Vehicle Type
5.3.2. By End Use
5.3.3. By Design
5.3.4. By Sales Channels
5.3.5. By Region
5.3.6. By Country
5.3.7. By Company
6. Asia-Pacific Tire Market Outlook
6.1. Market Size by Value
6.2. Market Size by Volume
6.3. Market Share
6.3.1. By Vehicle Type
6.3.2. By End Use
6.3.3. By Design
6.3.4. By Sales Channels
6.3.5. By Country
6.4. China Tire Market Outlook
6.4.1. Market Size by Value
6.4.2. Market Share
6.4.2.1. By Vehicle Type
6.4.2.2. By End Use
6.4.2.3. By Design
6.5. Japan Tire Market Outlook
6.5.1. Market Size by Value
6.5.2. Market Share
6.5.2.1. By Vehicle Type
6.5.2.2. By End Use
6.5.2.3. By Design
6.6. India Tire Market Outlook
6.6.1. Market Size by Value
6.6.2. Market Share
6.6.2.1. By Vehicle Type
6.6.2.2. By End Use
6.6.2.3. By Design
6.7. Australia Tire Market Outlook
6.7.1. Market Size by Value
6.7.2. Market Share
6.7.2.1. By Vehicle Type
6.7.2.2. By End Use
6.7.2.3. By Design
7. Market Dynamics
7.1. Key Drivers
7.2. Key Challenges
8. Market Trends and Developments
9. Company Profiles
9.1. Apollo Tires
9.2. Bridgestone
9.3. CEAT Tires
9.4. Continental
9.5. Cooper Tires
9.6. Giti
9.7. Goodyear Tires
9.8. Hankook
9.9. JK Tires
9.10. Kenda
9.11. Kumho
9.12. Maxxis International
9.13. Michelin
9.14. MRF
9.15. Nexen Tire Corp
9.16. Nokian Tires
9.17. Pirelli
9.18. Sailun Group Co., Ltd
9.19. Sumitomo Rubber Industries
9.20. Titan International
9.21. Toyo Tire Corporation
9.22. Triangle Tire Co
9.23. Zhongce Rubber Group Co
9.24. Yokohama Co.
10. Company Overview
10.1.1. 10.2. Doublestar Tire
10.1.2. 10.3. Linglong
10.1.3. 10.4. Nankang
11. Strategic Recommendations12. Disclaimer
List of Figures
Figure 1: Global Tire Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 2: Global Tire Market Size - By Volume 2016 to 2027F (In Million Units)
Figure 3: Asia-Pacific Tire Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 4: Asia-Pacific Tire Market Size - By Volume 2016 to 2027F (Million Units)
Figure 5: China Tire Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 6: Japan Tire Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 7: India Tire Market Size - By Value 2016 to 2027F (In USD Billion)
Figure 8: Australia Tire Market Size - By Value 2016 to 2027F (In USD Billion)
List of Tables
Table 1: Top 10 Counties Economic Snapshot 2021
Table 2: Economic Snapshot of Other Prominent Countries 2021 21
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 5: Global Tire Market Share By End Use (2016, 2021 & 2027F)
Table 6: Global Tire Market Share By Design (2016, 2021 & 2027F)
Table 7: Global Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 8: Global Tire Market Share by Region (2016, 2021 & 2027F)
Table 9: Global Tire Market Share by Country (2016, 2021 & 2027F)
Table 10: Global Tire Market Share by Company (2021)
Table 11: Asia-Pacific Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 12: Asia-Pacific Tire Market Share By End Use (2016, 2021 & 2027F)
Table 13: Asia-Pacific Tire Market Share By Design (2016, 2021 & 2027F)
Table 14: Asia-Pacific Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 15: Asia-Pacific Tire Market Share by Country (2016, 2021 & 2027F)
Table 16: China Tire Market Share By Vehicle Type (2016, 2021 & 2027F)
Table 17: China Tire Market Value By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 18: China Tire Market Growth By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 19: China Tire Market Share By End Use (2016, 2021 & 2027F)
Table 20: China Tire Market Share By End Use (USD Billion) (2016, 2021 & 2027F)
Table 21: China Tire Market Growth By End Use (USD Billion) (2016, 2021 & 2027F)
Table 22: China Tire Market Share By Design (2016, 2021 & 2027F)
Table 23: China Tire Market Value By Design (USD Billion) (2016, 2021 & 2027F)
Table 24: China Tire Market Growth By Design (USD Billion) (2016, 2021 & 2027F)
Table 25: Japan Tire Market Share By Vehicle Type (2016, 2021 & 2027F)
Table 26: Japan Tire Market Value By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 27: Japan Tire Market Growth By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 28: Japan Tire Market Share By End Use (2016, 2021 & 2027F)
Table 29: Japan Tire Market Share By End Use (USD Billion) (2016, 2021 & 2027F)
Table 30: Japan Tire Market Growth By End Use (USD Billion) (2016, 2021 & 2027F)
Table 31: Japan Tire Market Share By Design (2016, 2021 & 2027F)
Table 32: Japan Tire Market Value By Design (USD Billion) (2016, 2021 & 2027F)
Table 33: Japan Tire Market Growth By Design (USD Billion) (2016, 2021 & 2027F)
Table 34: India Tire Market Share By Vehicle Type (2016, 2021 & 2027F)
Table 35: India Tire Market Value By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 36: India Tire Market Growth By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 37: India Tire Market Share By End Use (2016, 2021 & 2027F)
Table 38: India Tire Market Share By End Use (USD Billion) (2016, 2021 & 2027F)
Table 39: India Tire Market Growth By End Use (USD Billion) (2016, 2021 & 2027F)
Table 40: India Tire Market Share By Design (2016, 2021 & 2027F)
Table 41: India Tire Market Value By Design (USD Billion) (2016, 2021 & 2027F)
Table 42: India Tire Market Growth By Design (USD Billion) (2016, 2021 & 2027F)
Table 43: Australia Tire Market Share By Vehicle Type (2016, 2021 & 2027F)
Table 44: Australia Tire Market Value By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 45: Australia Tire Market Growth By Vehicle Type (USD Billion) (2016, 2021 & 2027F)
Table 46: Australia Tire Market Share By End Use (2016, 2021 & 2027F)
Table 47: Australia Tire Market Share By End Use (USD Billion) (2016, 2021 & 2027F)
Table 48: Australia Tire Market Growth By End Use (USD Billion) (2016, 2021 & 2027F)
Table 49: Australia Tire Market Share By Design (2016, 2021 & 2027F)
Table 50: Australia Tire Market Value By Design (USD Billion) (2016, 2021 & 2027F)
Table 51: Australia Tire Market Growth By Design (USD Billion) (2016, 2021 & 2027F)
Table 52: Key Facts of Apollo Tires
Table 53: Key Facts of Bridgestone
Table 54: Key Facts of Ceat Tires
Table 55: Key Facts of Continental
Table 56: Key Facts of Cooper Tires
Table 57: Key Facts of Giti Tire
Table 58: Key Facts of Goodyear Tires
Table 59: Key Facts of Hankook Tire
Table 60: Key Facts of JK Tire
Table 61: Key Facts of Kenda Rubber
Table 62: Key Facts of Kumho Tires
Table 63: Key Facts of Maxxis International
Table 64: Key Facts of Michelin
Table 65: Key Facts of MRF
Table 66: Key Facts of Nexen Tire Corp
Table 67: Key Facts of Nokian Tires
Table 68: Key Facts of Pirelli
Table 69: Key Facts of Sailun Group Co., Ltd
Table 70: Key Facts of Sumitomo Rubber Industries
Table 71: Key Facts of Titan International
Table 72: Key Facts of Toyo Tire Corporation
Table 73: Key Facts of Triangle Tire Co
Table 74: Key Facts of Zhongce Rubber Group Co
Table 75: Key Facts of Yokohama Co.