The Asia-Pacific region has a sizable tyre market, which is expected to grow quickly in the years to come as a result of rising living and economic standards as well as a growing trend towards private car ownership. In addition, several well-known tyre manufacturers have chosen to establish their manufacturing facilities throughout the region in order to contribute to the noticeably expanding tyre industry during the forecast period. These factors include the abundance of raw materials, such as rubber, and the low cost of labour.
According to SPER market research, Asia Pacific Tire Market Size - By Vehicle Type, By Type of Tire, By Price Category, By End Use, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Asia Pacific Tire Market is predicted to reach 1959.47 Million Units by 2033 with a CAGR of 4.8%.
Numerous causes are driving the expansion of the tyre sector in Asia Pacific. This includes increased demand for automobiles, a rise in the need for replacements, a decline in the price of rubber, and increased manufacturing in the area. In addition, the growing demand for used cars in nations like Malaysia, Indonesia, China, India, and China is anticipated to propel the market for replacement tyres. The construction of highways, bridges, and tunnels as well as other infrastructure projects are enhancing regional connectivity and driving up tyre demand. The growing demand for tyres in the region is being driven by a higher fleet size and increased automotive production. Additionally, the industry is growing as next-generation, high-performance tyres for luxury and premium cars become more and more popular. Additionally, the region's need for tyres is being strengthened by the high rate of tyre replacement for passenger cars, which is driven by a sizable customer base.
In the Asia-Pacific tyre market, local and international producers compete fiercely for market supremacy by focusing on distribution, brand recognition, product quality, and pricing. Manufacturers must constantly innovate and improve operational efficiency in order to maintain competitiveness and safeguard profit margins. The industry is subject to price volatility influenced by geopolitical concerns, global economic trends, and weather impacts on rubber plantations due to its reliance on raw materials such as steel, chemicals, and natural and synthetic rubber.
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Impact of COVID-19 on Asia Pacific Tire Market
Many businesses, particularly the tyre and automotive industries in the Asia-Pacific area, experienced a slowdown following the start of the Covid-19 epidemic in 2020. The tyre business experienced substantial disruptions due to strict government measures like lockdowns and transportation restrictions. Important participants had to deal with difficulties like labour shortages, manufacturing unit closures, transportation problems, and disruptions in the supply chain, which led to major financial losses. Business operations, however, resumed when governments relaxed restrictions and the number of Covid-19 cases fell. With their expanded production capacity, the leading players in the Asia-Pacific Tyre Market are ready to bounce back from their losses and contribute to the market's steady expansion during the projection period.
Asia Pacific Tire Market Key Player
The Asia-Pacific Tyre Market has historically been dominated by China, and this trend is predicted to continue as more and more tyre producers and small and big automakers locate their manufacturing operations there. Japan's tyre market is expected to expand concurrently because to the country's fast industrialization, which would raise living standards, and its adoption of cutting-edge farming equipment. Furthermore, Australia, Thailand, and Indonesia are concentrating on developing their agricultural industries, which is raising the need for machinery like harvesters and tractors and boosting the Asia-Pacific Tyre Market as a whole. Additionally, some of the market key players are Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Toyo Tire Corporation, Yokohama Tire Corporation, Others.
Asia Pacific Tire Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Tire Market is segmented as; Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off-The-Road (OTR), Passenger Cars, Three- Wheelers, Two-Wheelers.
By Type of Tire: Based on the Type of Tire, Asia Pacific Tire Market is segmented as; Bias, Radial.
By Price Category: Based on the Price Category, Asia Pacific Tire Market is segmented as; Budget, Economy, Premium.
By End Use: Based on the End Use, Asia Pacific Tire Market is segmented as; OEM, Replacement.
By Distribution Channel: Based on the Distribution Channel, Asia Pacific Tire Market is segmented as; Chanel Partners, Direct Sales, Online.
By Region: This research also includes data for Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, South Korea, Thailand, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Asia Pacific Tire Market Revenue
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