Asia Pacific Tire Market 2020-2025, High Performance Tire, Industry Growth, Trends, Demand, Share and Forecast

The Asia Pacific tire market size reached 1’180 Million Units in 2019. Looking forward, the market value is projected to grow at a CAGR of 6.39% during the forecast period (2020-2025).

Tires are essential components of vehicles manufactured using steel, silica, rayon, synthetic, polyester, carbon black, vulcanization accelerator, and natural and synthetic rubber. They are attached to the rim of the wheel to serve as a cushion and minimize the impact of road shocks. Their main functions include supporting the vehicle load, transmitting traction and braking forces to the road surface, and changing and maintaining the direction of the vehicle. At present, the demand for tires is escalating in the Asia Pacific region on account of the rising sales of passenger vehicles.

Asia Pacific Tire Market Trends:

The easy availability of raw materials required for the production of tires represents one of the key factors impelling the Asia Pacific tire market growth. Moreover, the leading players in the region are increasing research and development (R&D) activities to introduce innovative products. For instance, Hankook Tire & Technology Group, a South Korean company, recently launched non-pneumatic tires (NPTs) that are made using eco-friendly materials.

Apart from this, key players are also engaging in the development of ecological, flat-run and nitrogen-based tires, which are environment friendly. For example, Bridgestone Corporation, a Japanese multinational firm, introduced the fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly.

However, the surge in the coronavirus disease (COVID-19) cases has resulted in the disruption of supply chains and a temporary shutdown of manufacturing units. The market is anticipated to grow once normalcy is regained in the region.

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Note: 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.

Asia Pacific Market Segmentation:

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-Wheeler
  • Off-The-Road (OTR)
  • Three- Wheeler

Breakup by Size:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two-Wheelers
  • Three- Wheelers
  • Off-The-Road (OTR)

Breakup by Distribution Channel:

  • Offline
  • Online

Breakup by Country:

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Indonesia
  • Malaysia
  • Pakistan
  • Others

The competitive landscape of the market has been examined, with some of the key players being Michelin Group, 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 and Kumho Tire Co., Ltd.

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Elena Anderson

9+ years in chemical & material has made Elena more or less an expert in everything related to medicines, drugs, chemicals and related sectors – at least from the PR front. Through his insider access to the sector, he has gained valuable insight into the entire manufacturing process of chemical and material.
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