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Asia-Pacific Tire (Tyre) Market Outlook, 2026

Asia-Pacific Tire (Tyre) Market Outlook, 2026

Bonafide Research 13-07-2021 110 Pages Figures : 8 Tables : 48
Region : Asia-Pacific Category : Automotive & Transport Automotive Parts

1. Bridgestone

2. Apollo Tyres

3. Continental

4. Cooper Tires

5. Goodyear Tyres

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The Asia-Pacific tire 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 tire market finds itself on a suitable pedestal to grow upon. As per the research conducted by Bonafide Research, under the title- Asia-Pacific Tire Market Outlook, 2026, the market is evaluated to be worth more than USD 70 Billion as of 2020 and is expected to grow at a CAGR of 5.58% in terms of volume during the period of 2021 to 2026.

In order to assess and study the regional trends and patterns in the Asia-Pacific tire 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 tires 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 tires and OEM demand for tires. Based on design types, the tire market is segmented as radial tires and bias-ply tires. To have a broader understanding of the landscape of the tire 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 research also includes profiles of some of the major tire companies in the world, namely: Bridgestone, Michelin, Sumitomo, Goodyear, Continental, Pirelli, Yokohama, Cooper tires, Apollo, MRF, Hankook, and Maxxis.

The Asia-Pacific tire 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 tire market as of 2020. 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 2015 to 2020. It has been further forecasted that its tire market will be progressing towards maturity by growing at a CAGR of 3.70% during the 2021 to 2026 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 2020, it was derived that about 127.23 Million units of 2 wheeler tires were sold in the region, making it one of the major drivers of the tire market in the region. 3 wheeler and other tires are expected to be the fastest-growing category during the 2021 to 2026 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 tires is more promising in the Asian Pacific market than anywhere else in the world.

CONSIDERED IN THE REPORT
• Geography: Asia Pacific
• Base Year: 2020
• Historical year: 2015
• Forecasted Year: 2026

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

ASPECTS COVERED IN THE REPORT
• Market Size by Value (2015-2026F)
• Market Size by Volume (2015-2026F)
• Market Share by Vehicle Type
• Market Share by End Use
• Market Share by Design
• Market Share by Sales Channel
• Market Share by Country

THIS REPORT WOULD HELP YOU ANSWER THE FOLLOWING QUESTIONS:
• What is the size of the Asia-Pacific tire market?
• How much do different vehicle types contribute to the Asia-Pacific tire market?
• What are the growth trends of radial tires and bias ply tires in Asia-Pacific?
• To what extend did Covid-19 pandemic impact the OEM and replacement demand of tires in the Asia-Pacific region?
• What are the drivers, development and key challenges in the Asian Pacific tire market?

 

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