Asia Pacific Automotive Tire Market Share, Revenue, Trends, Growth Strategy, Key Players, Challenges and Business Opportunities Till 2033


Asia Pacific Automotive Tire Market Share, Revenue, Trends, Growth Strategy, Key Players, Challenges and Business Opportunities Till 2033: SPER Market Research

 Published: Jan-2024
 Author: SPER Analyst

Asia Pacific Tire Market is projected to be worth 1959.47 Million Units by 2033 with a CAGR of 4.8%.

A tyre is a vital part of a vehicle that is a tough, rubberized and frequently strengthened wheel covering. It sustains the vehicle's weight, absorbs shocks, gives traction, and keeps the vehicle's grip on the road. Tyres are typically packed with compressed air and are available in a range of sizes and styles to fit a variety of cars and uses. To guarantee performance, safety, and durability, they go through a rigorous engineering process. Tyres are a vital component of automobile handling, stability, and efficiency, which makes them a necessary commodity in the automotive sector.

Asia Pacific Tire Market Driving Factors and Challenges
The Asia Pacific tyre market is expanding due to a number of important factors, including rising vehicle demand, rising replacement demand, falling rubber prices, and increased regional manufacturing. Moreover, the market for replacement tyres is anticipated to be driven by the growing demand for used cars in nations like Malaysia, Indonesia, China, India, and others. Furthermore, by investing more in infrastructure projects like roads, bridges, and tunnels, the Asia Pacific region is becoming more connected, which is driving up demand for tyres throughout the region.

Together with the growing fleet size, rising car manufacturing is another factor driving the growing need for tyres in the Asia Pacific area. Additionally, as consumers' disposable income levels rise in tandem with their living standards, car sales have increased, which has increased demand for tyres in the area. Additionally, the industry is growing due to the growing use of both light and heavy commercial trucks in construction and logistics. The market is expanding due to the rising demand for high-performance, next-generation tyres for luxury and premium vehicles. In addition, the region's need for tyres is being further supported by the growing need for replacement tyres brought on by the vast number of passenger car owners and the high rate of tyre replacement after a given amount of use.

However, intense competition characterizes the Asia-Pacific tire industry, with both local and global manufacturers striving for market leadership. Competing on factors like distribution networks, brand recognition, product excellence, and pricing, these manufacturers are under constant pressure to innovate and enhance operational efficiency to maintain competitive edges and safeguard profit margins. The tire sector heavily relies on raw materials such as chemicals, steel, and both synthetic and natural rubber, facing price volatility due to geopolitical issues, global economic shifts, and weather impacts on rubber plantations. Varied regulations across Asia-Pacific nations concerning environmental impact, safety, and labeling present complex compliance challenges for tire producers, carrying risks of fines, market restrictions, and brand reputation damage if not met.

Impact of COVID-19 on Asia Pacific Tire Market
Several industries experienced a slowdown with the start of the Covid-19 pandemic in 2020, particularly the tyre and automotive industries in the Asia-Pacific area. The tyre sector was severely impacted by harsh government measures like mobility restrictions and lockdowns. A number of obstacles, including labour shortages, manufacturing unit closures, transportation problems, and disruptions in the supply chain, caused significant financial losses for the major companies. Nonetheless, commercial activities continued as governments’ relaxed regulations and the number of Covid-19 cases fell. The Asia-Pacific Tyre Market is expected to gain momentum and see stable expansion throughout the forecast period as a result of leading companies recovering from losses and currently operating with enhanced production capabilities.

Asia Pacific Tire Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Kumho Tire Co., Ltd., Michelin, Pirelli C. S.p.A., Sumitomo Corporation, Toyo Tire Corporation, Yokohama Tire Corporation, Others.

Asia Pacific Tire Market Segmentation:

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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