Owning a vehicle these days is, for sure, not as hard as it was sometime back. While automobiles were a luxurious item before, that is no longer the case now, thanks to the swift economic growth and increased disposable income of people, primarily in the emerging economies in Asia-Pacific (APAC). In fact, China is the leading automobile manufacturer across the globe. In 2019, the total of automobile sales in China stood at 25 million units, among which 21 million were passenger cars. Ascribed to these factors, the requirement for automotive tires in the APAC region is growing at a rapid pace.
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According to a report by P&S Intelligence, in 2018, the APAC automotive tire market witnessed a sale of 1,080.5 million units, which is projected to increase to 1,826.8 million units by 2024, progressing at a 9.1% CAGR during the forecast period (2019–2024). Among the different vehicle types, including passenger cars, medium & heavy commercial vehicles, two-wheelers, and light commercial vehicles, the largest demand for automotive tires in the region is created for passenger vehicles, owing to the large population base which purchases these.
The research offers market
size of the APAC automotive tire market for the period 2014–2024.
Market Segmentation by
Vehicle
Two-Wheelers
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Market Segmentation by
Design
Radial
Bias
Market Segmentation by
End Use
Original Equipment Manufacturer (OEM)
Aftermarket
China is the largest APAC automotive tire market, particularly because of the fact that the country is the largest manufacturer of automobiles, as mentioned above. As per the China Association of Automobile Manufacturers, the country is projected to manufacture about 30 million passenger cars by 2020 and 35 million units by 2025. Apart from this, countries including Indonesia, Japan, India, and South Korea are also expected to create a considerable demand for automotive tires in the coming years, which is attributed to the rising per capita income of consumers, thereby resulting in the increasing consumer base in these countries.
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Hence, the requirement for tires in APAC is increasing due to the rising production of vehicles and technological advancements.
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