Asia-Pacific will Maintain the Largest Share in the Global Tire Market

The Asia-Pacific tire market is anticipated to grow with a CAGR of 3.5% during the forecast period (2020-2026). As per the International Rubber Study Group (IRSG), Asia-Pacific was the largest tire rubber consumer globally. Out of the 16,862 KT rubber consumption of tires, Asia-Pacific accounts for 67.0% in 2019, which is equivalent to 11,369 KT. China accounts for 40% of the global demand and Japan for 6%. 

Large vehicle fleet, high new vehicle sales, increasing demand for high-end tires for safety purposes are some of the major factors for the growth of the market in the region. Moreover, as the ASEAN region is the largest producer of natural rubber, significant companies have also established their manufacturing unit near to the raw material source. 

Browse the full report description of "Asia-Pacific Tire Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Light & Medium Commercial Vehicle, Heavy Commercial Vehicle, Two-Wheeler and Other), By Road Application (All-Season Tire, Summer Tire, Winter Tire and Other), By Construction (Radial Tire and Bias Ply Tire), By Tire Type (Tubeless Tire and Tubbed Tire), By Sales Channel (OEM and Aftermarket) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/asia-pacific-tire-market

As per the Automotive Tyre Manufacturers’ Association, the region had 330 major tire plants in 2018, which is 59% of the global 557 major tire plants. The domestic Japanese, Chinese, Indian, Taiwan and South Korean countries have a significant export base providing significant working capital to sustain in the highly competitive market. 

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered- 

o Vehicle Type 

o Road Application 

o Construction 

o Tire Type 

o Sales Channel 

• Region Covered- 

o Asia Pacific (China, Japan, India, Rest of Asia Pacific) 

• Competitive Landscape- Apollo Tires Ltd., Bridgestone Corp., Giti Tire Pte Ltd., MRF Ltd., Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co, Ltd., Toyo Tire Corp.

Key questions addressed by the report

• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected region

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Asia-Pacific Tire Market Report Segment

By Vehicle Type

• Passenger Cars 
• Light & Medium Commercial Vehicle 
• Heavy Commercial Vehicle 
• Two-Wheeler
• Other (Construction, Agricultural, Customized Sports)

By Road Application 

• All-Season Tire 
• Summer Tire 
• Winter Tire 
• Other

By Construction

• Radial Tire 
• Bias Ply Tire

By Tire Type

• Tubeless Tire 
• Tubbed Tire 

By Sales Channel 

• OEM 
• Aftermarket 

Asia-Pacific Tire Market Report Segment By Geography 

• China
• India
• Japan
• Rest of Rest of Asia-Pacific

To learn more about this report request a free sample copy @  https://www.omrglobal.com/request-sample/asia-pacific-tire-market