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
o Vehicle Type
o Road Application
o Construction
o Tire Type
o Sales Channel
o Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region
Asia-Pacific Tire Market Report Segment
By Vehicle Type
By Road Application
By Construction
By Tire Type
By Sales Channel
Asia-Pacific Tire Market Report Segment By Geography
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