Asia Pacific Tire Market Growth, Size, Trends, Revenue, Share, Challenges and Future Outlook
Asia Pacific Tire Market Size- By Vehicle Type, By Type of Tire, By Price Category, By End User, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jan-2024 | Report ID: AMIN2426 | Pages: 1 - 154 | Formats*: |
| Category : Automotive & Transportation | |||
Asia Pacific Tire Market Introduction and Overview
According to SPER Market Research, the Asia Pacific Tire Market is estimated to reach 1959.47 Million Units by 2033 with a CAGR of 4.8%.
The report includes an in-depth analysis of the Asia Pacific Tire Market, including market size and trends, product mix, applications, and supplier analysis. A tyre is a durable, rubberized, and frequently strengthened wheel covering that is an essential part of automobiles. It offers traction, bears the weight of the car, cushions impacts, and keeps the car's grip on the pavement. Tyres are available in a variety of sizes and styles to fit a range of vehicles and applications. They are typically filled with compressed air. They go through a rigorous engineering process that guarantees performance, safety, and durability. Tyres are an essential component of the automobile industry since they are crucial to the overall handling, stability, and efficiency of cars.
- Apollo Tyre introduced two tyre brands—Amperion for electric passenger cars and Wav for two-wheelers—in India in 2023.
- Continental introduced the ComfortContact CC7, a Continental tyre, in 2023 for the Asia-Pacific area, which includes Malaysia.
Market Opportunities and Challenges
Green and sustainable tyres: Growing environmental consciousness has led to an increase in interest in sustainable and eco-friendly tyre solutions in the Asia Pacific area. Governments and consumers place a high priority on eco-friendly products, lower carbon emissions, and fuel efficiency. Through sustainable production methods and tyre recycling programmes, manufacturers are complying with the principles of the circular economy by investing in research and development for materials with lower rolling resistance.
Digitalization and E-Commerce: The tyre industry is noticeably moving towards digitalization and e-commerce in the Asia Pacific area. Online platforms are becoming more and more popular among consumers for tyre comparison, research, and purchases due to their ease of use and variety of possibilities. Tyre manufacturers and retailers are investing in digital marketing, Omni channel strategy, and a strong online presence to fulfil this demand and improve the online tyre shopping experience.
However, the market faces several challenges: Intense Competition: Intense competition exists among both local and international tire manufacturers in the Asia-Pacific region, vying for market dominance. Competing based on distribution networks, brand reputation, product quality, and cost, manufacturers face pressure to innovate and optimize processes to sustain competitiveness and profit margins.
Raw Material Price Volatility: The tyre industry is largely dependent on raw materials such as chemicals, steel, and rubber—both synthetic and natural. Geopolitical concerns, global economic trends, weather-related impacts on rubber plantations, and mismatches in supply and demand are the main causes of price volatility. Manufacturers may face difficulties with pricing and inventory management due to sudden price fluctuations.
Regulatory Compliance and Standard: Different nations in the Asia-Pacific area have different tyre regulations and standards that cover things like environmental impact, safety, and labelling. For tyre producers, complying with these complex and costly requirements can be risky, as failure to do so could result in fines, market limitations, or damage to the reputation of the brand.
Market Competitive Landscape
Asia Pacific's tyre market is very competitive, with many domestic and foreign producers engaged in bitter competition with one another. Market share is fiercely contested by both well-known international companies and local producers, who compete on the basis of things like wide distribution networks, well-known brands, high-quality products, and competitive price. The major key players in the Asia Pacific Tire Market are: 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.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Vehicle Type, By Type of Tire, By Price Category, By End Use, By Distribution Channel |
| Regions covered | Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, South Korea, Thailand, Others |
| Companies Covered | 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 |
COVID-19 Impact on Asia Pacific Tire Market
The Asia-Pacific automobile and tyre industries were among those that experienced a slowdown with the start of the Covid-19 pandemic in 2020. The tyre business was severely impacted by harsh government actions like lockdowns and transit restrictions. Significant financial losses were incurred by key participants as a result of difficulties ranging from labour shortages and manufacturing unit closures to supply chain interruptions and transportation problems. But corporate activities continued as governments’ relaxed regulations and the number of Covid-19 cases decreased. Leading companies are ready to bounce back from setbacks and resume growth, which will help the Asia-Pacific Tyre Market acquire traction and grow steadily during the projection period. These companies are currently operating with expanded manufacturing capabilities.
Key Target Audience:
- Automobile Manufacturers
- Automotive Parts Distributors
- Automotive Service Centers
- Fleet Owners and Operators
- Logistics, Supply Chain Professionals
- Tire Retailers and Dealers
- Tire Manufacturers and Suppliers
- Import, Export Authorities
- Others
Our in-depth analysis of the Asia Pacific Tire Market includes the following segments:
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| By Type of Tire: |
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| By Price Category: |
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| By End Use: |
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| By Distribution Channel: |
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Key Topics Covered in the Report:
- Asia Pacific Tire Market Size (FY’2023-FY’2033)
- Overview of Asia Pacific Tire Market
- Segmentation of Asia Pacific Tire Market By Vehicle Type (Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off-The-Road, Passenger Cars, Three- Wheelers, Two-Wheelers)
- Segmentation of Asia Pacific Tire Market By Type of Tire (Bias, Radial)
- Segmentation of Asia Pacific Tire Market By Price Category (Budget, Economy, Premium)
- Segmentation of Asia Pacific Tire Market By End Use (OEM, Replacement)
- Segmentation of Asia Pacific Tire Market By Distribution Channel (Chanel Partners, Direct Sales, Online)
- Statistical Snap of Asia Pacific Tire Market
- Expansion Analysis of Asia Pacific Tire Market
- Problems and Obstacles in Asia Pacific Tire Market
- Competitive Landscape in the Asia Pacific Tire Market
- Impact of COVID-19 and Demonetization on Asia Pacific Tire Market
- Details on Current Investment in Asia Pacific Tire Market
- Competitive Analysis of Asia Pacific Tire Market
- Prominent Players in the Asia Pacific Tire Market
- SWOT Analysis of Asia Pacific Tire Market
- Asia Pacific Tire Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Asia Pacific Tire Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Asia Pacific Tire Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Asia Pacific Tire Market
7. Asia Pacific Tire Market, By Vehicle Type (USD Million)
7.1. Asia Pacific Tire Market Value Share and Forecast, By Vehicle Type, 2023-20337.2. Light Commercial Vehicles7.3. Medium and Heavy Commercial Vehicles7.4. Off-The-Road (OTR)7.5. Passenger Cars7.6. Three- Wheelers7.7. Two-Wheelers
8. Asia Pacific Tire Market, By Type of Tire (USD Million)
8.1. Asia Pacific Tire Market Value Share and Forecast, By Type of Tire, 2023-20338.2. Bias8.3. Radial
9. Asia Pacific Tire Market, By Price Category (USD Million)
9.1. Asia Pacific Tire Market Value Share and Forecast, By Price Category, 2023-20339.2. Budget9.3. Economy9.4. Premium
10. Asia Pacific Tire Market, By End Use (USD Million)
10.1. Asia Pacific Tire Market Value Share and Forecast, By End Use, 2023-203310.2. OEM10.3. Replacement
11. Asia Pacific Tire Market, By Distribution Channel (USD Million)
11.1. Asia Pacific Tire Market Value Share and Forecast, By Distribution Channel, 2023-203311.2. Chanel Partners11.3. Direct Sales11.4. Online
12. Asia Pacific Tire Market Forecast, 2019-2033 (USD Million)
12.1. Asia Pacific Tire Market Size and Market Share
13. Asia Pacific Tire Market, By Vehicle Type, 2019-2033 (USD Million)
13.1. Asia Pacific Tire Market Size and Market Share By Vehicle Type (2019-2026)13.2. Asia Pacific Tire Market Size and Market Share By Vehicle Type (2027-2033)
14. Asia Pacific Tire Market, By Type of Tire, 2019-2033 (USD Million)
14.1. Asia Pacific Tire Market Size and Market Share By Type of Tire (2019-2026)14.2. Asia Pacific Tire Market Size and Market Share By Type of Tire (2027-2033)
15. Asia Pacific Tire Market, By Price Category, 2019-2033 (USD Million)
15.1. Asia Pacific Tire Market Size and Market Share By Price Category (2019-2026)15.2. Asia Pacific Tire Market Size and Market Share By Price Category (2027-2033)
16. Asia Pacific Tire Market, By End Use, 2019-2033 (USD Million)
16.1. Asia Pacific Tire Market Size and Market Share By End Use (2019-2026)16.2. Asia Pacific Tire Market Size and Market Share By End Use (2027-2033)
17. Asia Pacific Tire Market, By Distribution Channel, 2019-2033 (USD Million)
17.1. Asia Pacific Tire Market Size and Market Share By Distribution Channel (2019-2026)17.2. Asia Pacific Tire Market Size and Market Share By Distribution Channel (2027-2033)
18. Asia Pacific Tire Market, By Region, 2019-2033 (USD Million)
18.1. Asia Pacific Tire Market Size and Market Share By Region (2019-2026)18.2. Asia Pacific Tire Market Size and Market Share By Region (2027-2033)18.3. Australia18.4. China18.5. India18.6. Indonesia18.7. Japan18.8. Malaysia18.9. Pakistan18.10. South Korea18.11. Thailand18.12. Others
19. Company Profile
19.1. Bridgestone Corporation19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments19.2. Continental AG19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments19.3. Goodyear Tire & Rubber Company19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments19.4. Hankook Tire & Technology Co., Ltd.19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments19.5. Kumho Tire Co., Ltd.19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments19.6. Michelin19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments19.7. Pirelli C. S.p.A.19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments19.8. Sumitomo Corporation19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments19.9. Toyo Tire Corporation19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments19.10. Yokohama Tire Corporation19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments19.11. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Asia Pacific Tire Market grew in market size from 2023. The Market is expected to reach USD 1959.47 million by 2033, at a CAGR of 4.8% during the forecast period.
Asia Pacific Tire Market CAGR of 4.8% during the forecast period.
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Asia Pacific Tire Market size is USD 1959.47 million from 2023 to 2033.
Asia Pacific Tire Market Segment is Covered By Vehicle Type, By Type of Tire, By Price Category, By End Use, By Distribution Channel
The Asia-Pacific region is anticipated to have the highest market share in Asia Pacific Tire Market.
The key players in the market include Companies Covered 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
Through sustainable production methods and tyre recycling programmes, manufacturers are complying with the principles of the circular economy by investing in research and development for materials with lower rolling resistance.
Asia Pacific Tire Market is projected to reach USD 1959.47 million by 2033, growing at a CAGR of 4.8% during the forecast period.
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