Asia-Pacific tire market is projected to grow at a CAGR of over 8% during 2016-2021, driven by rising tire demand from OEM as well as replacement segments.
Asia-Pacific is emerging as a hub for production of automobiles, with the automotive sector accounting for the largest private sector investment in research and development (R&D) in the region. During 2011-2015, demand for tires in the region grew on account growing automobile sales, expanding vehicle fleet size and increasing GNI per capita.
Presence of major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki, TATA, BMW, etc., is propelling OEM tire demand in Asia-Pacific. Nevertheless, replacement segment continues to dominate demand for tires in the region due to continuing expansion of automobile fleet in Asia-Pacific.
Passenger car and two-wheeler tire segments dominated tire demand in the region and the segments are anticipated to continue dominating tire demand in the country through 2021. Few of the leading global tire companies operating in Asia-Pacific tire market include Goodyear, Bridgestone, MRF, CEAT, Yokohama, Kumho, Hangzhou Zhongce, etc.
Asia-Pacific Tire Market Forecast and Opportunities, 2021 report elaborates following aspects of tire market in Asia-Pacific:
Asia-Pacific Tire Market Size, Share & Forecast
Segmental Analysis - By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Off-The-Road (OTR) and Two-Wheeler Tires), By Demand Category (OEM Vs Replacement), By Radial Vs Bias
Policy & Regulatory Landscape
Changing Market Trends and Emerging Opportunities
Competitive Landscape and Strategic Recommendations
Market Trends & Developments
Expanding Retread Tire Market
Growing Demand for Chinese Tires
Increasing Tire Radialization
Increasing Online Sales
Rising Demand for Two-Wheelers
Apollo Tyres Ltd.
Compagnie Générale des Établissements Michelin (CGEM)