NEW YORK, June 13, 2016 /PRNewswire/ --
Strong tire manufacturing base coupled with growing demand for small and mini passenger cars to drive Japan tire market through 2021
According to recently released TechSci Research report, "Japan Tire Market Forecast & Opportunities, 2021", tire market in Japan is anticipated to cross $ 32 billion by 2021, on account of consistent growth in passenger car production and sales, expanding automobile fleet and emergence of new technologies leading to the development of fuel-efficient and green tires. In addition to various leading automobile manufacturers, the country is home to four major tire manufacturing companies, namely Bridgestone Corporation, Sumitomo Rubber Industries, Toyo Tire & Rubber Company and Yokohama Rubber Company.
Browse 24 market data Tables and 32 Figures spread through 118 Pages and an in-depth TOC on "Japan Tire Market "
Japan is one the largest global automotive markets, with around 23 tire manufacturing facilities operating in the country and availability of more than 25 major tire brands. During 2011-2015, the production of passenger cars, light commercial vehicles, medium & heavy commercial vehicles & two-wheelers in the country cumulatively grew at a CAGR of more than 2%, which contributed to the growth of tire market in Japan. Owing to increasing automobile production coupled with expanding fleet size, the demand for tires, from both replacement as well as OEM market, is expected to increase at a robust pace over the next five years.
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In 2015, passenger car tire segment dominated the Japan tire market, and the segment is anticipated to maintain its dominance over the next five years as well on account of increasing popularity of electric and hybrid cars. Kanto region registered majority of the demand for tires in Japan in 2015. Some of the major companies operating in Japan tire market include Bridgestone, Sumitomo, Yokohoma and Toyo, among others.
"Backed by increasing disposable income and growing urbanization coupled with surging investments in the country's automotive sector, Japan automotive industry is expected to grow at a robust pace over the next five years. With around 115 million internet users in the country, the market leaders are realigning their business strategies in order to expand their customer base. E-retailing provides customers with advantages such as fast delivery period, brand comparison, lower price as compared to the offline tyre outlets; and these factors are attracting an increasing number of consumers towards opting for online purchase of tires., said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Japan Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of tyre market in Japan, and provides statistics and information on market structure, imports and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Japan tyre market.
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