BURNABY, Canada, March 9, 2015 /PRNewswire/ --
Consistent growth in automotive industry, rising passenger car sales, and large motor vehicle fleet to drive tyre market in Japan during 2015-20.
Japanese automotive industry is one of the most prominent and largest industries in the world. The country is home to four major global tyre companies - Bridgestone Corporation, Sumitomo Rubber Industries, Yokohama Rubber Company and Toyo Tire & Rubber Company. These companies hold a substantial share in global automotive market and are among the top ten tyre companies, globally. Japan is also the third largest car manufacturer, globally, with various global automobile majors such as Toyota, Honda, Daihatsu, Nissan and Suzuki operating in the country.
According to a recently released TechSci Research report, "Japan Tyre Market Forecast & Opportunities, 2020", the tyre market in Japan is estimated to surpass USD26 billion in 2015. Key factors driving the market include consistent growth in passenger car production and sales, rising automobile fleet size and emergence of new technologies leading to development of fuel-efficient and green tyres.
Passenger car tyre segment is the dominating segment in Japan tyre market, in volume terms, followed by light commercial vehicle tyre segment. During the forecast period, mini and sedan car tyre segments are expected to remain the largest contributing segments owing to their huge fleet and consistent growth in sales. Consequently, passenger car tyre segment is anticipated to retain its dominance in the market over the next five years. Kanto and Kansai regions account for more than one-third of the total tyre sales in the country.
"Due to superior performance of major tyre companies based in Japan, Japan tyre market is expected to grow significantly during 2015-20. Passenger car tyre segment will continue to dominate the market, owing to rising sales of mini and sedan cars. Large vehicle fleet, new technology and growth in automotive industry would be the key factors driving Japan tyre market over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Japan Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Japan tyre market and provides statistics and information on market structure, imports and future growth of Japan tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Japan's tyre industry.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research