NEW YORK, Sept. 04, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the APAC automotive tire market was valued at $61,523.4 million in 2018 and is expected to reach $109,007.4 million by 2024, witnessing a CAGR of 10.0% during 2019–2024. Categorized on vehicle type, passenger cars held the largest volume share in 2018.
Furthermore, commercial vehicles are expected to witness notable growth in their sales on account of their growing usage in logistics and construction activities. This, in turn, would propel the demand for tires for light, medium, and heavy commercial vehicles, and hence boost the APAC automotive tire market.
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APAC holds the largest share in the global automotive industry, due to the presence of several global vehicle and automobile manufacturers. Thus, the future of the APAC automotive tire market trends looks promising in the region, especially with reduction in tariff, introduction of technologically advanced vehicles such as autonomous and electric vehicles, changing preferences of young consumers, increasing compliance in product manufacturing, and growing demand for tires in developing countries. Furthermore, there are prominent growth opportunities in the light commercial vehicles category, owing to the growing production of these vehicles in order to meet the demand of customers. Additionally, due to existence of a large customer base, introduction of open investment policy, accessibility of a highly skilled and cheap workforce, and state and local government incentives for the adoption of vehicles, the automotive industry in the region continues to maintain its dominance, thus supporting the growth of the APAC automotive tire market.
The aftermarket is larger end use category in 2018 and is expected to dominate the APAC automotive tire market during the forecast period. This can be primarily ascribed to the fact that a tire is replaced after every 50,000–80,000 km of usage, which is much higher than the replacement rate of the vehicle itself. This factor further boosts the demand for tires in the aftermarket.
Browse report overview with detailed TOC on "Asia-Pacific (APAC) Automotive Tire Research Report: By Vehicle (Two-Wheelers, Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles), Design (Radial, Bias), End-User (OEM, Aftermarket), Regional Outlook (China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia, Malaysia, Taiwan) – Industry Trends, Growth Prospect and Demand Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/apac-automotive-tire-market
The passenger cars category dominated the APAC automotive tire market in 2018, owing to the large customer base of passenger cars and high replacement rate of tires equipped in these vehicles. The category is further projected to continue dominating the market during the forecast period, witnessing a CAGR of nearly 10%. Whereas, the medium & heavy commercial vehicles category is expected to attain a notable growth during the forecast period, owing to the increasing production and sales of these vehicles in ASEAN countries.
China led the APAC automotive tire market during the historical period, with more than 40% sales volume in 2018. The country is a center of vehicle manufacturing and has the largest customer base of passenger cars in the world. According to the China Association of Automobile Manufacturers, the country is forecasting to manufacture 30 million units of passenger cars by 2020 and 35 million units by 2025. Thus, the development in the automobile market is also making China a key producer of automobile components, including tires, in the region.
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Other countries, such as India, Japan, South Korea, and Indonesia, also hold considerable share in the APAC automotive tire market. Due to increasing gross domestic product (GDP), per capita income, and purchasing power a customer, the automobile customer base is increasing in these countries, which is further accelerating the market growth in the region.
The APAC automotive tire market is consolidated in nature, with the existence of established manufacturers such as The Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Michelin Asia-Pacific Pte. Ltd., Yokohama Rubber Co. Ltd., Bridgestone Asia Pacific Pte. Ltd., Hankook Technology Group Co. Ltd., Apollo Tyres Ltd., Nokian Renkaat Oyj, and Sumitomo Rubber Industries Ltd.
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