APAC Tire Market to Grow with a CAGR of 5.58% through 2030
The APAC tire market is experiencing significant growth, driven by the
expansion of automotive production, increased demand for electric vehicle (EV)
tires, and advancements in tire technology. These factors are expected to
propel the market forward in the forecast period from 2026 to 2030.
According to TechSci Research report, “Tire
Market – APAC Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F”,
The APAC Tire Market was valued at USD 91.41 Billion in 2024 and is expected to
reach USD 126.61 Billion by 2030 with a CAGR of 5.58% during the forecast
period. The APAC tire market is poised for substantial growth, influenced by
several key drivers. The expansion of automotive production across the region
has led to a higher demand for both original equipment and replacement tires.
This surge is further supported by the increasing adoption of electric vehicles
(EVs), necessitating the development of specialized tires to meet their unique
performance requirements. Advancements in tire technology, including the
integration of smart sensors and the use of sustainable materials, are also
contributing to market growth by enhancing tire performance and longevity.
However, the market faces several challenges
that could impact its trajectory. Fluctuating raw material costs, particularly
for natural rubber and synthetic compounds, pose a significant concern for
manufacturers. These price volatilities can affect production costs and profit
margins. Environmental regulations are becoming more stringent, requiring tire
manufacturers to invest in sustainable practices and technologies to comply
with new standards. Additionally, intense market competition, both from domestic
and international players, pressures companies to innovate continually and
maintain competitive pricing strategies. Despite these challenges, the market
presents numerous opportunities. The growing emphasis on sustainability is
driving demand for eco-friendly tires, leading to innovations in tire design
and materials. The rise of e-commerce has transformed the tire distribution
landscape, offering manufacturers new channels to reach consumers. Moreover,
the increasing focus on fleet management and predictive maintenance opens
avenues for the development of smart tires equipped with sensors to monitor
tire health in real-time.
Browse over APAC Tire Market data Figures
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APAC Tire
Market Is Segmented By Vehicle Type, By Demand Category, By Tire Construction
Type, and By Country.
The tire market is segmented into radial and bias-ply types, each
offering distinct advantages. Radial tires, characterized by their steel-belted
construction, provide superior fuel efficiency, enhanced durability, and
improved handling. These attributes make them the preferred choice for
passenger vehicles and commercial trucks, especially in regions with
well-developed road infrastructures. The radial design allows for better heat
dissipation and reduced rolling resistance, contributing to longer tire life
and lower fuel consumption. On the other hand, bias-ply tires, with their
crisscrossed ply layers, offer greater load-carrying capacity and are more
suitable for off-road applications. Their robust construction makes them ideal
for agricultural machinery, construction vehicles, and mining equipment, where
durability and resistance to wear are paramount. While bias-ply tires may not
offer the same level of fuel efficiency as radial tires, their performance in
challenging terrains and under heavy loads is unmatched. The choice between
radial and bias-ply tires depends largely on the specific requirements of the
vehicle and its operating environment. Factors such as load capacity, road
conditions, and fuel efficiency considerations play a crucial role in
determining the appropriate tire type for a given application.
India's tire market has witnessed significant growth, driven by
various factors. The increasing vehicle ownership, fueled by rising disposable
incomes and urbanization, has led to a higher demand for both passenger and
commercial vehicle tires. Government initiatives aimed at improving road
infrastructure and promoting domestic manufacturing have further bolstered
market expansion. These developments have created a conducive environment for
tire manufacturers to cater to the growing needs of the automotive sector. The
shift towards radial tires has been a notable trend in the Indian market.
Radial tires offer advantages such as better fuel efficiency, enhanced
durability, and improved handling, making them a preferred choice for
consumers. This transition is supported by advancements in tire technology and
increased consumer awareness about the benefits of radial tires over
traditional bias-ply options. The adoption of radial tires is expected to
continue its upward trajectory, contributing to the overall growth of the tire
market in India. The rise of electric vehicles (EVs) has introduced new
dynamics to the tire market. EVs require specialized tires designed to
accommodate their unique performance characteristics, such as higher torque and
weight. Manufacturers are focusing on developing tires that meet these specific
requirements, leading to innovations in tire design and materials. The
government's support for EV adoption, through incentives and infrastructure
development, is expected to further drive the demand for EV-specific tires, presenting
new opportunities for growth in the Indian tire market..
Major Market
Players Operating in APAC Tire Market Are:
- Michelin Group
- Bridgestone Corporation
- Goodyear Tire and Rubber Company
- Continental AG
- Dunlop Ltd.
- Maxxis International
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- Cooper Tire & Rubber Company
- Hankook Tire & Technology
Group
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“Strong demand from economically thriving countries such as China and India is fueling the expansion of the market. Advancements in smart tire technology, in alignment with the digital revolution, are enhancing safety and efficiency, thereby driving their adoption. The dynamic two-wheeler market, supported by a surge in motorcycle usage across various Asia-Pacific regions, is also bolstering the tire market. Furthermore, rapid urbanization and the escalating sales of vehicles are making substantial contributions to the market's upward trajectory. All these aforesaid factors are contributing to the growth of tire industry in Asia Pacific region during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
The report titled “Tire Market – Europe Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Aircraft Type (Single-Engine, Multi-Engine, Military Trainer, Specialized Mission), By Application (Commercia Aviation, Military Operations, Private Use, Cargo), Aircraft Size (Light Tire, Medium Tire, Large Tire), By Country, By Competition, 2020-2030F”, assesses the market's future growth potential and provides data on market size, trends, and forecasts. It aims to offer comprehensive market insights, helping decision-makers make informed investment choices. The report also highlights emerging trends, key drivers, challenges, and opportunities in the APAC Tire Market.
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