Press Release

Expanding Automobile Fleet to Drive APAC Tire Market to $ 112 Billion by 2023

Continuously growing automobile sales and expanding vehicle fleet to drive APAC tire market through 2023

According to TechSci Research report, APAC Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Country, Competition Forecast & Opportunities, 2013 – 2023”, the region’s tire market is forecast to reach $ 112.77 billion by 2023, on account of increasing automobile production and expanding vehicle fleet, especially in China and India.   In 2017, passenger car tire segment dominated the region’s tire market in volume terms, and the segment is expected to maintain its market dominance during the forecast period, owing to increasing sales of passenger cars backed by rising disposable income and expanding middle class consumer base in APAC. Owing to expanding automotive fleet, the replacement tire segment accounts for the largest share in the region’s tire market.

Browse 105 market data Figures and Tables spread through 138 Pages and an in-depth TOC on "APAC Tire Market"


China and India are the major demand generating countries for tires in the region, due to growing population base, expanding middle class consumer base and rising disposable income. In 2017, the population of China and India stood at 1.41 billion and 1.34 billion, respectively. Launch of “Automotive Mission Plan, 2016-2026” is anticipated to augment the automobile production in India in the coming years, which is expected to drive demand for tires through 2023. Additionally, presence of major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki, TATA, BMW, etc., is propelling the OEM tire demand in APAC.


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Various multinational companies such as Bridgestone, Goodyear, Michelin, Continental, Hankook, etc., are expected to further increase the market competition over the next five years. Collaborations with leading vehicle manufacturers coupled with Bridgestone’s strong sales network across the region would allow the company to continue its market dominance through 2023.

“APAC is undergoing a major infrastructure transformation. A large number of construction projects are either underway or in pipeline, owing to growing developmental activities being undertaken in energy, communication, transport, water, health and housing sectors across the region. Consequently, demand for tires in APAC is expected to continue growing over the next five years, on account of increasing vehicle sales as well as expanding vehicle fleet, both in commercial as well as non-commercial vehicle segments. Furthermore, growing automobile exports and increasing customer inclination towards purchasing passenger cars is expected to drive the region’s tire market during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“APAC Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Country, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.


About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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