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.
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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.
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