Market Research Report
Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952912|
|Published||Content info||136 Pages
Delivery time: 2-3 business days
|Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 136 Pages||
The Asia Pacific tire market grew at a CAGR of 9% during 2014-2019. The market, however, has witnessed a negative impact as a result of the Covid 19 outbreak since early 2020. As a result of this pandemic, all major markets in the region such as China, India, Japan, South Korea, etc. have witnessed a significant decline in the demand across both the OEM and the replacement markets. As a result, the market is expected to face significant challenges in 2020. From 2021 onwards, however, the tire market in the region is expected to regain its growth momentum.
Increasing demand for vehicles, growing replacement demand, declining prices of rubber and increasing production in the region represent some of the key factors contributing to the growth of the Asia-Pacific tire industry. Furthermore, rising demand for secondhand vehicles in countries such as India, China, Indonesia, Malaysia, etc., is expected to drive the market for the replacement tire industry. Additionally, increasing investment towards infrastructure projects such as roads, bridges, and tunnels, have been able to increase the connectivity across the Asia Pacific region, this is also catalyzing the demand for tires across the region.
The increasing demand for tires in the Asia Pacific region is also being driven by the increasing automobile production along with the expanding fleet size. In addition to this, the rising consumer living standards supported by their growing disposable income levels have also boosted automobile sales, thereby propelling the demand for tires in the region. Furthermore, the increasing usage of both light and heavy commercial vehicles in logistics and construction activities has also augmented the market growth. Additionally, the growing popularity of next-generation and high-performance tires for luxury and premium cars is also driving the market growth. Apart from this, the increasing demand for replacement tires owing to the large consumer base of passenger cars and the high replacement rate of tires after certain usage limit, is further bolstering the demand of tires in the region. Looking forward, IMARC Group expects the Asia Pacific tire market to be negatively impacted by the Covid - 19 pandemic in 2020. From 2021 onwards, the market is expected to regain its growth.