According to the latest report by IMARC Group, titled “Asia Pacific Tire (Tyre) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the asia pacific tire (tyre) market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the asia pacific market to grow at a CAGR of around 4% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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A tire is an essential ring-shaped component of a vehicle that surrounds the rim of a wheel to serve as a cushion and reduce the impact of road shocks. It is manufactured using natural and synthetic rubber, polyester, carbon black, rayon, steel, vulcanization accelerator, and silica. It is designed to support the vehicle load, change or maintain direction, and transmit accelerating and braking forces to the ground.
The Asia Pacific tire market is primarily driven by the increasing automobile sales and production due to improving living standards and elevating incomes. Additionally, the rising popularity of next-gen high-performance tires for premium and luxury vehicles and the growing need for replacement tires have augmented the product demand. Furthermore, several product innovations like the development of eco-friendly, run-flat, and nitrogen-based tires have catalyzed the market growth. Other factors, including the widespread usage of light and heavy commercial vehicles, easy availability of raw materials, and ongoing research and development (R&D) activities, are also anticipated to impel the market growth.
Asia Pacific Tire (Tyre) Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the asia pacific tire (tyre) market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
MichelinBridgestone CorporationContinental AGGoodyear Tire & Rubber CompanySumitomo CorporationPirelli C. S.p.A.Yokohama Tire CorporationHankook Tire & Technology Co., LtdToyo Tire CorporationKumho Tire Co., Ltd.Key Market Segmentation:
The report has segmented the asia pacific tire (tyre) market on the basis of radial/bias tires, end-use, type, vehicle type, size, distribution channel and country.
Breakup by Radial/Bias Tires:
RadialBiasBreakup by End-Use:
OEMReplacementBreakup by Vehicle Type:
Passenger CarsLight Commercial VehiclesMedium and Heavy Commercial VehiclesTwo-WheelersOff-The-Road (OTR)Three-WheelersBreakup by Size:
Passenger CarsLight Commercial VehiclesMedium and Heavy Commercial VehiclesTwo-WheelersOff-The-Road (OTR)Three-WheelersBreakup by Distribution Channel:
OfflineOnlineBreakup by Country:
ChinaIndiaJapanAustraliaIndonesiaSouth KoreaThailandMalaysiaPakistanOther RegionsExplore Full Report with TOC & List of Figure: https://www.imarcgroup.com/asia-pacific-tire-market
Key highlights of the report:
Market Performance (2015-2020)Market Outlook (2021-2026)Industry TrendsMarket Drivers and Success FactorsThe Impact of COVID-19 on the Global MarketValue Chain AnalysisStructure of the Global MarketComprehensive mapping of the competitive landscapeIf you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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