Asia Pacific Tire Market Report 2021: Significant Decline in Demand in 2020 Due to COVID-19 - Forecast to 2026

Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The Asia Pacific tire market exhibited moderate growth during 2015-2020. Looking forward, the Asia Pacific tire market to grow at a CAGR of around 4% during 2021-2026.

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.

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.

Key Questions Answered in This Report:

• How has the Asia-Pacific tire market performed so far and how will it perform in the coming years?

• What are the key end-use segments in the Asia-Pacific tire industry?

• What has been the impact of COVID-19 on the Asia Pacific tire industry?

• What are the key vehicle types in the Asia-Pacific tire industry?

• What are the key distribution channels in the Asia-Pacific tire industry?

• What is the regional breakup of the Asia-Pacific tire industry?

• What are the various stages in the value chain of the Asia-Pacific tire industry?

• What are the key driving factors and challenges in the Asia-Pacific tire industry?

• What is the structure of the Asia-Pacific tire industry and who are the key players?

• What is the degree of competition in the Asia-Pacific tire industry?

• What are the profit margins in the Asia-Pacific tire industry?

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being

• Michelin

• Bridgestone Corporation

• Continental AG

• Goodyear Tire & Rubber Company

• Sumitomo Corporation

• Pirelli C. S.p.A.

• Yokohama Tire Corporation

• Hankook Tire & Technology Co. Ltd.

• Toyo Tire Corporation

• Kumho Tire Co. Ltd.

Breakup by Radial/Bias Tires:

• Radial

• Bias

Breakup by End-Use:

• OEM

• Replacement

Breakup by Vehicle Type:

• Passenger Cars

• Light Commercial Vehicles

• Medium and Heavy Commercial Vehicles

• Two-Wheeler

• Off-The-Road (OTR)

• Three-Wheelers

Breakup by Size:

• Passenger Cars

• Market Breakup by Rim Size

• Market Breakup by Tire Size

• Light Commercial Vehicles

• Medium and Heavy Commercial Vehicles

• Two-Wheelers

• Three-Wheelers

• Off-The-Road (OTR)

Breakup by Distribution Channel:

• Offline

• Online

Breakup by Country:

• China

• India

• Japan

• Australia

• South Korea

• Thailand

• Indonesia

• Malaysia

• Pakistan

• Others

For more information about this report visit https://www.researchandmarkets.com/r/c7rkn3

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