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Asia-Pacific Tyre Market Outlook Report 2021: A $70 Billion Market in 2020 - Outlook to 2026
Dublin, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The "Asia-Pacific Tyre Market Outlook, 2026" report has been added to ResearchAndMarkets.com's offering.
The market is evaluated to be worth more than USD 70 Billion as of 2020 and is expected to grow at a CAGR of 5.58% in terms of volume during the period of 2021 to 2026.
The Asia-Pacific tyre market is a rapidly developing market. As the economies in the region are rapidly growing and infrastructure development is taking place throughout the region; the Asia-Pacific tyre market finds itself on a suitable pedestal to grow upon.
In order to assess and study the regional trends and patterns in the Asia-Pacific tyre market, the research has been approached by looking at the market through appropriate segments and classification. The segments that were made during the comprehensive evaluation of the markets were based on vehicle types, end-use demand, and the demand of tyres on the basis of their construction design.
The Asia-Pacific tyre market is majorly driven by China, Japan, and India having a combined share of little shy than 65%. Australia contributes the lowest share in the overall Asia-Pacific tyre market as of 2020.
As many of the major national markets in the region are rapidly growing, Japan is the only market that is showing signs of maturity. Japan grew at a CAGR of roughly 2% during the historical period of 2015 to 2020. It has been further forecasted that its tyre market will be progressing towards maturity by growing at a CAGR of 3.70% during the 2021 to 2026 period.
However, during the same period, the rest of the Asia-Pacific regional markets combined excluding the major economies are projected to be registering a growth rate of more than 9%. As of 2020, it was derived that about 127.23 Million units of 2 wheeler tyres were sold in the region, making it one of the major drivers of the tyre market in the region.
3 wheeler and other tyres are expected to be the fastest-growing category during the 2021 to 2026 period, expected to grow at a CAGR of more than 11%. As the region is a major global hub for vehicle manufacturing and assembly, the OEM demand for tyres is more promising in the Asian Pacific market than anywhere else in the world.
The research also includes profiles of some of the major tyre companies in the world, namely: Bridgestone, Michelin, Sumitomo, Goodyear, Continental, Pirelli, Yokohama, Cooper tires, Apollo, MRF, Hankook, and Maxxis.
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Global Tyre Market Outlook
3.1. Market Size by Value
3.2. Market Size by Volume
3.3. Market Share
3.3.1. By Vehicle Type
3.3.2. By End Use
3.3.3. By Design
3.3.4. By Sales Channels
3.3.5. By Region
3.3.6. By Country
3.3.7. By Company
4. Asia-Pacific Tyre Market Outlook
4.1. Market Size by Value
4.2. Market Size by Volume
4.3. Market Share
4.3.1. By Vehicle Type
4.3.2. By End Use
4.3.3. By Design
4.3.4. By Sales Channels
4.3.5. By Country
4.4. China Tyre Market Outlook
4.5. Japan Tyre Market Outlook
4.6. India Tyre Market Outlook
4.7. Australia Tyre Market Outlook
5. Market Dynamics
5.1. Key Drivers
5.2. Key Challenges
6. Market Trends and Developments
7. Company Profiles
7.1. Apollo Tyres
7.2. Bridgestone
7.3. Continental
7.4. Cooper Tires
7.5. Goodyear Tyres
7.6. Hankook
7.7. Maxxis International
7.8. Michelin
7.9. MRF
7.10. Pirelli
8. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/1begha
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