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ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET FORECAST 2022-2030

The Asia-Pacific tire aftermarket, tire replacement market is expected to reach $52.23 billion by 2030, surging with a 5.19% CAGR during the forecast years, 2022-2030.

ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET FORECAST 2022-2030

Asia-Pacific Tire Aftermarket, Tire Replacement Market by Tire Type (Radial Tire, Bias Tire) Market by Rim Size (13-5 Inches, 16-18 Inches, 19-21 Inches, More Than 21 Inches) Market by Distribution Channel (Original Equipment Supplier, Independent Aftermarket) by Geography

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The Asia-Pacific tire aftermarket, tire replacement market is expected to reach $52.23 billion by 2030, surging with a 5.19% CAGR during the forecast years, 2022-2030.

Asia-Pacific is brimming with countries with a strong manufacturing base, skilled labor, and special economic zones. Further, Southeast Asia is widely known as the world’s largest region for rubber plantations, with Vietnam, Indonesia, Thailand, and Malaysia accounting for the majority of the global natural rubber output. Moreover, the huge demand for automobiles and automotive components in India, China, Thailand, Indonesia, and Japan further propels the Asia-Pacific tire aftermarket, tire replacement market. China and other major emerging economies are increasing the electric vehicle adoption rate.

Asia-Pacific Tire Aftermarket, Tire Replacement Market

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The Asia-Pacific tire aftermarket, tire replacement market growth analysis includes the evaluation of Indonesia, South Korea, Thailand, India, Australia & New Zealand, Japan, Taiwan, China, and Rest of Asia-Pacific. According to Inkwood Research, India is estimated to be the fastest-growing country in the Asia-Pacific for tire aftermarket, tire replacement. As per International Organization of Motor Vehicle Manufacturers (OICA), it was the 4th largest automaker in the world in 2021. India is an emerging economy with rapidly increasing production of passenger cars.

Furthermore, as tire manufacturers face increasing competition in South Korea, tire costs are anticipated to reduce, increasing market demand in the coming years. South Korea has developed as a major market for automobile tires aftermarket in Asia-Pacific due to strong industrial growth. The automobile industry in the nation is rapidly expanding. In addition, the government approved a reduction in individual consumption taxes on automotive purchases, which is expected to boost tire sales in the coming years.

Additionally, Indonesia has a significant competitive advantage over other nations due to its huge rubber acreage. Only Thailand generates large quantities of this raw resource. Natural rubber contributes to significant tire production expenses. As a result, numerous big tire manufacturers operate in Indonesia. The conducive ecosystem provides a positive growth trajectory for the Indonesia tire aftermarket, tire replacement market.

The Asia-Pacific tire aftermarket, tire replacement market evaluation entails segmentation by tire type, rim size, and distribution channel. Market by rim size includes 16-18 inches, 19-21 inches, 13-15 inches, and more than 21 inches.

Rim width and tire width are related very closely in terms of measurements. As tire sidewalls are flexible, a tire size can be mounted on a rim of different widths. Every tire size has an approved rim width range, and each rim size has a tire width range. The rim’s diameter code is in inches, and the tire can be mounted on it. The rim’s assigned measured size is divided into three parts: diameter, width, and bolt pattern. A 14 by 6 by 4.5 reading on the rim, for example, indicates that the rim’s diameter is 14 inches and that it will fit most 14-inch tires.

The 13-15 rim size segment is primarily used in passenger cars, resulting in increased market growth. Standard road cars typically have wheels with diameters ranging from 14-19 inches. As a result of urbanization, rising demand for passenger cars in developing countries such as India, Brazil, and ASEAN countries is expected to boost the 13-15 rim size segment.

Some of the leading players in the Asia-Pacific tire aftermarket, tire replacement market include Bridgestone Corporation, Sumitomo Rubber Industries, MRF, Apollo Tyres, etc.

Sumitomo Rubber Industries Ltd (SRI) manufactures and markets sports, tires, and industrial rubber products through its subsidiaries. The company offers tires for all vehicle types, including heavy industrial vehicles, motorcycles, race vehicles, and passenger cars. It also provides sporting equipment for sports like golf and tennis. SRI also provides artificial turf, aluminum wheels, etc. It operates and manages production facilities across the Middle East & Africa, Asia-Pacific, Europe, and North America. Sumitomo Rubber is headquartered in Hyogo, Japan.

The AZENIS series from Sumitomo is designed to achieve the highest possible performance in terms of wet grip and all-around handling. On the other hand, WILDPEAK tires can handle rough off-road terrains and smooth paved highways.

Report Synopsis

Report Scope

Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Billion)
Segments Analyzed Tire Type, Rim Size, Distribution Channel
Countries Analyzed China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
Companies Analyzed

Apollo Tyres, Bridgestone Corporation, CEAT Limited, Continental AG, Goodyear Tires, Hankook Tire & Technology Co Ltd, JK Tyre, Maxxis, Michelin, MRF, NEXEN TIRE Corporation, Pirelli & C SpA, Sumitomo Rubber Industries Ltd, The Yokohama Rubber Company, Toyo Tires

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • GREATER REQUIREMENT FOR ENERGY-EFFICIENT TIRES
        • STRINGENT GOVERNMENT REGULATIONS REGARDING TIRE LABELING
      • KEY RESTRAINTS
        • VOLATILE PRICES OF RUBBER AND OTHER AUTOMOTIVE RAW MATERIALS
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON TIRE AFTERMARKET, TIRE REPLACEMENT MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • REGULATORY FRAMEWORK
    2. MARKET BY TIRE TYPE
      • RADIAL TIRE
      • BIAS TIRE
    3. MARKET BY RIM SIZE
      • 13-15 INCHES
      • 16-18 INCHES
      • 19-21 INCHES
      • MORE THAN 21 INCHES
    4. MARKET BY DISTRIBUTION CHANNEL
      • ORIGINAL EQUIPMENT SUPPLIER
      • INDEPENDENT AFTERMARKET
    5. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • APOLLO TYRES
        • BRIDGESTONE CORPORATION
        • CEAT LIMITED
        • CONTINENTAL AG
        • GOODYEAR TIRES
        • HANKOOK TIRE & TECHNOLOGY CO LTD
        • JK TYRE
        • MAXXIS
        • MICHELIN
        • MRF
        • NEXEN TIRE CORPORATION
        • PIRELLI & C SPA
        • SUMITOMO RUBBER INDUSTRIES LTD
        • THE YOKOHAMA RUBBER COMPANY
        • TOYO TIRES

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – TIRE AFTERMARKET, TIRE REPLACEMENT

    TABLE 2: REGULATORY FRAMEWORK

    TABLE 3: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY TIRE TYPE, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

    TABLE 4: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY TIRE TYPE, FORECAST YEARS, 2022-2030 (IN $ BILLION)

    TABLE 5: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY RIM SIZE, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

    TABLE 6: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY RIM SIZE, FORECAST YEARS, 2022-2030 (IN $ BILLION)

    TABLE 7: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

    TABLE 8: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2022-2030 (IN $ BILLION)

    TABLE 9: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

    TABLE 10: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ BILLION)

    TABLE 11: LEADING PLAYERS OPERATING IN ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET

    TABLE 12: LIST OF MERGERS & ACQUISITIONS

    TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 14: LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 15: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, GROWTH POTENTIAL, BY TIRE TYPE, IN 2021

    FIGURE 6: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY RADIAL TIRE, 2022-2030 (IN $ BILLION)

    FIGURE 7: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY BIAS TIRE, 2022-2030 (IN $ BILLION)

    FIGURE 8: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, GROWTH POTENTIAL, BY RIM SIZE, IN 2021

    FIGURE 9: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY 13-15 INCHES, 2022-2030 (IN $ BILLION)

    FIGURE 10: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY 16-18 INCHES, 2022-2030 (IN $ BILLION)

    FIGURE 11: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY 19-21 INCHES, 2022-2030 (IN $ BILLION)

    FIGURE 12: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY MORE THAN 21 INCHES, 2022-2030 (IN $ BILLION)

    FIGURE 13: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2021

    FIGURE 14: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY ORIGINAL EQUIPMENT SUPPLIER, 2022-2030 (IN $ BILLION)

    FIGURE 15: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, BY INDEPENDENT AFTERMARKET, 2022-2030 (IN $ BILLION)

    FIGURE 16: ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

    FIGURE 17: CHINA TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 18: JAPAN TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 19: INDIA TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 20: SOUTH KOREA TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 21: INDONESIA TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 22: THAILAND TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 23: VIETNAM TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 24: AUSTRALIA & NEW ZEALAND TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)

    FIGURE 25: REST OF ASIA-PACIFIC TIRE AFTERMARKET, TIRE REPLACEMENT MARKET, 2022-2030 (IN $ BILLION)      

    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. MARKET BY TIRE TYPE
      • RADIAL TIRE
      • BIAS TIRE
    2. MARKET BY RIM SIZE
      • 13-15 INCHES
      • 16-18 INCHES
      • 19-21 INCHES
      • MORE THAN 21 INCHES
    3. MARKET BY DISTRIBUTION CHANNEL
      • ORIGINAL EQUIPMENT SUPPLIER
      • INDEPENDENT AFTERMARKET

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    We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.


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