Asia Pacific Tire Market Latest Trends [2024-2032] | Leading Companies and Forecast Report by IMARC Group

Written by Jhon Wick » Updated on: April 10th, 2024

IMARC Group, a leading market research company, has recently released a report titled “Asia Pacific Tire Market Report by Radial/Bias Tires (Radial, Bias), End-Use (OEM, Replacement), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two-Wheelers, Off-The-Road (OTR), Three- Wheelers), Size (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two-Wheelers, Three- Wheelers, Off-The-Road (OTR)), Distribution Channel (Offline, Online), and Country 2024-2032.” The study provides a detailed analysis of the industry, including the Asia Pacific tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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The Asia Pacific tire market size reached 1,270 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 1,800 Million Units by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.

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Asia Pacific Tire Market

The Asia Pacific tire market is driven by several key factors, including the expanding economic activities, the increasing vehicle ownership, and continuous advancements in the automotive industry across the region. Besides this, the rising demand for both passenger and commercial vehicles is stimulating the adoption of tires, thereby bolstering the market growth. Moreover, the rising investments by key players in automotive manufacturing and infrastructure development are further propelling the tire market across Asia Pacific. Additionally, the increasing number of major tire manufacturers in the region and the growing focus on R&D activities to produce high-quality and durable tires are also catalyzing the market growth.

Emerging trends in the Asia Pacific tire market include the increasing adoption of green tires, which are more environmentally friendly and offer better fuel efficiency. These tires are made by using sustainable materials and advanced technologies that reduce carbon emissions and lower the rolling resistance, leading to improved vehicle efficiency. Besides this, another significant trend is the growing popularity of high-performance and ultra-high-performance tires, especially in the luxury and sports vehicle segments. Furthermore, advancements in tire technology, such as the development of airless tires and smart tires equipped with sensors for performance monitoring, are bolstering the tire market in Asia Pacific. Apart from this, the elevating integration of these technologies to cater to the evolving consumer preferences and comply with stringent environmental regulations by government bodies is expected to drive the regional market over the forecasted period.

Asia Pacific Tire Market Segmentation:

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-Wheelers

• Off-The-Road (OTR)

• Three- Wheelers

Breakup by Size:

• Passenger Cars

o Market Breakup by Rim Size

o Market Breakup by Tire Size