APAC Automotive Tire Market Growth 2023- Industry Share, Emerging Trends, Revenue, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
In order to act as a cushion and lessen the impact of road shocks, a tire is a crucial ring-shaped part of a car that surrounds the wheel rim. Artificial and natural rubber, polyester, rayon, carbon black, steel, vulcanization accelerator, and silica are used in its production. It is intended to transfer braking and acceleration forces to the ground, support the vehicle load, and change or maintain direction. They usually have pressurized air inside of them. Because tires are so important to a car’s overall handling, stability, and efficiency, they play a vital role in the automotive industry. It provides traction, supports the weight of the vehicle, absorbs shock, and maintains the vehicle’s grip on the pavement.
According to SPER Market Research Asia Pacific Tire Market Size- By Vehicle Type, By Type of Tire, By Price Category, By End User, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Asia Pacific Tire Market is estimated to reach 1959.47 Million Units by 2033 with a CAGR of 4.8%.
The Asia Pacific area has seen unprecedented levels of development and urbanization. Personal vehicles and public transit are in high demand as rural communities move to metropolitan areas in quest of greater economic prospects. The rise of the tire market is being driven by the growing requirement for tires for passenger cars, buses. Numerous nations in the area have developed into major global hubs for the automotive industry. The demand for cars has increased as a result of rising disposable incomes. Enhanced trade and commerce are facilitated by improved transportation infrastructure. As a result, it increases the need for tires and commercial vehicles, including trucks. The amount of vehicles on the road has increased, which has led to a significant rise in the requirement for tire replacements.
Competition between well-known international brands and regional producers is based on distribution networks, brand reputation, pricing, and product quality. Because of the fierce competition, manufacturers may experience pressure on their profit margins and be forced to constantly innovate and streamline their processes in order to remain competitive. Natural rubber and other raw materials including synthetic rubber, metals, and chemicals are vital to the tire industry. Geopolitical concerns, variations in weather that affect rubber plantations, supply and demand mismatches and can affect the prices of these products. The Asia Pacific area has been beset by the problems of low-quality imports and fake tires.
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Impact of COVID-19 on APAC Tire Market
Most industries saw a slowdown with the arrival of COVID-19. The imposition of harsh travel restrictions and lockdowns by the governments of various regional countries to contain the spread of this terrible disease had a disastrous effect on the tire business. The industry’s top players had to deal with a number of difficulties, including disruptions in the raw material supply chain, difficulties with logistics and transportation, a labour shortage, widening gaps between supply and demand, and the closure of production facilities.
As a result, the major players suffered significant financial losses, which briefly halted the expansion of the tire business.
Asia Pacific Automotive Tire Market Key Players:
In the Asia Pacific area, China holds the biggest market share for tires. Due to the country’s sizable population and quickly expanding economy, there is a huge demand for tires as the number of cars owned by Chinese citizens has increased. Some of the key players are Kumho Tire Co., Ltd. Continental AG, Goodyear Tire & Rubber Company, Bridgestone Corporation, Hankook Tire & Technology Co., Ltd.
APAC Automotive Tire Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Tire Market is segmented as; Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off-The-Road (OTR), Passenger Cars, Three- Wheelers, Two-Wheelers.
By Type of Tire: Based on the Type of Tire, Asia Pacific Tire Market is segmented as; Bias, Radial.
By Price Category: Based on the Price Category, Asia Pacific Tire Market is segmented as; Budget, Economy, Premium.
By End Use: Based on the End Use, Asia Pacific Tire Market is segmented as; OEM, Replacement.
By Distribution Channel: Based on the Distribution Channel, Asia Pacific Tire Market is segmented as; Chanel Partners, Direct Sales, Online.
By Region: This research also includes data for Australia, China, India, Indonesia, Japan, Malaysia, Pakistan, South Korea, Thailand, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Asia Pacific Automotive Tire Market Trends
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