DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Tire Market Report by Radial/Bias Tires, End-Use, Vehicle Type, Size, Distribution Channel, and Country 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The Asia-Pacific tire market size reached 1,270 Million Units in 2023. The market is projected to reach 1,800 Million Units by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2023-2032.
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 Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2023 – 2032 |
| Estimated Market Value in 2023 | 1.27 Billion Units |
| Forecasted Market Value by 2032 | 1.8 Billion Units |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Asia Pacific |
Key Questions Answered in This Report
Competitive Landscape
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Key Market Segmentation:
Breakup by Radial/Bias Tires:
Breakup by End-Use:
Breakup by Vehicle Type:
Breakup by Size:
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two-Wheelers
Three- Wheelers
Off-The-Road (OTR)
Breakup by Distribution Channel:
Breakup by Country:
For more information about this report visit https://www.researchandmarkets.com/r/ylo7pu
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