APAC Tire Market to Grow at 8% till 2021
Continuously
growing automobile sales and expanding vehicle fleet to drive Asia-Pacific tire
market through 2021
According to recently released TechSci
Research report, “Asia-Pacific Tire Market
Forecast and Opportunities, 2021”, the tire market in Asia-Pacific region is
forecast to grow at a CAGR of over 8% during 2016 – 2021, on account of increasing
automobile production and expanding vehicle fleet, especially in China and India.
In 2011, two-wheeler tire segment dominated the Asia-Pacific tire market in
volume terms. However, the scenario changed in 2015, and passenger car tire segment
accounted for the largest share in the region’s tire market, owing to increasing
sales of passenger cars due to rising disposable income and expanding middle
class consumers. The region’s tire market is dominated by the replacement tire
segment on account of continuing expansion of automotive fleet.
Browse 91 market data Tables and
135 Figures spread through 355 Pages and an in-depth TOC on "Asia-Pacific
Tire Market"
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China and India are the major
demand generating countries for tires in the Asia-Pacific region, due to
growing population base, expanding middle class population and rising
disposable income. In 2015, the population of China and India stood at 1.37 billion
and 1.31 billion, respectively. Launch of “Automotive Mission Plan, 2016-2026”
is anticipated to augment the automobile production in India in the coming
years, which is expected to drive demand for tires through 2021. Presence of
major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki,
TATA, BMW, etc., is propelling OEM tire demand in Asia-Pacific. Nevertheless,
replacement segment continues to dominate demand for tires in the region due to
continuing expansion of automobile fleet in Asia-Pacific.
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“Asia-Pacific is undergoing
a major infrastructure transformation. A large number of huge construction
projects are underway or in pipeline, owing to growing developmental activities
being undertaken in energy, communication, transport, water, health and housing
sectors across the region. Consequently, demand for tires in Asia-Pacific is
expected to continue growing over the next five years, on account of increasing
vehicle sales as well as expanding vehicle fleet, both in commercial as well as
non-commercial vehicle segments. Furthermore, rising number of automobile
exports coupled with growing customer inclination towards purchasing passenger
cars is expected to drive Asia-Pacific tire market during the forecast period.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Asia-Pacific
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth potential of Asia-Pacific
tire market and provides statistics and information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Asia-Pacific tire market.
About TechSci Research
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