Japan Tire Market to Surpass $ 35 Billion by 2025
Passenger car segment would
continue its strong dominance in Japan tire market in the coming years
According
to TechSci Research report, “Japan
Tire Market By Vehicle Type, By Tire Type, By Demand Category Type, By
Region, Competition, Forecast & Opportunities, 2025”, Japan
tire market is projected to reach $ 35 billion by 2025 on account of increasing
production of vehicles and expanding automobile fleet size in the country.
Moreover, rising R&D investments in automobile industry and increasing
purchasing power of people is positively influencing Japan tire market.
Additionally, surging penetration of energy efficient vehicles is further
likely to aid the growth of Japan tire market in the coming years.
Backed
by increasing disposable income and growing urbanization coupled with surging
investments in the country’s automotive sector, Japan automotive industry is
expected to grow at over the next five years. Japan is the world's third
largest developed economy and is home to major tire manufacturing companies like
Bridgestone Corporation, Sumitomo Rubber Industries, Toyo Tire & Rubber
Company and Yokohama Rubber Company. Moreover, with presence of over sixteen
automobile majors, including Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda,
Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha and Mitsuoka, Japan is also one of
the major automobile hubs in the world.
Browse 24 market data Figures spread through 70 Pages and an in-depth TOC on "Japan Tire Market"
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Japan
tire market is segmented by vehicle type (Passenger Car, Light Commercial
Vehicle, Medium and Heavy Commercial Vehicle, Two wheeler, Off The Road Vehicle),
by tire type (Radial and Bias), by demand category (OEM vs Replacement) and
region. In terms of tire type, radial category accounted for the largest market
share in 2019 and is expected to maintain its leading market position during
the forecast period as radial are long lasting as compared to bias tires and
radial tires provide better traction and grip to vehicles in difficult road
conditions. The passenger car segment dominates
Japan tire market on account of large fleet and increasing vehicle production
and sales. Bridgestone, Yokohama, Sumitomo and Toyo are the
major tire players operating in Japan tire market. Around 50% of the market
share is accounted for by Chinese players as they are low priced and easily
available. The tire companies are making huge investments in the research &
development, product launches and expansion of sales network through joint
ventures and partnerships.
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Kanto,
Chubu and Kansai regions in Japan are heavily inhabited and account for the
majority share in the Japan tire market. These regions account for the largest
automobile fleet in Japan. Automobile fleet in these regions is expected to
expand further over the next 4-5 years due to high population growth and economic
concentration. “Presence of huge passenger car fleet and increasing inclination
towards environment friendly tire technologies is leading to the development of
fuel-efficient and green tires in Japan. Growth in online tire sales is also
driving the market as E-retailing provides customers with advantages such as
fast delivery period, brand comparison, lower price as compared to the offline
tire outlets, and these factors are attracting an increasing number of
consumers towards opting for online purchase of tires,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Japan Tire Market By Vehicle Type, By Tire Type, By Demand
Category Type, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Japan
Tire market and provides statistics & 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 decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Japan tire market.
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