Japan Tire Market Gains from Increasing Vehicle Sales and Rising Aftermarket Demand
The increasing sale of vehicles and rising demand for tires in
the aftermarket is driving the Japan tire market.
According to the TechSci Research
report, "Japan Tire Market - Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2028", the Japan tire market is anticipated
to grow at a healthy CAGR over the forecast period. The year-on-year rise in
vehicles fleet size and sale of two-wheelers, passenger cars, buses, and trucks
are leading to a significant surge in the Japan tire market. Prominent flagship
tire companies, such as Michelin, Bridgestone, Continental, and Prometon Tire
Group S.r.l., are constantly investing in research and development in order to
develop technologically advanced OTR tires, which is expected to boost this
market over the next few years.
Technological advancements in tire helps
enhance the tire performance, as the upgraded tread and compound are designed
to perform efficiently even at low temperatures, providing traction and grip on
wet, snowy, or slippery terrain. Technological advancements are being witnessed
in the entire tire industry, wherein tire manufacturers present in the country
are competing by implementing new and advanced technologies in tire
manufacturing. Rapid development in the technology of tire production is likely
to enhance the overall Japan tire market, and the market is anticipated to
increase in the coming year.
In Japan, the
sales of tire for the year 2021 was around 126 million units. These tire sales include
replacement and OEM sales. The passenger car had the highest market share by 73.29%
over the commercial vehicle and other vehicles in terms of sales of tires in the
country. Automotive manufacturers use radial tires at the time of manufacturing.
Vehicles in Japan comes with pre-equipped radial tires, due to which radial
tires has the highest market share of 56.98% over the bias tires. In 2022, light
commercial vehicles had a market share of 16.92% in tire sales.
The
replacement rate of the tires among two-wheelers and passenger cars are too
high, which generates high tire demand in aftermarket. By increasing demand for
the vehicles among citizens have led to an increase in tire sales in the
aftermarket and demand from the vehicles manufacturing companies.
Many
tire manufacturing companies in the country has increased their tire production
capacity to meet the tire demand from the aftermarket and the demand from
vehicle manufacturing companies. Japan tire market is predicted to grow at a good
CAGR, in volume terms, during the period of 2023-2028. Moreover, improving
economic conditions, coupled with growing per capita income, are the other
prominent factors expected to drive the Japan tire market during the forecast
period.
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In Japan
tire market, the aftermarket has the highest market share over the OEM in the
demand category segment. The aftermarket has the share of 62.79%, with total
number of tires sales around 73.63 million units in the year 2022, and the
aftermarket is expected to have the highest market share of 61.43% by 2028.
The
demand for tires is mostly generated from the aftermarket as the fleets of
passenger cars, two-wheelers, light commercial vehicles, medium and heavy
commercial vehicles, and other vehicles are increasing with time. Also, the
replacement rate of tires in passenger cars and two-wheelers are high, due to
which, the demand for tires in aftermarket is always high.
The
production of passenger cars accounted for 66,19,242 units in 2021. However,
the demand from the original equipment manufacturers (OEM) was low compared to
the aftermarket. In 2022, due the increasing production of passenger cars and
other vehicles, the demand for tire also increased, which is likely to continue
in the near future, and is expected to increase the sales of tires.
The
radial tires segment is leading the Japan tire market with 56.89% share in
2022. The fleet of radial tires was about 66.72 million units, whereas bias
tires had the market share of 43.11% with total fleet of 50 million units of
tires last year.
Many automotive manufacturers prefer the
radial tires. The demand for radial tires is also high in the aftermarket
because they provide the needed performance and durability for passenger cars
and other vehicles. Radial tires feature a radial ply placement, that is, in
radial tires, the construction sports plies are placed radially from one tire
sidewall to the other on top of steel belts. With this structure, the sidewall
flexibility is optimized, heat build-up is prevented, and the overall tread
life is extended.
Radial
tires are also helpful in increasing the fuel efficiency as radial tires’
structures allow to maintain the ideal tire shape under heavy load. Radial
tires have higher durability compared to bias tires due to the strength of its
construction. Also, radial tires are easier to control due to the optimal ply
placement of radial plies, which enables the tire to closely follow the road
surface. With all these features, the radial tire is leading the Japan tire
market and is projected to continue doing do over the next few years.
Some
of the major players operating in the Japan Tire Market include:
- Bridgestone Tire Solution Japan Co., Ltd.
- Nihon MichelinTire Co., Ltd.
- Continental Japan Co., Ltd.
- Goodyear Japan Ltd.
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
- Cheng Shin Rubber Industry Co.
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“Many companies are
investing in R&D for innovation and improvement in tires. With this,
companies are likely to offer better driving experience and vehicle safety to
consumers. These investments by major tire manufacturing companies will help in
making tires easily available for buyers in the market, which is likely to aid
the Japan tire market in the coming years," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Japan Tire Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Type (Radial, Bias), By Demand
Category Type (OEM, Replacement), and By Region, Competition,
Forecast & Opportunities, 2028” 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 the
Japan Tire Market.
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