August 1st, 2022
The Asia-Pacific (APAC) automotive tire market attained sales of 1,080.5 million units in 2018 and is predicted to reach sales of 1,826.8 million units by 2024. According to the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 9.1% between 2019 and 2024. The soaring tire replacement rates and the rapidly expanding automotive industry across the world are the main factors driving the progress of the market.
The rapid growth of the automotive industry is one of the biggest factors fueling the advancement of the APAC automotive tire market. The Asia-Pacific region is the biggest automobile manufacturing region in the world. This region is home to numerous global automotive parts and components and vehicle manufacturing firms. The rapid manufacturing of light commercial vehicles in several countries is a key factor driving the growth of the automotive industry.
Additionally, the rising implementation of strict government policies and regulations aimed at promoting the sales of automobiles is massively propelling the growth of the APAC automotive tire market. Besides these factors, the burgeoning requirement for green tires and the rising operational lifespans of vehicles are boosting the market advancement across the globe. Depending on vehicle, the market is divided into passenger cars, two-wheelers, light commercial vehicles, and medium and heavy commercial vehicles.
When design is taken into consideration, the APAC automotive tire market is divided into radial and bias categories. Between the two, the radial tire category is predicted to exhibit rapid expansion in the coming years. This would be because the lifespan of a radial tire is longer than that of a bias one, on account of its construction, which is primarily characterized by perpendicular polyester piles and crisscrossed steel belts.
In addition to this, the large-scale usage of radial tires in passenger vehicles is further pushing up their sales in the region. The APAC automotive tire market recorded the highest growth in China in the past and this trend is likely to continue in the years to come. This would be a result of the fact that the country is an automobile manufacturing center and is home to a huge customer base of passenger vehicles in the world.
Hence, it is quite clear from the above paragraphs that the market would demonstrate huge expansion all over the world in the coming years, mainly because of the surging manufacturing of automobiles, especially passenger cars and light commercial vehicles, and the increasing vehicle tire replacement rate across the world.
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