Report : Asia Pacific Automotive Tire Aftermarket Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Tire Type (Radial Tire and Bias Tire), Distribution Channel (OES and IAM), and Rim Size (13–15, 16–18, 19–21, and More than 21)
Radial Tire Segment to Dominate APAC Automotive Tire Aftermarket Market during 2020–2028
According to a new market research study on “APAC Automotive Tire Aftermarket Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Tire Type, Distribution Channel, and Rim Size” is expected to reach US$ 63,097.15 million by 2028 from US$ 38,093.45 million in 2021. The market is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The report provides trends prevailing in the APAC automotive tire aftermarket market along with the drivers and restraints pertaining to the market growth. Surge in adoption of electric vehicles is the major factor driving the growth of the APAC automotive tire aftermarket market. However, issues associated with inconsistent prices of raw materials hinders the growth of APAC automotive tire aftermarket market.
The APAC automotive tire aftermarket market is segmented into tire type, distribution channel, rim size, and country. The APAC automotive tire aftermarket market, based on tire type, is bifurcated into radial and bias. The Radial segment held a larger market share in 2020. In terms of distribution channel, the APAC automotive tire aftermarket market is bifurcated into OES and IAM. The IAM segment held a larger market share in 2020. Based on rim size, the APAC automotive tire aftermarket market is segmented into 13–15, 16–18, 19–21, and more than 21. The 13–15 segment held the largest market share in 2020. Based on country, the APAC automotive tire aftermarket market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC.
Apollo Tires Ltd; Bridgestone Corporation; Continental AG; Michelin; NEXEN TIRE AMERICA INC; PIRELLI and C. S.P.A.; Sumitomo Rubber Industries, Ltd.; The Goodyear Tire and Rubber Company; Yokohama Rubber Co., Ltd; and ZHONGCE RUBBER GROUP CO. LTD. are among the leading companies in the APAC automotive tire aftermarket market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2022, Bridgestone Invests in Autonomous Driving Technology Provider May Mobility, Kicks Off Broader Partnership. A minority investment in May Mobility, marking the company’s first investment in public-serving autonomous vehicles (AVs). May Mobility is a leader in AV technology, leveraging its innovative Multi-Policy Decision Making (MPDM) system to realize a world where AVs make transportation safer, more accessible, equitable, and sustainable. The new partnership will include the future integration of Bridgestone’s digital and predictive tire-centric technologies into May Mobility autonomous vehicles, granting deeper AV intelligence for even safer and more efficient operation. Through the partnership, Bridgestone will also gain valuable insights into autonomous vehicle operations to improve its core tire products and mobility solutions.
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