Asia Pacific Automotive Tire Aftermarket Market to 2028 - By Size, Share, Growth by End User and Forecast| Business Market Insights

The automotive tire aftermarket market in Asia Pacific is expected to grow from US$ 38,093.45 million in 2021 to US$ 63,097.15 million by 2028; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028.

China, India, South Korea, Japan, and Australia are among the key economies in APAC. The rising engagement of original equipment suppliers in aftermarket activities and the consolidation of parts distributors indicate that this company has a bright future. Because of the expanding middle-class population and increased buying power, vehicle sales are rising, presenting opportunities for aftermarket parts manufacturers and supply chain suppliers due to aging vehicle fleets and the increased need for replacement components. The growing production and use of automobiles in India, China, Japan, South Korea, Australia, and Southeast Asia will help boost demand. Various accessories, lubricants, tires, and other component replacement providers make up the aftermarket replacement part vendors. In addition, service enablers, such as repairing services providers and entertainment service providers, are part of the industrial value chain. The APAC automotive sector is seeing a surge in demand for hybrid electric vehicles, which will decrease the demand for exhaust components and specialist equipment for these specialty vehicles. For many reasons, electric vehicles require specific tires. According to the vehicle manufacturer, its tire must have greater weight than internal combustion cars and transmit more torque to the road when driving after a halt. Tire noise is more noticeable in electric cars than in internal combustion vehicles because of their near-silent powertrains, mainly hidden by engine noise. The introduction of electric vehicles and their significantly lower propulsion noise emission allow assessing tire-road noise with higher accuracy via cruise-by measurements, even at speeds where a combustion engine propulsion system would usually disturb the measurement results. The rolling resistance rating provided by the European Union tire label has been used as the primary selection criterion for potential tires for EVs. The second selection criterion represented the tire label rating for wet grip, whereas a lower rating implies a shorter braking distance. For instance, Pirelli, an Italian tire manufacturer, announced a new high load (HL) index tire that will debut on the upcoming Lucid Air sedan. This HL tire was designed specifically for electric cars and SUVs to support the heavier weight of batteries while maintaining a low rolling resistance. This will provide lucrative opportunities for the growth of the automotive tire aftermarket during the forecast period.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC automotive tire aftermarket market, which is expected to grow at a decent CAGR during the forecast period.

APAC Automotive Tire Aftermarket

Market Revenue and Forecast to 2028 (US$ Million)
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Asia Pacific Automotive Tire Aftermarket Strategic Insights
Strategic insights for the Asia Pacific Automotive Tire Aftermarket provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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Asia Pacific Automotive Tire Aftermarket Report Scope

Report Attribute	Details
Market size in 2021	US$ 38,093.45 Million
Market Size by 2028	US$ 63,097.15 Million
Global CAGR (2021 - 2028)	7.5%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Tire Type Radial Tire Bias Tire By Distribution Channel OES IAM By Rim Size 13-15 16-18 19-21 More than 21
Regions and Countries Covered	Asia-Pacific China India Japan Australia Rest of Asia-Pacific
Market leaders and key company profiles	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 ZHONGCE RUBBER GROUP CO. LTD.

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Asia Pacific Automotive Tire Aftermarket Regional Insights

The geographic scope of the Asia Pacific Automotive Tire Aftermarket refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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APAC Automotive Tire Aftermarket Market Segmentation

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.

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