How Are Emission Concerns Propelling Tire Replacement in Asia-Pacific?

China, Japan, and India are ranked first, third, and fifth in terms of automobile sales, as per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), with 2019 sales figures of 25,796,931, 5,195,216, and 3,816,858 units, respectively. As a result, the global automotive industry, earlier a monopoly of the Western world, has now come to be dominated by Asia-Pacific (APAC). The reasons for this are the rapid economic growth in these nations and shift of auto plants from Europe and North America to here.

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Thus, with vehicle production and sales continuing to boom in the region, P&S Intelligence expects the APAC automotive tire market to reach 1,826.8 million unit sales by 2024 from 1,080.5 million units in 2018, at a 9.1% CAGR between 2019 and 2024. The reason for this is obvious: tires are as essential to automobiles as flavor is to food. Tires are the actual component that allow a vehicle to move. Wrapped around the wheel rim, they, additionally, withstand the weight of the vehicle and help cushion some degree of movement vibrations and jerks.

Presently, most of the tires are sold to aftermarket entities, which include repair shops and garages. This is because of the high tire replacement rate as a result of their end of life or destruction due to accidents. Automakers integrate tires only once, and after the automobile is sold, users approach the aftermarket for regular repairs. Thus, even though vehicle production is increasing in the region, aftermarket entities will continue to be the major customers of tire manufacturers.

Owing to the surging vehicle production and sales, China has been the largest country in the APAC automotive tire market till now, and the situation would likely be unchanged in the near future. The country expects to manufacture 35 million vehicles by 2025, says the China Association of Automobile Manufacturers. Apart from China, the producers of tires can expect robust business in India, which is one of the fastest-growing economies in the world. Additionally, with the rapid urbanization here, the demand for transportation is rising, which will push up tire sales.

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Thus, tire demand will keep rising with the growing automotive production and sales across APAC.

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This release was published on openPR.