What Type of Automotive Tires Are Trending in Asia-Pacific (APAC)

Asia-Pacific (APAC) has been witnessing the highest production and sales of automobiles in the world for quite some time now. Labor and raw materials are available at lower costs in APAC than in Europe and North America, and APAC also has less-stringent regulations. This has encouraged automakers from Europe and North America to set up their manufacturing plants here. On the demand side, the increasing disposable income in the region and the widespread acceptance of vehicles as a symbol of someone’s economic status drive automobile sales.

As per P&S Intelligence, these factors will prove instrumental in pushing the APAC automotive tire market at a CAGR of 10.0% between 2019 and 2024. At this rate, the revenue up for grabs for tire manufacturers will increase from $61,523.4 million in 2018 to $109,007.4 million in 2024. The condition of the tire often decides how fuel-efficient a vehicle would be, as a tire in its prime condition reduces the load on the engine, which ultimately brings down fuel consumption. By using good-quality tires and replacing worn-out tires regularly, even the greenhouse gas (GHG) emission can be reduced.

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It is not only the automobiles that have undergone technological advancements, but also the tires themselves. As a result, high-performance tires are now becoming rapidly popular, as they make lesser noise and lead to fuel efficiency. Further, with the growing popularity of sports cars among the youth, tires that enable higher speeds are being offered by manufacturers. Compared to high-performance tires that can allow for a maximum speed of 270 km/h, vehicles with ultra-high-performance tires can be driven at up to 299 km/h!

Till now, China has been the largest APAC automotive tire market on account of being the largest vehicle producer and buyer on earth. Apart from domestic companies, many international firms have automotive plants here. Similarly, many tire manufacturers from around the world have manufacturing operations in China, which has led to low product prices, allowing people to replace tires frequently enough. China doesn’t just produce tires for itself, but also for exports, which accounted for 60% of all those produced in the country in 2018.

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Hence, as more people in APAC buy vehicles for personal or commercial purposes, the demand for tires will definitely burgeon in the region.

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This release was published on openPR.