Asia-pacific Tire Aftermarket, Tire Replacement Market 2022-2028

Asia-pacific Tire Aftermarket, Tire Replacement Market 2022-2028

MARKET OUTLOOK

Triton’s research report indicates that the Asia-Pacific tire aftermarket, tire replacement market is deemed to showcase a CAGR of 5.09% during the forecasting years 2022-2028. India, Australia & New Zealand, Japan, ASEAN countries, China, South Korea, and Rest of Asia-Pacific are considered in the region.

Japan is the third-largest economy globally, witnessing significant growth across industries. The nation’s automobile industry has grown tremendously in recent years, with over sixteen major manufacturers expanding operations. In this regard, Toyota, Honda, Nissan, Suzuki, and Kawasaki are among the major automotive companies thriving in the country. Factors such as heavy R&D expenditure by these companies have elevated the demand for tire replacement and aftermarket, widening the scope of the reviewed market over the forecast period.

Similarly, South Korea’s automotive industry is among the key sectors contributing significantly to the economy. Moreover, the growing product advancements by automotive companies have increased the need for tire services in recent years. For instance, in 2022, Hyundai Motor Co announced to invest in ramping up facilities for electric cars after it posted robust revenue growth the previous year. Therefore, all these factors are anticipated to drive the tire aftermarket, tire replacement market.

COMPETITIVE OUTLOOK

The well-known companies in the tire aftermarket, tire replacement market include Michelin, Bridgestone Corporation, Goodyear Tires, Toyo Tires, and Sumitomo Rubber Industries Ltd.