Asia Aftermarket Passenger Car Tire Market Breakdown By Size, Share, Growth, Trends, and Industry 2027- MarkNtel Advisors

 According to Markntel Advisors Report, Asia Aftermarket Passenger Car Tire Market is expected to grow at a significant growth rate, and the analysis period is 2022-2027, considering the base year as 2021. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

The Aftermarket Passenger Car Tire Market comprise only of the tires which are replaced after a certain duration. There are two types of passenger car tire, i.e. radial and bias tires which are deployed in three different kind of passenger cars such as Hatchback, Sedan, and SUV. The rising disposable income of residents & an increase in vehicle ownership rates across the region is the prime factors contributing to the growth of the market. Furthermore, the gradual increase in the adoption of an electric vehicle from consumers would create an opportunity for the players operating in the Asia Aftermarket Passenger Car Tire Market.

 

Asia Aftermarket Passenger Car Tire Market Research Report & Summary:

The Asia Aftermarket Passenger Car Tire Market is projected to grow at a CAGR of around 4.83% during the forecast period, 2022-27.  

Time Period Captured in the Report:

·         Historical Years: 2017-20

·         Base Years: 2021

·         Forecast Years: 2022-27

Who are the Key Players Operating in the Asia Aftermarket Passenger Car Tire Market?

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The top companies of the Asia Aftermarket Passenger Car Tire Market ruling the industry are: 

Bridgestone, Sumitomo Tyre, Michelin, The Goodyear Tire & Rubber Manufacturing Company, Hankook Tire, Continental, Apollo TyresbLimited, Pirelli MRF Ltd., Others

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The Asia Aftermarket Passenger Car Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Vehicle Type

-Hatchback

-Sedan

-SUV

-By Tire Type

-Radial

-Bias

-By Rim Size

-Up to 12”

-12.1” to 15”

-15.1” to 18”

-By Price Category

-Budget

-Economy

-Premium

-By Sales Channel

-Online

-Exclusive Outlets

-Multi Brand Outlets

-By Season

-Summer

-Winter

-All-Season

-By Country

-China

-India

-Japan

-South Korea

-Indonesia

-GCC

-Rest of Asia

Full Report Link: https://www.marknteladvisors.com/research-library/asia-aftermarket-passenger-car-tire-market.html

Market Dynamics:

Key Driver: Surging Demand for Used Cars Boosts the Requirement for Aftermarket Passenger Car Tire

The countries in the Asian region, such as China, India, and Australia, have seen a significant increase in the sale of used cars during the historical period. The rising cost of new cars & customers' desire for imported luxury vehicles have fueled the region's used car market's growth. Furthermore, depending on the depreciation & condition of the car, used cars are generally offered to customers at much lower prices. Hence, the condition of the pre-installed tires, which need to be replaced by the supplier or owner, determines the need for aftermarket tires. For instance:

According to statistics from the China Automobile Dealers Association (CADA), more than 17.58 million used cars were sold in China in 2021, which grew by approximately 22.62% from last year.

In addition, countries with the least car manufacturing companies, such as Bangladesh, New Zealand, Singapore, the Philippines, etc., have been the major importer of used cars from Japan & China. Hence, the expansion of the used cars market in Asian countries has led to the rise in demand for aftermarket tires in both exporting & importing countries.

Possible Restraint: Rising Complexities Among the OEMs for Manufacturing Tires to Hinder the Market Growth

In comparison to a conventional engine car, electric vehicles (EVs), and autonomous vehicles (AVs) have batteries that place a significant load & additional strain on the tire. As a result, the tire manufacturer needs to adjust the tire design to optimize load-bearing capability & handle the electric vehicle's instant torque. Further, the design of the tire must be changed to maintain low rolling resistance & increase the vehicle's fuel efficiency.

Furthermore, different sensors must be fitted to the tires of EVs & AVs to cater to moment-by-moment judgments. Thus, these factors created a challenge for the aftermarket tire industry, as manufacturing companies have not been able to completely cope with emerging trends in passenger car tires from various companies.

Market Opportunity: Rising Sales of Electric Cars Generate the Demand for Aftermarket Tire

The rising depletion of fossil fuel reserves at a considerable rate & the burgeoning growth of carbon emission has forced the consumers to incline toward the adoption of electric cars. This led to an increase in government initiatives of the Asian countries to launch certain policies to help reduce carbon emissions. For instance, in 2020, the Singapore government announced to phase out its all-internal combustion engines of automobiles & replace all of them with cleaner energy vehicles by 2040. Hence, the demand for electric passenger car aftermarket tires would create substantial growth opportunities for the Asia Aftermarket Passenger Car Tire market in the forthcoming years.

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