Asia-Pacific (APAC) Automotive Tire Market Research Report: By Vehicle (Two-Wheelers, Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles), Design (Radial, Bias), End-User (OEM, Aftermarket), Regional Outlook (China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia, Malaysia, Taiwan) - Industry Trends, Growth Prospect and Demand Forecast to 2024
New York, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "APAC Automotive Tire Market" - https://www.reportlinker.com/p05842928/?utm_source=GNW
Growing popularity of next-generation, high-performance tires is the key trend observed in the APAC automotive tire market. The fuel-efficient and low-noise high-performance tires have been mainly used in luxury passenger cars; and in recent years, they have made inroads in crossover utility vehicle and premium sport utility vehicle segments. The mainstream adoption of these tires is encouraging tire makers, across the world, to invest in new technologies for the development of ultra-high-performance tires to increase speed and overall performance of tires. Many manufacturers are developing these tires by employing patented technologies, specialized silica compounds and polymers, and unique tread designs to meet changing consumer demands and achieve desired performance. In addition, with increasing tire demand, several tire manufacturers are offering next-generation, high-performance tires with ride comfort, all-season or multi-season driving capacities, and less tread wear.
APAC holds the largest share in the global automotive industry, due to the presence of several global vehicle and automobile manufacturers. Thus, the future of the APAC automotive tire market looks promising in the region, especially with reduction in tariff, introduction of technologically advanced vehicles such as autonomous and electric vehicles, changing preferences of young consumers, increasing compliance in product manufacturing, and growing demand for tires in developing countries. Furthermore, there are prominent growth opportunities in the light commercial vehicles category, owing to the growing production of these vehicles in order to meet the demand of customers. Additionally, due to existence of a large customer base, introduction of open investment policy, accessibility of a highly skilled and cheap workforce, and state and local government incentives for the adoption of vehicles, the automotive industry in the region continues to maintain its dominance, thus supporting the growth of the APAC automotive tire market.
The APAC automotive tire market is consolidated in nature, with the existence of established manufacturers such as The Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Michelin Asia-Pacific Pte. Ltd., Yokohama Rubber Co. Ltd., Bridgestone Asia Pacific Pte. Ltd., Hankook Technology Group Co. Ltd., Apollo Tyres Ltd., Nokian Renkaat Oyj, and Sumitomo Rubber Industries Ltd.
Collaborations and acquisitions and facility expansions are key strategies adopted by the players to increase their foothold in the APAC automotive tire market. For instance, in August 2018, Continental AG announced its plans to acquire the Kmart Tyre and Auto Service (KTAS) chain for approximately $244 million. With 258 branches and more than 1,200 employees, KTAS is one of the largest tire and auto service chains in Australia. The acquisition is part of the company’s Vision 2025, which targets systematic expansion of its tire division across the world.
Read the full report: https://www.reportlinker.com/p05842928/?utm_source=GNW
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