New York, NY, January 11, 2017 --(PR.com
)-- According to recently released TechSci Research report, “Asia-Pacific Tire Market Forecast and Opportunities, 2021,” the tire market in Asia-Pacific region is forecast to grow at a CAGR of over 8% during 2016 – 2021, on account of increasing automobile production and expanding vehicle fleet, especially in China and India. In 2011, the two-wheeler tire segment dominated the Asia-Pacific tire market in volume terms. However, the scenario changed in 2015, and passenger car tire segment accounted for the largest share in the region’s tire market, owing to increasing sales of passenger cars due to rising disposable income and expanding middle class consumers. The region’s tire market is dominated by the replacement tire segment on account of continuing expansion of automotive fleet.
Browse 91 market data Tables and 135 Figures spread through 355 Pages and an in-depth TOC on "Asia-Pacific Tire Market"
China and India are the major demand generating countries for tires in the Asia-Pacific region, due to growing population base, expanding middle class population and rising disposable income. In 2015, the population of China and India stood at 1.37 billion and 1.31 billion, respectively. Launch of “Automotive Mission Plan, 2016-2026” is anticipated to augment the automobile production in India in the coming years, which is expected to drive demand for tires through 2021. Presence of major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki, TATA, BMW, etc., is propelling OEM tire demand in Asia-Pacific. Nevertheless, replacement segment continues to dominate demand for tires in the region due to continuing expansion of automobile fleet in Asia-Pacific.
“Asia-Pacific is undergoing a major infrastructure transformation. A large number of huge construction projects are underway or in pipeline, owing to growing developmental activities being undertaken in energy, communication, transport, water, health and housing sectors across the region. Consequently, demand for tires in Asia-Pacific is expected to continue growing over the next five years, on account of increasing vehicle sales as well as expanding vehicle fleet, both in commercial as well as non-commercial vehicle segments. Furthermore, rising number of automobile exports coupled with growing customer inclination towards purchasing passenger cars is expected to drive Asia-Pacific tire market during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Asia-Pacific Tire Market Forecast and Opportunities, 2021” has evaluated the future growth potential of Asia-Pacific tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia-Pacific tire market.
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