Owning a vehicle these days is, for sure, not as hard as it was sometime back. While automobiles were a luxurious item before, that is no longer the case now, thanks to the swift economic growth and increased disposable income of people, primarily in the emerging economies in Asia-Pacific (APAC). In fact, China is the leading automobile manufacturer across the globe. In 2019, the total of automobile sales in China stood at 25 million units, among which 21 million were passenger cars. Ascribed to these factors, the requirement for automotive tires in the APAC region is growing at a rapid pace.
According to a report by P&S Intelligence, in 2018, the APAC automotive tire market witnessed a sale of 1,080.5 million units, which is projected to increase to 1,826.8 million units by 2024, progressing at a 9.1% CAGR during the forecast period (2019–2024). Among the different vehicle types, including passenger cars, medium & heavy commercial vehicles, two-wheelers, and light commercial vehicles, the largest demand for automotive tires in the region is created for passenger vehicles, owing to the large population base which purchases these.
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The demand for automotive tires is further projected to rise in the APAC region due to the increasing popularity of next-generation, high-performance tires. These tires make low noise and are fuel-efficient; till some years ago, they were majorly been used in luxury passenger cars. Now, they are also being utilized in crossover utility vehicles and premium sport utility vehicles. This mainstream adoption of high-performance tires is further encouraging manufacturers in the domain to develop ultra-high-performance tires for increasing the speed and overall performance of the vehicle.
Hence, the requirement for tires in APAC is increasing due to the rising production of vehicles and technological advancements.