Passenger car segment would continue its strong dominance in Japan tire market in the coming years
According to TechSci Research report, “Japan Tire Market By Vehicle Type, By Tire Type, By Demand Category Type, By Region, Competition, Forecast & Opportunities, 2025”, Japan tire market is projected to reach $ 35 billion by 2025 on account of increasing production of vehicles and expanding automobile fleet size in the country. Moreover, rising R&D investments in automobile industry and increasing purchasing power of people is positively influencing Japan tire market. Additionally, surging penetration of energy efficient vehicles is further likely to aid the growth of Japan tire market in the coming years.
Backed by increasing disposable income and growing urbanization coupled with surging investments in the country’s automotive sector, Japan automotive industry is expected to grow at over the next five years. Japan is the world’s third largest developed economy and is home to major tire manufacturing companies like Bridgestone Corporation, Sumitomo Rubber Industries, Toyo Tire & Rubber Company and Yokohama Rubber Company. Moreover, with presence of over sixteen automobile majors, including Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha and Mitsuoka, Japan is also one of the major automobile hubs in the world.
Browse 24 market data Figures spread through 70 Pages and an in-depth TOC on “Japan Tire Market”
Japan tire market is segmented by vehicle type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Two wheeler, Off The Road Vehicle), by tire type (Radial and Bias), by demand category (OEM vs Replacement) and region. In terms of tire type, radial category accounted for the largest market share in 2019 and is expected to maintain its leading market position during the forecast period as radial are long lasting as compared to bias tires and radial tires provide better traction and grip to vehicles in difficult road conditions. The passenger car segment dominates Japan tire market on account of large fleet and increasing vehicle production and sales. Bridgestone, Yokohama, Sumitomo and Toyo are the major tire players operating in Japan tire market. Around 50% of the market share is accounted for by Chinese players as they are low priced and easily available. The tire companies are making huge investments in the research & development, product launches and expansion of sales network through joint ventures and partnerships.
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Kanto, Chubu and Kansai regions in Japan are heavily inhabited and account for the majority share in the Japan tire market. These regions account for the largest automobile fleet in Japan. Automobile fleet in these regions is expected to expand further over the next 4-5 years due to high population growth and economic concentration. “Presence of huge passenger car fleet and increasing inclination towards environment friendly tire technologies is leading to the development of fuel-efficient and green tires in Japan. Growth in online tire sales is also driving the market as E-retailing provides customers with advantages such as fast delivery period, brand comparison, lower price as compared to the offline tire outlets, and these factors are attracting an increasing number of consumers towards opting for online purchase of tires,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Japan Tire Market By Vehicle Type, By Tire Type, By Demand Category Type, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Japan Tire market and provides statistics & 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 decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Japan tire market.
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