What Makes Japan Tire Market Grow by Leaps and Bounds?

Japan is the hub to largest tire manufacturers of the world. It houses companies like Bridgestone Corporation, Toyo Tire & Rubber Company, Yokohama rubber Company and Sumitomo Rubber Industries. Besides, world’s major automobile companies also belong to the soil of Japan. So, how does the country manage to be on the top of the list when it comes to automobile and tire industry?

Contributors to Japan’s global success

Bridgestone Corporation, the largest tire company that deals in wide range of products which includes rubber and sporting goods, has recently announced that it intends to continue its 12-yearpartnership with nParallel. nParallel is known to provide solutions to their client base to display their services and goods in creative and an innovative way. It organizes trade events for their partners along with providing strategic business solutions.

Parallel and Bridgestone have been in partnership since 2005. Their association grew with years and now nParallel works with multiple divisions of the company.

Next in line is Yokohama Tire Corporation, again a Japan-tire market giant, which extends its sponsorship agreement with the Chelsea Football club. The company tied hands with the Alliance Tire Group in July 2016. Its sponsorship program with the club aims to increase its brand awareness and its association with Alliance. With this alliance, Yokohama expects to serve a wider customer base for its passenger vehicle tires. The company debuted new tires in all categories of passenger vehicles this year and it is planning to invest considerably in Light Truck segment after its launch of GEOLandear M/T G003 mud terrain tire.

The ever-emerging tire market of Japan continues to be defined by Sumitomo Rubber Industries also that is planning to increase its tire production in China by whooping 60% units in a day. As per reports, the Hunan factory will be set to triple the tire production to 100,000 units a day by the year 2020. The company started its operations in Hunan in 2012. Right now the production capacity is 40,000 tires in a day at the Jiangsu province where the company started to manufacture tires in China.

What drives the growth of Japan tire market?

According to TechSci Research Report, “Japan-tire-market-forecast-and-opportunities-2021”, Japan tire market opportunities are expected to increase as the growth is also forecasted to cross $32 billion by the year 2021. Major factors driving the growth are need for better quality tires, increasing ownership of cars and growing demand for passenger vehicles. These factors will continue contributing to the Tire segment of market of Japan for the next consecutive five years.

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Major tire companies in Japan

Bridgestone Corporation, Sumitomo Rubber Industries, Yokohama Tire Corporation and Toyo Tire & Rubber Company.