Markntel Advisors’ report, Asia Aftermarket Passenger Car Tire Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2027, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Asia Aftermarket Passenger Car Tire presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Asia Aftermarket Passenger Car Tire Market Research Report & Market Summary:

The Asia Aftermarket Passenger Car Tire Market is projected to grow at a CAGR of around 4.83% during the forecast period, 2022-27. The Market growth imputes to the growing industrialization & economic progress, rising personal income levels, allowing a substantial portion of the people to own passenger cars, etc. According to the Ministry of Public Security, in 2019, the number of car drivers in China was around 397 million, which is the largest globally. Besides, the increase in the wear & tear rate of the tire, the increasing number of newly registered passenger vehicles, and the surging passenger car ownership rate are some of the key factors expected to enhance the sales of a passenger car.

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Asia Aftermarket Passenger Car Tire Market Dynamics:

Key Driver-

Surging Demand for Used Cars Boosts the Requirement for Aftermarket Passenger Car Tire - The countries in the Asian region, such as China, India, and Australia, have seen a significant increase in the sale of used cars during the historical period. The rising cost of new cars & customers' desire for imported luxury vehicles have fueled the region's used car market's growth. Furthermore, depending on the depreciation & condition of the car, used cars are generally offered to customers at much lower prices. Hence, the condition of the pre-installed tires, which need to be replaced by the supplier or owner, determines the need for aftermarket tires. For instance:

• According to statistics from the China Automobile Dealers Association (CADA), more than 17.58 million used cars were sold in China in 2021, which grew by approximately 22.62% from last year.

In addition, countries with the least car manufacturing companies, such as Bangladesh, New Zealand, Singapore, the Philippines, etc., have been the major importer of used cars from Japan & China. Hence, the expansion of the used cars market in Asian countries has led to the rise in demand for aftermarket tires in both exporting & importing countries.

Asia Aftermarket Passenger Car Tire Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Vehicle Type

• Hatchback
• Sedan
• SUV

By Tire Type

• Radial
• Bias

Here, the radial tires captured a dominating share in the Asia Aftermarket Passenger Car Tire market during 2017-21 & the trend is projected to continue in the forthcoming period, owing to the surging radicalization of cars in the country's tire industry.

By Rim Size

• Up to 12”
• 1” to 15”
• 1” to 18”

By Price Category

• Budget
• Economy
• Premium

Among them, the Economy Price Category held a considerable share in the Asia Aftermarket Passenger Car Tire market during the historical period, as the majority of the population in Asia is middle-class & budget-conscious.

By Sales Channel

• Online
• Exclusive Outlets
• Multi Brand Outlets

Of them all, the Multi-brand Stores held a notable share in the Asia Aftermarket Passenger Car Tire market during 2017-2021 as multi-brand stores offer numerous choices for the customer to choose a particular brand in a specific size from a wide variety of tires.

By Season

• Summer
• Winter
• All-Season

By Country

• China
• India
• Japan
• South Korea
• Indonesia
• GCC
• Rest of Asia.

Of all the countries, China witnessed robust growth in recent years, owing to the rising demand for passenger cars, which led manufacturers to enhance the production of vehicles, thereby developing the tire market significantly. 

As indicated in the latest market research report published by Markntel Advisors, “Asia Aftermarket Passenger Car Tire Research Report: Forecast (2022-2027)”, this report offers a detailed analysis of the industry, featuring insights into the Asia Aftermarket Passenger Car Tire industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/asia-aftermarket-passenger-car-tire-market.html

Top Companies Operating in the Asia Aftermarket Passenger Car Tire Market:

• Bridgestone
• Sumitomo Tyre
• Michelin
• The Goodyear Tire & Rubber Manufacturing Company
• Hankook Tire
• Continental
• Apollo Tyres Limited
• Pirelli
• MRF Ltd.
• Others.

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Key Report Highlights:

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Frequently Asked Questions (FAQs)-

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3. What leading factors would propel and impede the industry across the geography?
4. How has the industry been evolving in terms of geography & Asia Aftermarket Passenger Car Tire Market adoption?
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6. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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