Japan Tire Market to Surpass USD 32 Bn Mark in 2021, According to New TechSci Research Report Now Available at MarketPublishers.com27 Jun 2016 • by Natalie Aster
LONDON – Close to 9% of Japan’s working population is directly or indirectly engaged in the automotive industry. Due to increasing car production in tandem with expanding fleet capacity, the demand for tires, from both replacement as well as original equipment manufacturer (OEM) market, is likely to increase at a healthy pace moving forward.
The Japanese tire market is projected to surpass the USD 32 billion mark by 2021. Rising demand for passenger cars in the small and mini segment, an upsurge in vehicle ownership and growing demand for tires of better quality are some of the major drivers of the potential growth of the national tire market during the next 5 years. In Japan, the tire market is chiefly driven by the replacement sector on account of a large fleet of vehicles and a high rate of vehicle ownership. Passenger car tires took the largest share of the domestic tire marketplace as of 2015, and the segment’s dominance is set to continue over the forecast period on the back of soaring penetration and popularity of electric and hybrid electric vehicles.
Sumitomo Rubber Industries, Bridgestone Corporation, Yokohama Rubber Company and Toyo Tire & Rubber Company are the major tire manufacturing companies located in Japan.
New report “Japan Tire Market Forecast and Opportunities, 2021” created by TechSci Research provides deep insights into the tire market on a national level. The study gives an overview of the local tire production. The study provides overall market size data (historical and forecast volume and value); market share analysis and forecast by vehicle type, demand category, company and region. The report presents a detailed segmental assessment of the marketplace. It provides foreign trade analysis, analysis of raw materials and the supply chain; insights into the market drivers and challenges; reviews of the respective policy and regulations; and a discussion of the market trends and emerging opportunities. The research report explores the competitive landscape and offers profiles of the top 10 local companies. Furthermore, comprehensive strategic recommendations are given in the report as well.
More reports by this publisher are available at TechSci Research page.