Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The "Japan Tyre Market 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Japan Tyre Market is experiencing robust expansion, valued at US$ 14.78 billion in 2023 and projected to grow at a CAGR of 9.74% from 2024 to 2032.
The Japan Tyre market is characterized by a vigorous competitive landscape, with prominent entities like Bridgestone Corporation, Sumitomo Rubber Industries, Ltd., Yokohama Tyre, Toyo Tire, Michelin, The Goodyear Tire & Rubber Company and Others. at the forefront, collectively accounting for more than 70% of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Japan Tyre industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry's fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector's comprehensive growth and transformation.
With the increasing emphasis on sustainability, the tyre industry is innovating with materials and designs that reduce ecological footprints. Moreover, the rise of electric vehicles and autonomous driving systems presents new challenges and opportunities for tyre manufacturers. As the automotive landscape evolves, the importance of tyres in ensuring safety and performance remains paramount, underscoring their indispensable role in modern transportation.
The Japanese tire market is expanding significantly, driven by rising vehicle ownership, economic growth, and urbanization. With approximately 3.45 million registered vehicles in 2022 and a notable increase to around 3.99 million new vehicle registrations in 2023, the demand for tires is surging for both new purchases and replacements. Economic improvements and rising disposable incomes have made vehicle ownership more accessible, further boosting tire demand. Urbanization is intensifying this trend, as more people seek personal transportation in expanding cities.
Additionally, consumers are increasingly prioritizing high-quality, performance-oriented tires, influenced by heightened awareness of safety, fuel efficiency, and driving comfort. Government initiatives to reduce emissions and promote electric vehicles (EVs) are also driving market growth, with a record 92,000 Zero Emission Vehicles (ZEVs) sold in 2022.
The shift towards EVs and the government's target for all new passenger vehicles to be electric by 2035 are prompting innovations in tire technology, including those tailored for EVs and eco-friendly materials. The rise of smart and connected vehicles, which require advanced tire technology for real-time data, further fuels market growth. This dynamic landscape positions the Japanese tire market for continued expansion and innovation.
Report Insights:
- The Japanese tire market is projected to reach $33.60 billion by 2032, growing at a CAGR of 9.74% from 2024 to 2032.
- The market is influenced by rising vehicle ownership, economic growth, and urbanization.
- Radial tires dominate with a 69.93% market share in 2023, driven by their durability, fuel efficiency, and performance.
- Major players like Bridgestone, Sumitomo Rubber, and Michelin dominate over 70% of the market, emphasizing R&D and strategic partnerships.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $14.78 Billion |
| Forecasted Market Value (USD) by 2032 | $33.6 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Japan |
Company Profiles
- Bridgestone Corporation
- Continental Ag
- Double Coin Tire Group Ltd
- Dunlop Tyres
- Guizhou Tyre Co, Ltd.
- Hankook Tire & Technology
- Irc Tyre
- Kumho Tire Co., Inc.
- Michelin
- Pirelli & C. S.P.A.
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- Toyo Tire Corporation
- Yokohama Tyre
Segment Overview:
By Type
- Radial
- Tube
- Tubeless
- Bias
- Solid Tire
By Season Type
- Summer tires
- Winter tires
- All-season tires
- Performance tires
- Rib tires
- Touring tires
- Others
By Size
- Less Than 15 inches
- 15 - 20 inch
- Above 20 inches
- By Condition
- New
- Recycled/ Retreaded
By Application
- Passenger Vehicles
- Sedans
- Hatchbacks
- SUVs
- Others
- Commercial Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Two-Wheelers
- Three- Wheelers
- Others
By Distribution Channel
- Online
- E-Commerce Websites
- Brand Websites
- Offline
- OEM
- Aftermarket
For more information about this report visit https://www.researchandmarkets.com/r/1j6mrm
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