This is, in turn, fueling the demand for automotive tires in this region. The sharp reduction in tariffs, the soaring popularity of green tires, the advent of technologically advanced automobiles such as electric and autonomous vehicles, the changing buying preferences of consumers, the rising compliance in tire manufacturing, and the ballooning requirement for tires in the emerging economies are also pushing up the sales of automotive tires in the region.

Apart from the aforementioned factors, the increasing average lifespans of vehicles is also positively impacting the sales of automotive tires in the region. Moreover, the tire replacement rate is increasing rapidly, due to the growth of several aftermarket companies and the expanding operations of many OEMs (original equipment manufacturers). This is also augmenting the demand for automotive tires in the APAC region, thereby, fueling the growth of the APAC automotive tire market.

According to the estimates of PS Intelligence, a market research company based in India, the size of the market will grow from 1,080.5 million units in 2018 to 1,826.8 million units by 2024. Furthermore, the market is predicted to advance at a CAGR of 9.1% between 2019 and 2024. Passenger cars, two-wheelers, light commercial vehicles, and medium and heavy commercial vehicles are the main types of vehicles used in the APAC region.

Amongst them, the demand for passenger car automotive tires was observed to be the highest during the last few years. This was because of the presence of a huge customer pool for passenger vehicles and the high replacement rates of the tires used in these cars. This trend is likely to continue in the coming years as well. The demand for medium heavy commercial vehicle automotive tires is also predicted to shoot-up across the region in the forthcoming years.

The Asia-Pacific (APAC) automotive tire market recorded the highest growth in China in the past years. This was because the country was home to the world’s biggest customer base for passenger cars and was one of the world’s biggest automobile manufacturers and this trend will continue in the coming years. As per the forecast of the China Association of Automobile Manufacturers, the country will manufacture 30 million and 35 million passenger cars by 2020 and 2025 respectively.