New market report on Asia tire industry; growth to be driven by green tires

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New market report on Asia tire industry; growth to be driven by green tires
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Friday, June 21, 2013
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New York - Reportlinker.com announces that a new market research report is available in its catalogue: Asia Tire Industry Future Outlook to 2017 - Growth to be Driven by Green Tires. The report titled "Asia Tire Industry Outlook to 2017 – Growth to be Driven by Green Tires" provides a comprehensive analysis of the various aspects such as market size of the Asia, China, Japan, India, South Korea, Malaysia and Indonesia tire industry. The report discusses about the OEM, Replacement, export, import, redial, green, bias and used tires market. The report also covers the market shares of major players in China, Japan, India, South Korea and Indonesia. Tire market in Asia, which is hugely driven by the sales of passenger cars and commercial vehicles, registered revenues of USD ~ million in 2012. With the advent of new varieties of tires and owing to an exceptional financial performance by several tire majors in the industry, the revenues increased by 25.4% compared to 2011 where the total revenues were USD ~ million. Each country in the Asia tire industry is subject to a gamut of different factors such as automobile production, prices of natural rubber and crude oil and disposable incomes, and play an important role in determining their respective revenues. China was the largest manufacturer of tires in terms of revenue, having recorded sales of USD ~ million in 2012. The Asia tire industry has grown at a CAGR of 22% from USD 54,214.8 million in 2008 to USD ~ million in 2012. The tire market in China is comprised of various manufacturers that specialize in designing and producing tires for a range of vehicles. Along with the presence of tire multinationals, market in China is primarily driven by the performance of more than 500 domestic tire manufacturers. Hangzhou Zhongce was the leader in China's tire space with a market share of ~%. Market revenues of Japan based Bridgestone have increased noticeably from USD 8,636.6 million in 2008 to USD ~ million in CY'2012, making it the largest player in the tire market in Japan. MRF was the largest tire manufacturer in India on the basis of revenues while tire industry in South Korea was led by Hankook, which registered revenues of USD 3,798 million in 2012. Bridgestone dominated the Indonesian passenger car tire market, while Gajah Tunggal accounted for the major share of the tire market for motorcycles. Major tire enterprises all across Asia have been focusing increasingly on vertical expansions to curb the effect of unstable prices of critical raw materials, natural rubber in particular. Companies have been increasingly acquiring rubber estates outside their operating countries and have also been developing alternate sources of raw materials. A major development in the tire space has been the inception of tire labeling by the European Union. With the introduction of strict manufacturing standards, numerous companies have had to incorporate radical changes in their tire production so as to conform to the strict prerequisites for tire exports to Europe. The market for tires in Asia is changing at a brisk rate. Technological advancements and demand of tires across a wide array of vehicles as well as competitive pressures amongst tire producers have been significantly changing the market. Revenues from the tire industry in Asia are expected to expand to USD ~ million in 2017, growing with a CAGR of ~% from 2012 to 2017.