According to the latest report by IMARC Group, the Japan tyre market reached a volume of 118 Million Units in 2020. Looking forward, the market expects to reach a volume of 130 Million Units by 2026.
A tyre is a ring-shaped strong, flexible and pneumatic structure that is placed around the rim of a wheel. Manufactured using wire, fabric, carbon black, natural or synthetic rubber, and other chemical additives, the primary function of a tyre is to transfer the vehicle’s load on the surface and to provide a sturdy grip between the road and the vehicle. It also offers a flexible cushion to absorb shock and reduce the impact of vibrations that assist in enhancing road feel and improving the overall performance of the vehicle.
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Japan Tyre Market Trends:
The market for tyres in Japan is primarily driven by the establishment of one of the most prominent automotive industries on a global level. Numerous key players, including Honda, Suzuki, Nissan, Toyota, Kawasaki, Mitsubishi and Yamaha, are based in Japan. In an effort to meet the domestic as well as the global demand for automobiles, the manufacturers are significantly increasing their production, thereby providing a thrust to the sales of tyres. Rapid urbanization and the increasing purchasing power of the majority of the population have contributed to large vehicle ownership in the country. This has catalyzed the demand for replacement tyres, which is further providing an impetus to the market growth. Moreover, the expansion of the e-retail sector in Japan has offered significant traction to the online sales of tyres, owing to the numerous associated benefits, such as reduced prices, vast product portfolio, brand comparison and fast delivery.
Some of the major players analyzed in the global tyre industry include Bridgestone Corporation (BRDCY), Groupe Michelin France (epa:ML), Goodyear Tyre & Rubber Co GT, -3.74%, Continental AG Germany, Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., The Hankook Tyre group, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industry Co, Zhongce rubber group Co. Ltd and Madras Rubber Factory Limited.
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Insights on Market Segmentation:
Breakup by Vehicle Type
Passenger Car Tyres
Light Truck Tyres
Truck and Bus Tyres
Special Vehicle Tyres
On the basis of the vehicle type, the market has been divided into passenger car, light truck, truck and bus, special vehicle, and motorcycle tyres. Among these, the passenger car tyres dominated the market share.
Breakup by OEM and Replacement Segment
Based on the OEM and replacement segments, the replacement tyres segment exhibits a clear dominance in the market.
Breakup by Radial and Bias Tyres
The Japan tyre market has been bifurcated on the basis of the radial and bias tyres. At present, radial tyres account for the majority of the total market share.
Breakup by Tube and Tubeless Tyres
According to analysis based on tube and tubeless tyres, tubeless tyres currently represent the largest segment.
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market.
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