Growth Outlook: Japan Tire Market Projected to CAGR of 1.8% by 2030

The Japan Tire Market sales volume was 119.32 million units in 2022 and is projected to grow at a CAGR of around 1.8% during the forecast period, i.e., 2024-30. The rapidly increasing sales of vehicles, particularly passenger cars, owing to the improving economic conditions, growing purchasing power & mounting preferences of people for privately owning a vehicle is the prime aspect driving the tire market in Japan. 

Besides, since Japan is an automotive hub, several prominent tire manufacturers are establishing their manufacturing facilities across the country & introducing new varieties of tires with high performance & advanced technologies in order to expand their visibility & consumer base in the country. 

Moreover, the growing inclination of the government is encouraging the public to adopt Electric Vehicles (EVs) and Hybrid vehicles, i.e., another crucial aspect instigating the demand for tires and propelling the overall market growth, further states the research report, “Japan Tire Market Analysis, 2024.”

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Rapidly Increasing Private Vehicle Ownerships across Japan Boost the Tire Market

In recent years, passenger cars have displayed the fastest growth in the Japan Tire Market, and the trend shall even continue in the coming years. It owes principally to the escalating number of car sales & new registrations of EVs, principally due to the rising purchasing power & growing inclination of the people toward owning the cars. Besides, the increasing penetration of taxis & cabs across the country is another prominent aspect stimulating the demand for passenger cars. 

These escalating sales of passenger cars are generating growth opportunities for the leading tire manufacturers to develop & distribute an extensive range of tires with multiple features to suffice the burgeoning consumer requirements and augment the overall market growth through 2030, reveals MarkNtel Advisors in their research report, "Japan Tire Market Analysis, 2024."

Competitive Landscape

The leading players in the Japan Tire Market include Bridgestone Corporation, Sumitomo Rubber Industries Limited, Yokohama Rubber Company Limited, Toyo Tires & Rubber Company Limited, Kumho Tire Japan Inc., Japan Michelin Tire Co Ltd., Japan Goodyear Inc., Japan Pirelli Inc., and Hankook Tire Japan.

Key Questions Answered in the Research Report

1. What are the current & future trends in the Japan Tire Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across Japan, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Japan Tire Market?
5. What are the customer orientation, purchase behavior, and expectations from tire manufacturers across Japan?

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Market Segmentation:

1. By Vehicle Type (Passenger Cars (SUV, Sedan, Hatchback & Bakkies), Light Commercial Vehicles (LCV) (Light Trucks, Light Buses, Pickup Trucks & Vans), Medium & Heavy Commercial Vehicles (Bus, Truck), Two Wheelers (Moped, Scooters, Motorcycles), Off the Road (OTR) (Earthmoving Equipment, Material Handling Equipment, Industrial & Mining Equipment))
2. By Type of Tire (Radial, Bias)
3. By Demand Type (OEM, Replacement)
4. By Season (All-Season, Summer)
5. By Sales Channel (Online, Dealers/ Exclusive Outlets)
6. By Rim Size (Up to 12, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
7. By Price Category (Low, Medium, High)
8. By Region (Hokkaido, Tohoku, Kanto, Chubu)

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