Asia: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Asia

In 2021, the Asian passenger car tyre market decreased by -2.6% to $X for the first time since 2015, thus ending a five-year rising trend. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Passenger Car Tyre Production in Asia

In value terms, passenger car tyre production shrank slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.2% against the previous year. The level of production peaked at $X in 2020, and then dropped in the following year.

Passenger Car Tyre Exports

Exports in Asia

In 2021, shipments abroad of tyres for motor cars was finally on the rise to reach X units after two years of decline. In general, exports, however, saw a mild setback. The most prominent rate of growth was recorded in 2014 when exports increased by 34%. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, passenger car tyre exports surged to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of tyres for motor cars, namely China, Thailand and South Korea, represented more than half of total export. Japan (X units) took an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (8.2%) and Indonesia (6.3%). Taiwan (Chinese) (X units) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +13.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 67% of total exports. Japan, Indonesia, Turkey and Taiwan (Chinese) lagged somewhat behind, together comprising a further 26%.

In terms of the main exporting countries, Turkey, with a CAGR of +10.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, surging by 8.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2016 an increase of 17% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the other leaders experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports in Asia

Passenger car tyre imports expanded rapidly to X units in 2021, picking up by 12% compared with 2020. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 16% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports surged to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X units), Turkey (X units), China (X units), South Korea (X units), the United Arab Emirates (X units) and Malaysia (X units) represented the major importer of tyres for motor cars in Asia, generating 54% of total import. Thailand (X units), Iraq (X units), Uzbekistan (X units), Taiwan (Chinese) (X units), the Philippines (X units), Israel (X units) and Kazakhstan (X units) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +9.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre importing markets in Asia were Japan ($X), South Korea ($X) and China ($X), together accounting for 31% of total imports.

South Korea, with a CAGR of +9.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, surging by 7.7% against the previous year. In general, the import price, however, recorded a slight slump. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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