Eastern Asia: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Eastern Asia

In 2021, the East Asian passenger car tyre market decreased by -3.2% 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 +2.3% 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 dropped slightly in the following year.

Passenger Car Tyre Production in Eastern Asia

In value terms, passenger car tyre production reached $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 9.5% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Passenger Car Tyre Exports

Exports in Eastern Asia

In 2021, shipments abroad of tyres for motor cars increased by 15% to X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 38% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, passenger car tyre exports soared to $X in 2021. In general, exports, however, continue to indicate a slight reduction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X units) represented the largest exporter of tyres for motor cars, comprising 50% of total exports. South Korea (X units) held a 29% share (based on physical terms) of total exports, which put it in second place, followed by Japan (15%) and Taiwan (Chinese) (5.8%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by South Korea (with a CAGR of +1.9%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest passenger car tyre supplying countries in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), with a combined 96% share of total exports.

Among the main exporting countries, South Korea, with a CAGR of +1.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, increasing by 14% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car tyre export price increased by +89.8% against 2014 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 24%. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Japan ($X per unit) and China ($X per unit), while Taiwan (Chinese) ($X per unit) and South Korea ($X per unit) were 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 Eastern Asia

In 2021, passenger car tyre imports in Eastern Asia totaled X units, with an increase of 6.2% compared with the year before. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when imports increased by 15% against the previous year. The volume of import peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports expanded markedly to $X in 2021. The total import value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of tyres for motor cars, namely Japan, China and South Korea, represented more than two-thirds of total import. It was distantly followed by Taiwan (Chinese) (X units), constituting a 10% share of total imports. Hong Kong SAR (X units) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +7.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) were the countries with the highest levels of imports in 2021, with a combined 84% share of total imports.

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

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, increasing by 8% against the previous year. Over the period under review, the import price, however, continues to indicate a mild descent. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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