Passenger Car Tires Market in Japan 2015-2019
About Passenger Car Tires
Japan traditionally has been an export-oriented country for many years, and the country’s automobile exports have been a mainstay of its exports volume. The automotive industry in the country is critical to its economic growth. There are more than five million people employed in the automotive industry in Japan; they work in a wide spectrum of companies such as materials supply companies, servicing, freight shipping, and other auto related companies.
The passenger car tires market in Japan is the most critical market for tire manufacturers in Japan. In terms of sales, it covers more than 70% of the total tire sales volume. Japan has been home to some of the major tire manufacturers such as Bridgestone, Sumitomo, and Yokohama. This has led to a large investments inflow by tire manufacturers to develop and innovate products that would cater not only to the Japanese market but also to consumers worldwide.
Technavio's analysts forecast the passenger car tires market in Japan to grow at a CAGR of 4.33% over the period 2014-2019.
Covered in this Report
The passenger car tires market in Japan can be segmented into two based on distribution channels: OEM and replacement. To calculate the market size, the report considers revenue generated from the combined sales in these two segments. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market.
Technavio's report, Passenger Car Tires Market in Japan 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in Japan 2015-2019
Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in Japan: Bridgestone, Japan Michelin, Sumitomo Rubber, Yokohama Rubber and Toyo Tires
Other Prominent Vendors in the market are: Hanook tires, Kumho Tires, Nakang Rubber and Nitto Tires
Commenting on the report, an analyst from Technavio’s team said: “There has been a great focus on protecting the environment and reducing greenhouse gas emissions. The Automotive industry is a major contributor of such emissions. Therefore, to address emission-related issues, new advances in technology are taking place in this sector. Hybrids, plug-in hybrids, and electric vehicles have now become an alternative and the most viable solution to the problem of emissions. The use of such vehicles has increased overtime. Tire manufacturers are also introducing innovations in their product lines to suit the changing needs of the automotive industry.”
According to the report, eco-friendly cars, or in other terms EVs or PHEVs, have been gaining popularity in Japan because of growing environmental concerns. EVs made their debut in the Japanese market in 2009, and since then their sales have been on a growth path. The case of hybrid vehicles was a bit different, as initially automakers found fewer takers for hybrid vehicles, but slowly their sales too picked up with time. According to the NGVPC, EV and PHEV ownership levels in 2009 for these cars was a meagre 2,100 units, but within a span of three years they achieved exponential growth and reached 56,000 units by the end of 2012. The subsidies provided by the government have encouraged consumers to opt for EVs. In 2013, sales of PHEVs and EVs reached 13,146 and 16,615, respectively. When global crude oil prices plunged to a new low in 2014, it was anticipated that EV and PHEV sales would take a hit, but the scenario was completely different and both these segments achieved a positive growth rate in the same year.
Further, the report states that the consumption tax issue is becoming a worry for tire manufacturers because of the uncertain economic conditions and probable further increase in taxes affecting the future sales of new cars, which will have an impact on the OEM segment of tire sales.
Bridgestone, Japan Michelin, Sumitomo Rubber, Yokohama Rubber, Toyo Tires, Hanook tires, Kumho Tires, Nakang Rubber, Nitto Tires.