Japan Tyre Market Forecast and Opportunities, 2020
Japan automotive industry is one of the most prominent and largest industries in the world. Around 9% of Japan’s working population is involved in auto-industry related work, either directly or indirectly. The country is home to four major tyre companies - Bridgestone Corporation, Sumitomo Rubber Industries, Toyo Tire & Rubber Company, and Yokohama Rubber Company, all of which specialize in manufacturing of tyres for a variety of vehicles. Due to exceptional performance of these companies at both domestic and global level, and development of new varieties of tyre, Japan tyre industry is growing at a significant pace. The country also hosts a number of large automobile manufacturers including Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha, and Mitsuoka. These companies hold a large share in global automotive market and are contributing to the surge in demand for tyres in Japan.
According to “Japan Tyre Market Forecast & Opportunities, 2020”, Japan tyre market is estimated to surpass USD26 billion in 2015. Growing demand for small & mini passenger cars, high vehicle ownership and increasing demand for better quality tyres would influence Japan tyre market over the next few years. Passenger car tyre market is the dominant segment in the country’s tyre market followed by light commercial vehicle tyre market and heavy commercial vehicle tyre market. Japan tyre market is predominantly a replacement driven market owing to large vehicle fleet and high vehicle ownership ratio. Prominent export markets for Japan tyre manufacturers are Europe, North America and Middle East. These regions account for more than half of the country’s total tyre exports. On the other hand, Japan imports most of its tyres from major tyre manufacturing Asian countries like Thailand, Indonesia and Malaysia. Kanto and Kansai regions of Japan held a cumulative market share of more than 45%, in volume terms in 2014. Both these regions have high population growth and economic concentration which makes them the largest contributors to tyre sales in Japan. Kanto and Kansai regions are expected to remain dominant in the market over the forecast period. “Japan Tyre Market Forecast and Opportunities, 2020” discusses the following aspects:
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1. Bridgestone Corporation
2. Sumitomo Rubber Industries, Limited.
3. Yokohama Rubber Company, Limited
4. Toyo Tires & Rubber Company Limited
5. Kumho Tire Japan, Inc.
6. Japan Michelin tire Co., Ltd.
7. Japan Goodyear, Inc.
8. Japan Pirelli Inc.
9. Hankook Tire Japan"