Car tires: Key Research Findings
- Increase in the fleet size of car sharing companies to boost sales in the OEM tires segment.
- Advent of concept tires like BHO3 to augment market growth.
Technavio has added a new report on the passenger car tire market in Japan: forecast and market shares 2015-2019, to its automotive portfolio. Analysts estimate that the market will grow at a rate of over 4% during the forecast period of 2014-2019.
The new research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“Many consumers in Japan have started to consider car ownership as an added expense and burden because it attracts extra costs, such as renting a parking space. This recent paradigm shift in the preference of consumers has given birth to the concept of car sharing companies. Companies such as Park24 and Orix Auto Corp. provide these services in densely populated cities where the public transportation systems are crowded and it’s expensive to own a car. The increase in the fleet size of car sharing companies will bolster the prospects of growth in the passenger car tires market,” says Sriram Mohan, Lead Analyst, Automotive, Technavio Research.
Increase in the Fleet Size of Car Sharing Companies till 2014
Source: Techanvio Research
In Japan, the densely populated areas are facing multiple environmental issues arising from the emission of greenhouse gasses. To tackle these environmental issues, many manufacturers are now introducing hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. These vehicles contain special tires that capture the heat that is generated when the tires move. This heat is converted into electrical energy, which in turn powers the vehicles. In 2015, Goodyear unveiled its concept tire BHO3 that contains an extra black coat to absorb maximum light and heat.
A segment to look out for is the replacement tire segment, which analysts predict is going to grow due to the price sensitive nature of the consumers in Japan. The leading companies in the passenger car tires market in Japan are Bridgestone Corporation, Japan Michelin Tire Co., Ltd., Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., and Toyo Tire & Rubber Co., Ltd.
More detailed analysis is available in the Technavio report Passenger Car Tire Market in Japan: Forecast and Market Shares 2015-2019. We can customize reports by other regions and specific segments upon request.
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