NEW YORK, Sept. 21, 2016 /PRNewswire/ -- Japan is the world's third largest developed economy. The country is home to four major tire manufacturing companies – Bridgestone Corporation, Sumitomo Rubber Industries, Toyo Tire & Rubber Company and Yokohama Rubber Company. Moreover, with presence of over sixteen automobile majors, including Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, Kawasaki, Yamaha and Mitsuoka, Japan is one of the major automobile hubs in the world. Around 9% of the country's working population is involved in auto-industry, either directly or indirectly. Owing to increasing automobile production coupled with expanding fleet size, the demand for tires, from both replacement as well as OEM market, is expected to increase at a robust pace over the next five years.
According to TechSci Research report, "Japan Tire Market Forecast & Opportunities, 2021", tire market in Japan is anticipated to cross $ 32 billion by 2021. Growing demand for small & mini passenger cars, high vehicle ownership and increasing demand for better quality tires are some of the major factors anticipated to positively influence the country's tire market over the next five years. In Japan, tire market is predominantly replacement driven owing to large vehicle fleet and high vehicle ownership ratio. Passenger car tire segment dominated the Japan tire market in 2015, and the segment is anticipated to maintain its dominance over the next five years as well owing to increasing penetration and popularity of electric and hybrid cars. "Japan Tire Market Forecast & Opportunities, 2021" report elaborates following aspects of tire market in Japan: