Tag: Asia Aftermarket Passenger Car Tire Market Growth

The Asia Aftermarket Passenger Car Tire Market is projected to grow at a CAGR of around 4.83% during the forecast period, 2022-27. The Market growth imputes to the growing industrialization & economic progress, rising personal income levels, allowing a substantial portion of the people to own passenger cars, etc. According to the Ministry of Public Security, in 2019, the number of car drivers in China was around 397 million, which is the largest globally. Besides, the increase in the wear & tear rate of the tire, the increasing number of newly registered passenger vehicles, and the surging passenger car ownership rate are some of the key factors expected to enhance the sales of a passenger car.