Pro
07K14K21K28KUSD Mn201820192020202120222023202420252026
OEM
Aftermarket
Automotive
Asia-Pacific Automotive Suspension System Market Size, By Sales Channel (2018-2027)
| Label | Asia Pacific | China | India | Japan | Rest of Asia Pacific |
|---|---|---|---|---|---|
| 2016 | 8868.50 USD Mn | 4345.20 USD Mn | 1055.20 USD Mn | 1899.40 USD Mn | 1568.70 USD Mn |
| 2017 | 10230.70 USD Mn | 5077.50 USD Mn | 1252.20 USD Mn | 2095.20 USD Mn | 1805.70 USD Mn |
| 2018 | 12059.70 USD Mn | 6055.60 USD Mn | 1518.50 USD Mn | 2361.70 USD Mn | 2123.90 USD Mn |
| 2019 | 14585.30 USD Mn | 7401.80 USD Mn | 1889.20 USD Mn | 2731.20 USD Mn | 2563.10 USD Mn |
| 2020 | 18152.10 USD Mn | 9300.20 USD Mn | 2418.70 USD Mn | 3250.30 USD Mn | 3183.00 USD Mn |
| 2021 | 22858.40 USD Mn | 11811.90 USD Mn | 3133.20 USD Mn | 3913.80 USD Mn | 3999.50 USD Mn |
| 2022 | 28978.80 USD Mn | 15088.80 USD Mn | 4086.20 USD Mn | 4744.40 USD Mn | 5059.30 USD Mn |
| 2023 | 37045.20 USD Mn | 19418.60 USD Mn | 5373.60 USD Mn | 5799.50 USD Mn | 6453.50 USD Mn |
Data Source: Wantstats Repository
Market Dynamics
China accounted for the largest market share in 2017 in the Asia Pacific green tire market, and is expected to reach USD 19418.60 Million in 2023 from USD 5077.50 Million in 2017. However, India is the fastest growing market, which is expected to grow at a CAGR of 28.76% during the forecast period 2018 - 2023. aftermarket segment accounted for the larger market share in 2017, this market is expected to reach USD 24694.90 Million in 2023 from USD 7252.90 Million in 2017. This market is projected to grow at a CAGR of 23.86% during the forecast period from 2018 - 2023. However, oem segment is the fastest growing market, which is expected to grow at a CAGR of 28.05% during the forecast period 2018 - 2023. passenger car segment accounted for the largest market share in 2017, this market is expected to reach USD 15471.60 Million in 2023 from USD 4934.70 Million in 2017. This market is projected to grow at a CAGR of 22.07% during the forecast period from 2018 - 2023.
However, commercial vehicle segment is the fastest growing market, which is expected to grow at a CAGR of 28.87% during the forecast period 2018 - 2023. on road segment accounted for the larger market share in 2017, this market is expected to reach USD 30976.80 Million in 2023 from USD 8852.50 Million in 2017. This market is projected to grow at a CAGR of 24.43% during the forecast period from 2018 - 2023. However, off road segment is the fastest growing market, which is expected to grow at a CAGR of 29.35% during the forecast period 2018 - 2023.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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Asia-Pacific Automotive Suspension System Market Size, By Vehicle Type (2018-2027)
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