Tire Market to Grow with a CAGR of 6.28% in South East Asia through to 2028
The major drivers for the
South East Asia Tire Market are robust economic growth and increased vehicle
ownership, coupled with a rising demand for high-performance and eco-friendly
tires to enhance safety and fuel efficiency.
According to
TechSci Research report, “South East Asia Tire Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the South
East Asia Tire Market stood at USD 12.7 Billion in 2022 and is anticipated to
grow with a CAGR of 6.28% in the forecast period, 2024-2028. The South East Asia tire market is
currently experiencing substantial growth, fueled by the increasing number of
vehicles on the road and the rising demand for high-quality tires. This growth
can be attributed to the burgeoning automobile sectors in countries such as
Indonesia, Thailand, and Malaysia, where the demand for vehicles is on a steady
rise. Moreover, the rapid urbanization and notable growth in per capita income
across the Country have further propelled the demand for tires, as more
individuals can now afford personal vehicles.
Furthermore,
it is important to note that the market is not solely characterized by the
growing sales of new vehicles, but also by the significant demand for
replacement tires. As the number of vehicles on the road continues to increase,
so does the need for tire replacements, contributing significantly to the
overall market size. This presents an immense opportunity for tire
manufacturers and suppliers to cater to the demand for both new and replacement
tires.
In
addition to the increasing number of vehicles, another factor driving the
demand for replacement tires is the changing weather conditions across
different Countries. In areas with harsh winters, the need for winter or snow
tires becomes crucial to ensure safe driving. Similarly, in hot climates, the
demand for specialized tires that can withstand high temperatures and provide
optimal performance is on the rise.
Furthermore,
advancements in tire technology have also played a significant role in shaping
the market. With the introduction of innovative features such as run-flat
tires, self-sealing tires, and low rolling resistance tires, consumers now have
a wide range of options to choose from based on their specific needs and
preferences. These technological advancements not only enhance the overall
performance and safety of the vehicles but also contribute to the growth of the
replacement tire market.
In
summary, the market for replacement tires is thriving due to the increasing
number of vehicles on the road, changing weather conditions, and advancements
in tire technology. Tire manufacturers and suppliers who can adapt to these
evolving trends and cater to the diverse needs of consumers are well-positioned
to capitalize on this lucrative market opportunity.
However,
it's worth highlighting that the market expansion does come with its fair share
of challenges. Fluctuating raw material prices, for instance, pose a
significant challenge for tire manufacturers as it directly affects the cost of
production and, ultimately, the pricing of tires. Additionally, stringent
environmental regulations require tire manufacturers to adopt sustainable
practices and develop eco-friendly solutions, adding another layer of
complexity to the market dynamics.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"South East Asia Tire Market”
The South East
Asia Tire Market is a dynamic and evolving sector within the automotive
industry, catering to a diverse range of vehicles, from passenger cars to
commercial and industrial applications. This market is integral to the region's
transportation infrastructure, serving the mobility needs of the population.
As an essential
component of the automotive industry in South East Asia, the tire market plays
a pivotal role in ensuring safe and efficient transportation. It encompasses a
wide array of tire types, including those for passenger vehicles, motorcycles,
trucks, and industrial machinery. With the continued economic growth and
urbanization in the region, the demand for tires remains robust, reflecting the
increasing number of vehicles on the road.
Economic
conditions significantly influence the South East Asia Tire Market. As
economies in the region continue to grow, more individuals and businesses have
the means to invest in vehicles. This has led to an upsurge in vehicle
ownership, resulting in a heightened demand for tires. Additionally, the
flourishing automotive industry, driven by economic stability, creates a
conducive environment for the tire market to thrive.
One of the
notable factors shaping the tire market in South East Asia is the increasing
vehicle ownership. With rising disposable incomes and improved access to
financing, more people in the region are purchasing vehicles, be it cars,
motorcycles, or commercial trucks. This trend not only boosts the sale of new
tires but also creates a substantial market for replacement tires as vehicles
undergo wear and tear over time.
Road
infrastructure and terrain diversity within South East Asia also significantly
impact the tire market. The region encompasses a variety of landscapes, from
urban metropolises to rugged rural areas. This diversity in terrain places
different demands on tires, with a need for solutions that can withstand
various road conditions. Tire manufacturers adapt to these requirements by
producing a range of products tailored to the specific needs of each region
within South East Asia.
The tire market
in South East Asia is subject to environmental concerns, particularly regarding
tire disposal and its impact on the environment. As awareness of environmental
issues grows, governments and regulatory bodies are emphasizing the responsible
disposal of used tires. This has led to the development of tire recycling and
disposal programs, which tire manufacturers and retailers are actively
participating in to address these concerns.
The competitive
landscape in the South East Asia Tire Market is characterized by a mix of
domestic and international tire manufacturers. These manufacturers often
compete on factors such as product quality, pricing, and brand reputation to
gain market share. The competition drives innovation, resulting in the
development of tires that offer improved performance, durability, and safety.
In conclusion,
the South East Asia Tire Market is a vital and dynamic segment of the
automotive industry, influenced by economic conditions, vehicle ownership
trends, road infrastructure, environmental concerns, and a competitive
landscape of tire manufacturers. As the region continues to experience economic
growth and urbanization, the tire market is poised for ongoing growth and
adaptation to meet the diverse transportation needs of South East Asia's
population and landscapes.
Major companies
operating in South East Asia Tire Market are:
- Bridgestone
Corporation
- Continental
AG
- Goodyear
Tire & Rubber Company
- Sumitomo
Rubber Industries Ltd
- Michelin
Group
- Pirelli & C. S.p.A.
- Yokohama
Rubber Company Limited
- Kumho Tire
Co. Inc.
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“The South East
Asia Tire Market is a dynamic and integral sector of the automotive industry,
serving the diverse needs of a region marked by economic growth and varied
terrain. It encompasses a wide range of tires, from those for passenger
vehicles to industrial equipment. With rising economic prosperity, increased
vehicle ownership is propelling the demand for tires. The tire market caters to
a spectrum of landscapes, from bustling urban centers to rugged rural areas,
requiring diverse tire solutions. Environmental concerns are also influencing
the market, promoting responsible tire disposal and recycling. The South East
Asia Tire Market, characterized by a mix of domestic and international
manufacturers, is poised for continued growth and innovation.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“South East Asia Tire
Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium &
Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire
Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By
Country, Competition, Forecast & Opportunities, 2018-2028”,
has evaluated the future growth potential of South East Asia Tire Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in South East Asia Tire Market.
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