Tire Market to Grow with a CAGR of 6.08% in Thailand through to 2028

The major drivers for the Thailand Tire Market include robust automotive industry growth, increasing vehicle ownership rates, and a rising demand for eco-friendly and high-performance tires in response to environmental concerns and changing consumer preferences.

 

According to TechSci Research report, “Thailand Tire Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Thailand Tire Market stood at USD 3.11 Billion in 2022 and is anticipated to grow with a CAGR of 6.08% in the forecast period, 2024-2028. The Thailand Tire Market is driven by various factors that have contributed to its significant growth in recent years. One of the main drivers is the robust automotive industry in the country, which has witnessed a remarkable expansion. This can be attributed to the rise in automobile sales and production, reflecting the increasing demand for vehicles among consumers. Moreover, there is a growing need for commercial and heavy-duty vehicles, further fueling the demand for tires in Thailand.

In addition to the automotive industry, the technological advancements in tire manufacturing have also played a crucial role in the growth of the Thailand Tire Market. The introduction of technologically advanced tires has not only improved the overall performance and safety of vehicles but has also increased the appeal for these products among consumers.

Furthermore, Thailand's strategic position as a major rubber producer has significantly influenced the growth of the tire market. The country's abundant rubber resources provide a readily available raw material base for tire manufacturing, ensuring a steady supply chain and cost-effective production.

To support the growth of the automotive industry and related sectors, the Thai government has implemented several initiatives. These initiatives aim to promote investment, research and development, and infrastructure development, creating a favorable environment for the tire market to flourish.

In conclusion, the Thailand Tire Market is driven by a combination of factors, including the robust automotive industry, increased demand for vehicles, technological advancements in tire manufacturing, strategic rubber production, and government support. These factors have collectively contributed to the growth and development of the tire market in Thailand.

 

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The Thailand Tire Market is a vital and dynamic component of the country's automotive industry, characterized by steady growth, technological innovation, and a diverse range of domestic and international tire manufacturers. This market overview provides valuable insights into the current state of the Thailand Tire Market, including its size, key players, primary segments, growth drivers, and challenges.

In terms of market size and growth, the Thailand Tire Market has experienced consistent expansion over the years. This growth is primarily driven by a thriving automotive sector, increasing rates of vehicle ownership, and evolving consumer preferences. Thailand's robust economic development has led to rising disposable incomes and increased consumer purchasing power. As a result, there has been a notable surge in demand for personal vehicles, encompassing passenger cars, motorcycles, and commercial vehicles. This surge in vehicle ownership directly correlates with the need for replacement tires, significantly contributing to the market's ongoing expansion. Furthermore, Thailand's continued investments in infrastructure and road development further amplify the market's growth potential.

The Thailand Tire Market features a competitive landscape comprising both domestic and international tire manufacturers and suppliers. Renowned global tire giants such as Bridgestone, Michelin, Goodyear, and Continental operate alongside well-established local players like Thai Bridgestone Co., Ltd., and Thai Michelin Co., Ltd. This diversity of local and international tire manufacturers ensures that consumers have access to a wide array of tire options, ranging from budget-friendly choices to premium segments. The presence of these industry leaders fosters product innovation, quality enhancements, and competitive pricing, ultimately benefiting consumers and enhancing the market's overall competitiveness.

Within the Thailand Tire Market, several primary segments cater to diverse consumer needs and industrial demands. Among these segments, passenger car tires hold a significant share. As the number of consumers opting for personal vehicles continues to rise, there is a steady demand for passenger car tires. Consumers in Thailand seek a diverse range of tire options, considering factors such as tire type, size, and performance characteristics to align with their specific preferences and driving conditions. Consequently, the market offers a wide selection of passenger car tires, ensuring they meet the various demands of Thai consumers.

In conclusion, the Thailand Tire Market stands as a vital and thriving component of the country's automotive industry. Its growth is underpinned by a combination of factors, including a burgeoning automotive sector, increasing vehicle ownership rates, and evolving consumer preferences. The competitive landscape, featuring both domestic and international tire manufacturers, ensures a diverse range of tire options for consumers. The primary segments, particularly passenger car tires, cater to the diverse needs of Thai consumers, reflecting the market's adaptability and responsiveness. Overall, the Thailand Tire Market remains a crucial and vibrant component of the nation's automotive landscape, poised for continued growth and development.

 

Major companies operating in Thailand 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 major drivers for the Thailand Tire Market are primarily shaped by the country's robust automotive industry, which has experienced significant growth in recent years. Key factors include the rise in automobile sales and production, increased demand for commercial and heavy-duty vehicles, and the advent of technologically advanced tires. The growth of Thailand's tire market is also influenced by the country's strategic position as a major rubber producer, providing a readily available raw material base for tire manufacturing. Additionally, government initiatives aimed at promoting the automotive industry and related sectors have further spurred the development of the tire market in Thailand.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Thailand Tire Market – Thailand Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented 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 Region, Competition”, has evaluated the future growth potential of Thailand 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 Thailand Tire Market.      

 

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