Philippines Tire Market to Beat $ 900 Million by 2021
Surging
automotive sales and favorable trade environment anticipated to drive sales of tire
in Philippines through 2021
According to TechSci Research report, “Philippines
Tire Market Forecast &
Opportunities, 2021”, the country’s tire market is forecast to cross $ 900 million by 2021. Major
factors positively influencing demand for tires in the Philippines include rapid
infrastructure development, implementation of favorable policies by the
government coupled with growing disposable income of vehicle owners, which
increased from US $ 6,890 in 2011 to US $ 8,450 in 2014. Moreover, rising vehicle
sales in the country on the back of introduction of a wide variety of new vehicle
models in the domestic market, is anticipated to fuel growth in demand for
tires in the country over the next five years. With a volume share of over 50%
in the Philippines tire market, two-wheeler tire segment dominated the overall
tire market in the Philippines in 2015, followed by commercial vehicle tires and
passenger car tires. Due to availability of the easy finance options, demand
for two-wheelers as well as passenger cars in the country grew during 2011-2015.
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As of 2015, tire market in the Philippines was majorly concentrated
in three provinces, i.e. National Capital region, Southern Tagalog region and
Central Luzon region. With a cumulative volume share of more than 55% in 2015
in the Philippines tire market, these regions dominated the country’s tire
market and a similar trend is expected to continue during 2016-2021. Moreover,
with implementation of the Motor Vehicle Development Plan (MVDP), OEMs are
being offered various incentives, as well as tax and other fiscal benefits to
establish automotive manufacturing / assembling plants in the country, on the
back of which, a growing number of companies are setting up their assembling
plants in the Philippines. Few of the leading tire manufacturing companies
operating in the country include Bridgestone, Goodyear, Yokohama, Michelin,
Toyo, Kumho, Cheng Shin, Zhongce Rubber, Federal, etc. However, as only one tire
manufacturing facility is present in the country, the domestic demand for tires
in the Philippines is majorly met through imports.
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“With surging GDP, Philippines is expected to attract huge foreign
investments in the coming years. Moreover, government spending on the country’s
construction as well as infrastructure sector is expected to grow through 2021.
With anticipated growth in the country’s infrastructure sector, demand for commercial
vehicles is expected to increase in the coming years, which is forecast to
further boost sales of tires in the country over next five years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Philippines
Tire Market Forecast & Opportunities, 2021” has analyzed the potential of Philippines
tire market, and provides statistics and information on market sizes, shares
and trends. The report would suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry in the
Philippines.
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