Press Release

Malaysia Tire Market to Surpass $ 2.2 Billion by 2022

Increasing sale of vehicles coupled with constantly expanding automotive fleet is poised to boost Malaysia tire market through 2022

According to TechSci Research report, “Malaysia Tire Market Forecast & Opportunities, 2022, the country’s tire market is expected to cross $ 2.2 billion by 2022. Major drivers responsible for growing sales of tires in Malaysia include expanding automobile fleet, increasing vehicle production and recovering sales of various vehicles due to the introduction of new vehicle models by domestic as well as international companies. Continuing increase in vehicle ownership coupled with the country’s growing infrastructure are forecast to drive modest growth in Malaysia tire market over the next five years.

Malaysia tire market was dominated by passenger car tire segment in 2016, and the segment is expected to maintain its leading position through 2022, on account of expanding passenger car vehicle fleet size and growing purchasing power of consumers. Major automotive OEMs such as Mercedes-Benz, Toyota, Honda, BMW, Ford, etc., have established their manufacturing plants across the country to address automobile demand in Malaysia as well as neighboring countries. These companies are witnessing increasing automobile production, and consequently tire demand as well, and the same trend is expected to continue during forecast period as well, thereby aiding Malaysia tire market during 2017 – 2022.

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“Malaysia is one of the largest automobile manufacturers in the ASEAN region. However, due to economic slowdown, the country’s automobile industry underperformed in 2014. Currency devaluation, increasing inflation in addition to sluggish global economic growth led to a slowdown in production of automobiles in Malaysia. However, over the last two years, the production scenario has witnessed a revival, and it is expected to continue in the coming years as well, portraying a positive outlook for the country’s tire market .”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Malaysia Tire Market Forecast & Opportunities, 2022” has analyzed the potential of Malaysia tire market, and provides statistics and information on market sizes, shares and trends. The report will 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.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Rising demand for passenger car tires due to growing vehicle fleet coupled with increasing consumers’ disposable income is anticipated to drive the Malaysia tire market through 2026.

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