Press Release

Tire Sales in Malaysia to Surpass 23 Million Units by 2023

Growing automobile fleet, increasing per capita income, favorable government initiatives and abundant availability of raw materials to drive Malaysia tire market through 2023

According to TechSci Research report, Malaysia Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Rim Size, Competition Forecast & Opportunities, 2013 – 2023”, tire market in Malaysia is projected to register sales of 23.8 million units of tires by 2023. Growing population, expanding vehicle fleet, and presence of tire manufacturing plants of several leading global players, such as Michelin, Bridgestone, Goodyear, Continental Tyre, etc., is expected to positively influence the country’s tire market during 2018-2023. Moreover, Malaysia is the world’s third largest rubber producer, thus, the primary raw material for tires is available in abundance in the country. This, in addition to, favorable economic conditions and government initiatives towards energy efficient vehicles would augment tire sales in Malaysia in the coming years. 

Browse 6 market data Tables and 70 Figures spread through 131 Pages and an in-depth TOC on "Malaysia Tire Market"

https://www.techsciresearch.com/report/malaysia-tire-market/2614.html

With increasing per capita income and purchasing power of the residents in Malaysia, automobile market is expected to grow at a robust pace in the country, which would in turn drive the tire market during the forecast period. West region is the largest demand generator in Malaysia tire market, owing to its huge population base and presence of prominent cities such as Kuala Lumpur, Johor, Selangor, Perak, Penang, etc., in the region. Passenger car tire segment dominated the country’s tire market in 2017 and the segment is anticipated to maintain its market dominance in the coming years as well, on the back of growing passenger car fleet size.  


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“Ease of availability of raw materials makes overall production cost less in Malaysia, and consequently, more and more tire manufacturing companies are getting attracted to the Asian country. Moreover, expanding vehicle fleet to cater to the increasing demand from consumers, easy auto financing options and better climatic conditions for manufacturing tires in the country are some of the other factors that would boost Malaysia tire market during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Malaysia Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Rim Size, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market across Malaysia, and provides statistics and information on market size, 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.

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Relevant Reports

Malaysia Tire Market By Vehicle Type (Passenger Car, LCV, MHCV, Two Wheeler & OTR), By Demand Category (OEM Vs. Replacement), By Radial Vs. Bias, By Rim Size, Competition Forecast & Opportunities, 2013 – 2023

Automotive | Apr, 2018

Growing automobile fleet, increasing per capita income, favorable government initiatives and abundant availability of raw materials to drive Malaysia tire market through 2023

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