Thailand Tyre Market to Grow at Over 8% through 2020
Increasing automobile production, expanding fleet size, coupled with abundance of natural rubber to boost tyre market in Thailand
According to TechSci Research report, “Thailand Tyre Market Forecast and Opportunities, 2020”, the tyre market in Thailand is forecast to grow at a CAGR of more than 8% during 2015 – 2020 on account of anticipated increase in automobile production, expanding automobile fleet and favorable government initiatives which include infrastructure development plans and several incentive schemes to promote energy saving eco-cars in the country. Bridgestone and Michelin are the most dominating tyre brands in Thailand. Other tyre brands operating in the country include Goodyear, Pirelli, Vee Rubber, Sumitomo, Otani Tyres, Apollo, Nokian, Toyo Tyres, etc.
Two-wheeler production is the most dominant segment in Thailand’s automobile market. Two-wheelers also account for the largest share in the country’s automobile fleet. As a result, the Thailand tyre industry is dominated by the two-wheeler tyre segment in volume terms, and this trend is expected to continue in the coming years. Thailand tyre market is dominated by the replacement tyre segment, with the segment accounting for two-thirds of the market share in 2014. This segmental dominance of the replacement segment is also expected to prevail through 2020.
“Rising per capita income and favorable government policies to promote the automotive industry in Thailand are boosting automobile sales in the domestic market. Moreover, the country also exports a substantial percentage of domestically manufactures automobiles. With growing automobile sales in domestic as well as exports markets, coupled with expanding automobile fleet in Thailand, the country’s overall tyre market is expected to grow over the period of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Thailand Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Thailand tyre market and provides statistics and information on market structure and trends of Thailand tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Thailand tyre market.
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