Press Release

Malaysia Tire Market to Surpass $ 1.65 Billion by 2025

Increase in adoption of passenger cars for personal use due to increasing middle class population as well as rising use of vehicles for sporting as well as off-roading activities to boost Malaysia tire market

According to TechSci Research report, Malaysia Tire Market By Vehicle Type, By Radial vs Bias, By Demand Category, By Price Segment, By Tire Size, By Rim Size, Competition, Forecast & Opportunities, 2025F, Malaysia tire market is forecast to grow from around $ 1.2 billion in 2019 to $ 1.68 billion by 2025. The country’s tire market is expected to witness growth owing to rising demand for sedans and SUVs due to the growing demand for personal transportation, increase of sporting activities as well as increase in several off-roading activities. Increasing disposable income of people and developing transportation infrastructure will also boost the tire market of Malaysia during the forecast period. Continuous business expansion of the leading global tire companies in the country by increasing their product portfolio and customer outreach through more dealer additions is anticipated to intensify the competition in the tire market in the Malaysia over the course of the next five years.

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Malaysia tire market can be segmented based on vehicle type, demand category, region, radial vs bias, price segment, tire size and rim size. In terms of vehicle type, passenger car tire segment dominates Malaysia tire market, followed by the two-wheeler tire segment as of 2019, and the trend is expected to continue over the next five years. Tire market for passenger cars is growing due to the increasing demand for personal transportation, increasing off roading and sporting activities and rising per capita income in Malaysia.

In terms of demand category, replacement segment accounts for the lion’s share in the country’s tire market. Nevertheless, during the forecast period, the OEM tire segment in the country is expected to grow at a faster pace. This is due to several OEMs expanding their ventures and launching new variants of passenger car and two-wheeler models. Also, the production of passenger cars in the country is expected to increase in the coming years.

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In terms of regional share, the tire market is largely concentrated in the West Malaysia region owing to the region’s large fleet for passenger cars and huge population. In terms of radial vs bias, market share of radial tire segment is dominating Malaysia tire market and the trend is expected to continue in the near future. The main reason for the growth of radial tires in Malaysia tire market is due to the growth of passenger car tire sales, which are mostly radial tires. Also, growth in tire radialization is being witnessed in commercial vehicle and OTR segments due to various advantages of radial tires.

By rim size, Malaysia tire market is dominated by 15"- 17'', and over the next five years this rim size will continue to dominate the country’s tire market. This is due to the fact that most of the passenger cars and two-wheelers being sold are equipped with this rim size tires. In terms of price segment, tires under budget price segment hold the maximum market share and this trend will continue until 2025. Market for tires under premium price segment is also expected to grow during forecast period as an increasing number of consumers are inclining more towards branded tires as consumers per capita income is increasing.

Michelin Malaysia Sdn Bhd., Continental Tyre PJ Malaysia Sdn Bhd, Goodyear Tire & Rubber company, Bridgestone Tyre sales (Malaysia) Sdn Bhd., Hankook Tire Co., Ltd., Pirelli Tyre S.p.A, and Toyo Tire & Rubber Co., Ltd are some of the leading players operating in Malaysia tire market. Apart from the flagship companies, many Chinese players are increasing their footprint in Malaysia tire market by pushing their low cost products across the country. “With easy availability of raw materials, favorable climatic conditions for manufacturing tires along with expanding vehicle fleet, majorly backed by increasing passenger car fleet size, demand for tires is expected to grow in Malaysia through 2025 Also, increasing transportation infrastructure development is further expected to back the growth of Malaysia tire market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Malaysia Tire Market By Vehicle Type, By Radial vs Bias, By Demand Category, By Price Segment, By Tire Size, By Rim Size, Competition, Forecast & Opportunities, 2025F has analyzed the potential of tire market across Malaysia, 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. 

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Relevant Reports

Malaysia Tire Market By Vehicle Type (Passenger Cars, Medium & Heavy Commercial Vehicles, Light Commercial Vehicles, Off the Road, Two-Wheeler), By Radial vs Bias, By Demand Category, By Price Segment, By Tire Size, By Rim Size, Competition, Forecast & Opportunities,

Automotive | Jun, 2020

Increase in adoption of passenger cars for personal use due to increasing middle class population as well as rising use of vehicles for sporting as well as off-roading activities to boost Malaysia tire market

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