Press Release

Philippines Tire Market to be Dominated by Two Wheeler Tires Through 2025

Rapid infrastructure development coupled with favorable initiatives taken by government are expected  to aid the growth of Philippines tire market in coming years.

According to TechSci Research report, “Philippines Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025”, Philippines’ tire market is projected to grow at a CAGR of around 6.67% in terms of value during the forecast period. Major factors contributing to the growth of Philippines tire market are rapid infrastructure development, implementation of favourable policies by the government and rise in disposable income which is leading to increasing number of vehicle owners in the country. The introduction of policies like Comprehensive Automotive Resurgence Strategy (CARS program) and Comprehensive Motor Vehicle Development Program are acting as key growth driver for Philippines tire market. Moreover, increase in vehicle sales in Philippines due to the introduction of a wide variety of new vehicle models in the domestic market is anticipated to fuel the tire market growth in the country over the next five years. Also, the country is one of the fastest growing economies in the ASEAN region. The National Capital Region (NCR), Southern Tagalog, Central Luzon and Central Visayas are some of the most commercialized and urbanized areas in the country, and a major portion of the demand for tires emanates from these geographies.

Furthermore, attractive incentive schemes for OEMs and favourable trading environment are also supporting the growth of Philippines tire market. However, a major share of the demand for tires is met by imports, as there is only one tire manufacturing facility in the country.

Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on "Philippines Tire Market"

https://www.techsciresearch.com/report/philippines-tire-market/5125.html

Philippines tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on demand category, the Philippines tire market can be categorized into OEMs vs replacement. Among the two, the replacement segment is projected to dominate the Philippines tire market during the forecast period with a market share of 69.73% by 2025. The reason for the growth of segment can be attributed to increased average lifecycle of automobiles and growing awareness pertaining to maintenance and safety of vehicle and tire.

Leading market players in Philippines tire market are General Company Establishment MICHELIN, Bridgestone Corporation, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Giti Tire Corporation, Cheng Shin Rubber Ind. Co., Ltd., MRF Limited, Apollo Tyres Ltd., Sumitomo Rubber Industries, Ltd., Toyo Tire & Rubber Co., Ltd. and Continental AG.

“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 2025. With anticipated growth in the country’s infrastructure sector, demand for automobiles is expected to increase in the coming years, which is expected to further boost the sale of tires in the country over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=5125

 

Customers can also request for 10% free customization on this report.

“Philippines Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025” has analyzed the potential of Philippines tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Philippines tire market.

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

 

Tel: +1-646-360-1656

 

Email: [email protected]

Relevant Reports

Philippines Tire Market By Vehicle Type (Two Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement and OEM), By Region, Competition Forecast & Opportunities,

Automotive | Jun, 2021

Growing automotive sales and technological advancement in tires to drive the Philippines tire market through 2026.

Relevant News