Malaysia Tire Market to Register a Growth of 4.16% CAGR By Volume Till 2026
With increasing passenger
car demand for personal daily commutation, vehicle production as well as fleet
size of the country is increasing. These factors are anticipated to drive the
demand for automotive tires in Malaysia through 2026.
According
to TechSci Research report, “Malaysia
Tire Market By Vehicle Type (Passenger Car, Two-Wheeler, Light Commercial
Vehicles, Medium & Heavy Commercial Vehicles & OTR Vehicles), By Demand
Category (OEM vs. Replacement), By Radial vs. Bias, By Company, Competition
Forecast & Opportunities, 2016-2026”, Malaysia
Tire Market is estimated to reach USD1.71 billion by
2026. Growing passenger car sales and increasing automotive vehicle fleet size of
the country are witnessed to be the key reasons for demand generation for automobile
tires in Malaysia. Moreover, increasing per capita spending of the country’s population
is also resulting in the upgradation of vehicles and hence inducing demand for technologically
advanced replacement tires in the country. Continuous business expansion of the
worlds’ leading tire companies in the country by increasing their product
portfolio and customer outreach through more dealer addition is anticipated to
intensify the competition in the Malaysia tire market over the course of the
next five years. Companies in Malaysia are also introducing more
performance-oriented tires to better suit different driving conditions, which
is further anticipated to promote the level of technological advancements in the
Malaysia tire market.
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Malaysia
tire market can be segmented based on vehicle type, by demand category, by
company, by region, by radial vs. bias, by tire size, by rim size. In terms of
vehicle type, passenger car tires dominated the overall Malaysia tire market
owing to the rising demand for personal transportation and increasing sporting
activities across the country. The segment is then followed by the two-wheeler
tires and light commercial vehicle tires and this trend is expected to continue
in the forecast period as well. In terms of demand category, the market is
segmented into original equipment manufacturer and replacement. In the year 2020,
the replacement market dominated the Malaysia tire market and is expected to
continue to dominate the market in the next five years due to an increase in
passenger cars as well as commercial vehicle fleet in the country. In the
upcoming years, OEMs are showing interest in the launching of new models and
variants and are involving in mergers and expansions, hence passenger cars and
two wheelers are anticipated to grow in the future. In terms of regional share,
the market is segmented into East Malaysia and West Malaysia. As of 2020, West
Malaysia constituted the majority of the market owing to the region’s large
fleet for passenger cars, several sporting activities and mass service population.
Moreover, dealers and distributors are more prominently present in Eastern
Malaysia.
In
terms of radial vs bias, the market share of radial tire is dominating the
Malaysia tire market and the trend is expected to continue in near future. The
main reason for the growth of radial tires in the Malaysia tire market is due
to the growth of passenger car tires which are mostly radial tires. Also, there
is a growth in radialization of the tires of commercial vehicles and OTR
vehicles due to its various advantages.
By rim
size, the Malaysia tire market is dominated by 15"- 17'' and in the next
five years this rim size is expected to continue to dominate the country’s tire
market. This is because most of the passenger cars and two-wheelers are being
equipped with these rim sizes.
In
terms of price segment, tires coming under budget price segment hold the
maximum market share and this trend is expected to continue to grow in the next
five years. The market for tires coming under the premium price segment is
growing during the forecast period as consumers are inclining more towards
branded tires owing to increasing per capita income in the country. Also, there
is an increase in vehicles used for sporting activities in the country which
uses premium tires.
In
the year 2020, to prevent spread of COVID-19, the government implemented
lockdown which impacted international trade as well as domestic sales.
According to TechSci Research’s estimates, the market suffered a decline of 3.01%
in terms of volume. In the country, aggregate investment contracted massively
in the first quarter of 2020, overall production declined, and exports of goods
and services witnessed a robust descent impacting the economy as well as people’s
purchasing power negatively for the first and second quarter of 2020. This
decline left a remarkable depreciation in the tire market; however, it is
currently reviving and is set to overcome the descent in the 2021-2022 period
owing to the government’s stimulus for economy revival and unlocking
international trades and investments. Goodyear Malaysia Berhad, Michelin
Malaysia Sdn. Bhd, Continental Tyre Malaysia Sdn Bhd, Bridgestone Tyre Sales
(Malaysia) Sdn. Bhd, Hankook Tire Malaysia Sdn. Bhd., Toyo Tyre Malaysia Sdn.
Bhd. Maxxis Tires Malaysia., etc. are some of the leading players operating in the
Malaysia tire market. Apart from the flagship companies, many Chinese players
are also increasing their footprint in the Malaysia tire market by pushing
their low-cost products blended with ease of availability.
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“With the ease of availability of raw material, better climatic
conditions for manufacturing tires along with growing vehicle fleet, backed by the
increase of passenger car fleet size, increase in personal transportation and
growth of several sporting activities, the demand for tires is expected to grow
at a robust pace in the Malaysia tire market. Also, increasing transportation
infrastructural development rate is further expected to back the growth of the
Malaysia tire market in the future”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Malaysia Tire Market By Vehicle Type (Passenger
Car, Two-Wheeler, Light Commercial Vehicles, Medium & Heavy Commercial
Vehicles & OTR Vehicles), By Demand Category (OEM vs. Replacement), By
Radial vs. Bias, By Company, Competition Forecast & Opportunities,
2016-2026” has
evaluated the future growth potential of the Malaysia tire market and provides
statistics and information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Malaysia tire market.
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