Press Release

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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Relevant Reports

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

Automotive | Apr, 2021

Rising demand for passenger car tires due to growing vehicle fleet coupled with increasing consumers’ disposable income is anticipated to drive the Malaysia tire market through 2026.

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