Philippines Tire Market to Grow at 15.36% CAGR by 2026
Growing automotive sales and
technological advancement in tires to drive the Philippines Tire market through
2026.
According
to TechSci Research report, “Philippines Tire Market By Vehicle Type (Two
Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement
and OEM), By Region (National Capital Region (NCR), Region IV - Southern
Tagalog, Region III - Central Luzon, Region VII - Central Visayas, Region I
-Ilocos Region and Others),
Competition, Forecast & Opportunities, 2026”, Philippines
Tire market is expected to grow from USD 591.31 Million in 2020 to USD 1,482.04
Million with CAGR of 15.36% by 2026 because of growing automotive sales and
technological advancement. Technological advancement playing an important role
in developing Philippines tire market as Tire manufacturers are increasingly
focusing on developing and manufacturing high-tech tires for automobiles in the
Philippines. To meet evolving customer demand with respect to better ride
comfort, safety, higher fuel efficiency and durability, several tire
manufacturers are coming up with their technologically advanced new tire
offerings. Also there are several factors like growing e-commerce platform
which is making buying the tires very easy for the customers and they can make
a better choice while buying tires. Besides getting time to compare the
quality, price, specifications related to tire size, etc., the online platform
is also beneficial for the customer as it cuts down the overhead expenses that
they face on traditional retail shopping. Consequently, the online platform is
also boosting tire sales in the Philippines. In recent years, it is observed
that there is a significant growth in passenger car tires. This is mainly due
to increasing number of passenger cars sale in the country and also because of
increasing disposable income in the country which is allowing the people to buy
new cars and new tires with advance technology. The Government of the
Philippines is taking various initiatives such as providing tax and monetary
benefits to the players operating in the country’s automotive industry and
attracting higher FDI in the automotive sector, so as to improve the domestic
production of vehicles in the Philippines. The Motor Vehicle Development
Program (MVDP), which aims to develop the local automotive manufacturing
industry, has been in place for more than two decades. It allows domestic
players to import completely knocked down vehicles at a reduced tariff rates,
so that the units could then be assembled in the Philippines. Moreover, Corazon
Dichosa, executive director of the Board of Investments’ (BOI) industry
development services, told reporters that the program was under review as fewer
automotive models were being made in the Philippines, which is expected to help
the industry boom more generously. Such initiatives by the Philippines
Government are assisting the country to boost the domestic production of
vehicles, thus, influencing the overall demand for tires from the OEM segment. Due
to environmental concerns, people of Philippines are adopting green tires.
An increasing number of automobile owners are preferring to use green
tires in their vehicles instead of conventional tires and this trend is
expected to gain higher traction in the Philippines tire market in the coming
years as well. But due to COVID-19, the automotive industry has been
experiencing the highest volume decline in decades. With all the automakers and
importers facing challenging times, vehicle sales are also witnessing a huge
decline, which is leading to a downfall in generating tire demand from the OEM
sector.
Philippines Tire market can
be segmented based on vehicle type, by demand category, and by region. Based on
vehicle type segment, two-wheeler is dominating the market with approximately
3/4th of the share in the market in 2020 and it is forecast to
increase in future also. Due to COVID-19, the two-wheeler sales decline
resulted in decline in share of two-wheeler tires in 2020. Based on demand
category, replacement segment is dominating the OEM segment by more than 40%
margin in 2020 and it is expected that in forecast period also replacement
segment will continue to dominate the market. This is due to average life of
automobiles across the region has been increasing due to technological
advancements and competition resulting in a higher replacement rate.
Browse more than 21 market data Figures and 2 data tables spread through 73 Pages and an in-depth TOC on "Philippines Tire Market"
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Bridgestone Corporation, Goodyear Tire and Rubber Company, Yokohama Tire
Corporation, Chinese Brands** etc., are among some of the
leading players operating in Philippines Tire Market. Apart from these
companies, Michelin, Dunlop Tires, Maxxis International, CST, Toyo Tire
Corporation and Federal Corp are also increasing their marketing activities and
enriching product portfolio globally to increase their customer outreach.
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“In 2020, Two-wheeler segment accounted for the largest share i.e., 69.53%
in Philippines Tire market. In forecast period also it is expected that
two-wheeler segment will dominate the Philippines tire market. “Increase automotive
sales and technological advancement in tires boosting the Philippines Tire”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Philippines Tire Market By Vehicle Type (Two
Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement
and OEM), By Region (National Capital Region (NCR), Region IV - Southern
Tagalog, Region III - Central Luzon, Region VII - Central Visayas, Region I
-Ilocos Region and Others), Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of
Philippines Tire market and provides statistics & 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 Philippines Tire
Market.
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