Indonesia Commercial Vehicle Tire Market to be dominated by Truck segment through 2026
Growing demand for higher fuel efficiency and safety and
ongoing technological advancements are driving the growth of Indonesia
Commercial Vehicle Tire Market in the forecast period, 2022-2026.
According
to TechSci Research report, “Indonesia Commercial Vehicle Tire Market By Vehicle Type (Truck,
Bus/Van, OTR Vehicle), By Demand Category (OEM, Replacement), By Tire
Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget,
Premium), By Region, Competition Forecast & Opportunities, 2026”,
the Indonesia Commercial Vehicle Tire market is anticipated to grow at a rate
of steady CAGR for the forecast period, 2022-2026. The availability of
commercial vehicles equipped with advanced technologies is aiding in increasing
the average of the vehicles. The increase in the miles driven per year by
commercial vehicles results in the wear and tear of the commercial tires.
Market players are making efforts to enhance the safety features in commercial
vehicles that require low maintenance, fueling the life span of the commercial
vehicles. The rise in industrialization boosts the automotive industry, thereby
accelerating the sale of commercial vehicles such as trucks, buses, and vans.
With the increase in the sales of commercial vehicles, the sales of Commercial
Vehicle Tires are expected to witness growth in the next five years.
However,
the fluctuation in the raw material price may restrain the Indonesia Commercial
Vehicle Tires market growth for the forecast period.
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The
Indonesia Commercial Vehicle Tire market is segmented on the basis of vehicle
type, application, competitional landscape, and regional distribution.
On the basis of vehicle type, the
Indonesia Commercial Vehicle Tire market is divided into truck, bus/van, and
OTR vehicle. The truck segment is expected to dominate the market in the next
five years. The growing demand for last-mile delivery services led to the
escalation of the sales of the trucks in the country. Market players are making
investments to use tire-centric solutions to improve efficiency and safety and
make tire after-market services available to boost the sales of tires used in
commercial trucks.
On the basis of demand category, the
Indonesia Commercial Vehicle Tire market is bifurcated into OEM and
replacement. The replacement segment is expected to hold the largest market
share in the forecast period. The commercial tires suffer wear and tear after
some years due to traveling over long distances and extreme weather conditions
requiring replacement. The availability of a large number of market players
providing excellent after-sales services and the introduction of
high-performance commercial vehicles is contributing to the growth of
replacement tires. Due to the COVID-19, the sales of the commercial vehicles
faced a setback which further accelerated the sales of the replacement commercial
tires.
On the basis of tire construction type,
the Indonesia Commercial Vehicle Tire market is divided into radial and bias.
The radial category is expected to witness the fastest incremental growth for
the next five years. Radial commercial tire offers lower fuel consumption,
higher traction, and improved cut resistance than bias tires. Radial tires
allow longer tread wear and smoother ride thereby, these are high in demand in
commercial vehicles. The construction industry's development requires commercial
vehicles carrying heavy loads and traveling at high speeds using radial tires.
Radial tires have better heat resistance and ensure the highest ride quality.
Furthermore, the radial tires are actively being installed in commercial
vehicles as they offer better puncture resistance at affordable costs and have
flexible sidewalls.
On the basis of price segment, the
Indonesia Commercial Vehicle Tire market is divided into budget, ultra-budget,
and premium. The budget segment is expected to witness growth for the next five
years. The growing truck fleet in the country to accommodate the rise in the
demand from the online sales channels is influencing the market demand.
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“The growing demand for electric
vehicles owing to the strict emission standards and rise in the pollution
levels in the country is expected to foster the demand for commercial electric
vehicles. Supportive government policies promoting the domestic manufacturing
of commercial electric vehicles require a different set of commercial tires,
which is expected to create lucrative opportunities for the Indonesia
Commercial Tire market growth. Development of the charging infrastructure and
the decline in the cost of electric batteries, along with the adoption of
advanced technologies by the manufacturers of the Commercial Vehicle Tire, is
expected to propel the Indonesia Commercial Vehicle Tire market till 2026” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Indonesia Commercial
Vehicle Tire Market By Vehicle Type (Truck, Bus/Van, OTR Vehicle), By Demand
Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price
Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast &
Opportunities, 2026”, has evaluated the future
growth potential of Indonesia Commercial Vehicle Tire 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 Indonesia Commercial Vehicle Tire market.
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