Commercial Vehicle Tire Market to Grow with a CAGR of 4.20% in ASEAN through to 2028
The major drivers for the
ASEAN Commercial Vehicle Tire Market are robust economic growth in the region,
which fuels the demand for commercial vehicles, and the expansion of
transportation and logistics sectors, driving the need for durable and reliable
commercial vehicle tires.
According to
TechSci Research report, “ASEAN Commercial Vehicle Tire Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the ASEAN Commercial Vehicle Tire Market stood at USD 3.78 Billion in 2022 and
is anticipated to grow with a CAGR of 4.20% in the forecast period, 2024-2028. The ASEAN Commercial Vehicle Tire Market
is currently experiencing remarkable growth, driven by the thriving transport
and logistics industry across the region. This growth can be attributed to
several key factors. Firstly, rapid urbanization has led to an increased demand
for commercial vehicles to support the growing population and urban
infrastructure. As cities expand and develop, the need for efficient
transportation of goods becomes even more crucial. This, in turn, fuels the
demand for durable and high-quality commercial vehicle tires that can withstand
the demands of urban environments.
Secondly,
extensive infrastructure development initiatives, such as the construction of
highways and transportation networks, have further contributed to the demand
for commercial vehicles and subsequently, commercial vehicle tires. The
expansion of road networks and transportation systems facilitates smoother
movement of goods and materials, driving the need for reliable tires that can
handle long-distance journeys and varying road conditions.
Moreover,
the expanding industrial sector in countries like Indonesia, Malaysia,
Philippines, Thailand, and Vietnam has fueled the surge in demand for
commercial vehicles. As these countries continue to witness economic growth and
attract investments, the need for efficient transportation of goods and
materials has become paramount. Industries such as manufacturing, construction,
and agriculture heavily rely on commercial vehicles to transport their products
and materials, creating a steady demand for commercial vehicle tires.
Despite
the positive outlook, the ASEAN Commercial Vehicle Tire Market does face
certain challenges. Fluctuating raw material costs pose a significant challenge
for tire manufacturers, affecting their production costs and profit margins.
The prices of raw materials like rubber and steel, which are essential for tire
production, can be volatile. Manufacturers need to carefully manage these costs
to maintain competitiveness in the market.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"ASEAN Commercial Vehicle Tire Market”
The ASEAN
Commercial Vehicle Tire Market is a dynamic and rapidly evolving segment within
the broader automotive industry. Comprising a diverse range of commercial vehicles,
including trucks, buses, and delivery vans, this market plays a pivotal role in
facilitating trade, transportation, and logistics across the ASEAN region.
Economic growth
is a primary driver of the ASEAN Commercial Vehicle Tire Market. The region's
rapid industrialization and expanding economies have led to an increased demand
for the transportation of goods and commodities. Commercial vehicles, ranging
from heavy-duty trucks to smaller delivery vans, play an essential role in this
process. Consequently, this growth has a direct impact on the demand for
high-quality and durable tires that can withstand the diverse and often
challenging road conditions across ASEAN countries.
The growth of
e-commerce and the subsequent boom in logistics and last-mile delivery services
are driving the demand for commercial vehicles, thus influencing the tire
market. The rise of online shopping and the need for timely and efficient
deliveries have led to a surge in the number of delivery vans and trucks on the
roads. These vehicles require specialized tires to cope with the high mileage
and frequent stops associated with delivery services. This trend is expected to
continue as the e-commerce sector expands, impacting the commercial vehicle
tire market positively.
Infrastructure
development projects initiated by ASEAN governments are creating opportunities
for the commercial vehicle tire market. Investment in road construction,
expansion, and maintenance is aimed at improving connectivity and reducing
transportation costs. This, in turn, supports the commercial vehicle sector.
However, the increasing number of road construction projects also highlights
the importance of durable and reliable tires for commercial vehicles,
especially heavy-duty trucks that are involved in transporting construction
materials.
Environmental
concerns are increasingly influencing the ASEAN Commercial Vehicle Tire Market.
The region is witnessing a growing awareness of the environmental impact of
transportation, including emissions from commercial vehicles. In response, some
governments have implemented regulations and standards to reduce emissions,
encouraging the use of eco-friendly tires. This has led to a shift in the
market towards the development and adoption of fuel-efficient and
low-rolling-resistance tires that contribute to reducing a vehicle's carbon
footprint.
The competitive
landscape of the ASEAN Commercial Vehicle Tire Market includes both global and
regional tire manufacturers. These manufacturers are continually innovating to
meet the diverse demands of commercial vehicle owners and operators. They are
developing tires with improved durability, tread life, and resistance to wear
and tear, all of which are critical factors for the commercial sector.
Additionally, the market is witnessing advancements in tire technology, such as
smart tires that offer real-time monitoring of tire pressure and condition,
enhancing safety and reducing maintenance costs for commercial fleet operators.
In conclusion,
the ASEAN Commercial Vehicle Tire Market is integral to the region's economic
growth, driven by factors like industrial expansion, e-commerce, infrastructure
development, and environmental considerations. As commercial vehicle usage
continues to rise, the demand for reliable and high-performance tires is
expected to remain strong. Tire manufacturers are responding to these market
dynamics with innovative solutions to meet the specific needs of the commercial
sector.
Major companies
operating in ASEAN Commercial Vehicle Tire Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries Ltd
- Michelin Group
- Pirelli
& C. S.p.A.
- Yokohama Rubber Company Limited
- Kumho Tire Co. Inc.
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“The ASEAN
Commercial Vehicle Tire Market is a vital component of the region's burgeoning
economic landscape. Driven by industrial growth, e-commerce expansion, and
government infrastructure projects, the demand for commercial vehicles is on
the rise. These vehicles are the backbone of transportation and logistics in
the ASEAN region, necessitating high-performance, durable tires. Environmental
concerns and regulations also play a significant role, promoting the
development of eco-friendly and fuel-efficient tire solutions. The market's
competitive landscape includes both global and regional tire manufacturers,
striving to meet the diverse demands of commercial fleet operators. The ASEAN
Commercial Vehicle Tire Market is poised for continued growth as it aligns with
the evolving needs of the regional economy.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“ASEAN Commercial Vehicle
Tire Market By Vehicle Type (Light Commercial Vehicle, Medium Commercial
Vehicle, & Heavy Commercial Vehicle), By Tire Construction Type (Radial,
Bias), By Demand Category Type (OEM, Replacement), By Country, Competition,
Forecast & Opportunities, 2018-2028”, has evaluated
the future growth potential of ASEAN Commercial Vehicle 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 ASEAN Commercial Vehicle Tire Market.
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