Philippines Tire Market to Reach USD 1.23 Billion by 2028
The rising vehicle sales,
innovation in tire technology, and favorable government policies are driving the
demand of Philippines Tire market.
According to the TechSci Research
report, "Philippines Tire Market-Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028F", the market is anticipated to be valued at USD 0.90
billion in 2022, registering a CAGR of 5.68% in the 2023E-2028F. Automotive tyres are pneumatic
structures that are mounted on the rims of vehicles to transfer the vehicle's
drive to the ground. Natural rubber, synthetic rubber, wire, and fabric are
used to make tyres. Each tyre model is distinguished by a distinct rubber
composition with varying degrees of hardness and temperature resistance. Steel
mesh is attached to the rubber on the outside (the part that contacts the road)
and the inside of tyres (the part that contacts the wheel). This improves the
tire's durability and hardness, reducing the likelihood of a blowout.
The Philippines Tire Market is growing because
of rising automotive sales and technological advancement. As tire manufacturers
increasingly focus on developing and manufacturing high-tech tires for
automobiles in the Philippines, technological advancements play an important
role in the development of the Philippines tire market. One of the driving
factors is rising disposable income and people's high standard of living.
People's rising incomes have resulted in an increase in automotive sales in the
country, and as a result, tire demand is rising. Furthermore, the disposable
income level of the Philippines' middle-class population is rising, which has
significantly increased demand for sedans over the years, is driving the
Philippine tire market even further.
Another
driving factor responsible the Philippines tyre market's increasing growth rate
is its openness to trade. The Philippines' growing trade relations with various
world economies has made the country a trade-friendly nation in the global
market. Furthermore, the country's abundant mineral and natural rubber
resources have benefited the country.
Browse more
than50 market data Figures spread through 110 Pages and an in-depth TOC on "Philippines Tire Market"
The
Philippines Tire Market is segmented on the basis of demand category, vehicle
type, tire construction type, price segment, sales channel, and by region.
Based on demand category, the market is segmented into OEM and replacement market.
The replacement segment is leading the Philippines tire market with around 70%
of the share. The high replacement rate is due to high wear and tear in tire
and poor road conditions. By vehicle type, the market is segmented into two-wheeler,
passenger car, light commercial vehicle, and medium and heavy commercial
vehicle and OTR. Among them, two-wheeler has the greatest market share of
around 60% because the Filipinos have their own vehicle due to poor public
transport network. On the basis of tire construction type, the market is
divided into radial and bias. Bias holds the largest share in this segment
because smoother ride on rough surface and are less expensive than radial.
Based
on price segment, the market is divided into ultra budget, budget and premium.
The ultra-budget is holding the highest share owing to high two-wheeler
presence, as cost of the two-wheeler tire is low. Based on the sales channel,
the market is segmented into online and offline. The offline channel is
dominating this segment .
Some
of the major players operating in the Philippines Tire Market include:
- Philippine Allied Enterprises
Corporation
- Goodyear Philippines, Inc.
- Yokohama Tire Sales Philippines
Inc.
- Tiara Commercial &
Industrial Corp.
- Armstrong Enterprises Company,
Inc
- Sailun Co., Ltd.
- CST Tires/AP Blue Whale, Inc.
- Nexen Distribution Philippines,
Inc
- Michelin Philippines Pty, Ltd.
- Westlake Tires Philippines
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“The Philippines tire market is expected to
generate new opportunities as the replacement ratio in the Philippines is high.
The rise in the vehicle sales is increasing the demand of Philippines tire
industry. Many tire manufacturers are investing in the Philippine tire market
because of the trade-friendly nation, favorable government policies, and infrastructure
development, as well as the availability of natural rubber in the country,
which provides many opportunities for tire players. Thus, Philippines tire
market will be prosperous in the upcoming years,."said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Philippines Tire Market by Demand Category (OEM ,
Replacement), By Vehicle Type (Two wheeler , Passenger Car, Light Commercial
Vehicle, Medium & Heavy Commercial Vehicle & OTR), By Tire Construction
Type (Radial , Bias), By Price Segment (Ultra
Budget, Budget and Premium), By Sales Channel (Online, Offline), By Region
Competition Forecast & Opportunities, 2018- 2028F, 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 the Philippines Tire Market.
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