Two-Wheeler Segment Continues to Lead the Sri Lanka Tire Market by 2028
Increasing demand for green
tires and growing transportation industry are factors driving the growth of Sri
Lanka tire market in the forecast period 2024-2028.
According
to TechSci Research report, “Sri Lanka
Tire Market - By Country, Competition Forecast and
Opportunities, 2018-2028F,” Sri Lanka Tire Market is expected to
grow at slower pace in initial years in the country.
Tire manufacturers generally provide radial and
bias tires as alternatives for better performance. Bias tires contain stacked
layers of ply cords at an angle to form the tire's carcass, whereas radial tires
have ply cords that radiate out from the tire's centre. Radial tires
additionally provide more comfort at greater speeds due to their soft
sidewalls, which also absorbs the force of imperfections in the road surface. Bias
tires, on the other hand, have more solid sidewalls and can support more
weight.
Sri Lanka has specialised in the long-term
production of high-end medical gloves, tough tires, and shoe sole crepe for the
international market. Throughout the past few years, there has
been a steady improvement in Sri Lanka's rubber industry. Sri Lanka accounts
for 1.2% of the world's total rubber production, according to the Sri Lanka
Export Development Board. Despite difficulties related to the pandemic that
caused a major decline in Sri Lankan export revenue in April 2020, Sri Lanka
Customs data shows that in June 2022, merchandise export revenue increased 20%
year over year to USD 1,208.2 million. Also, as the automobile industry is expanding
rapidly, there is a sharp increase in demand for smart tires and environment
friendly tires. Several manufacturing companies invested in tire industry
research and development during the previous years to accommodate the rising
demand. The growth of new technology and the use of electric vehicles is
expected to benefit the tyre business in Sri Lanka in the next years.
Several
companies are investing in tire technology research and development as well as
network expansion across the nation. Three of CEAT Kelani Holdings'
manufacturing facilities received IATF 16949 accreditation in 2022,
acknowledging that their products adhere to exceptionally high standards and
supply chain effectiveness. This made CEAT Sri Lanka the first tire
manufacturing group in the nation to be qualified for this prestigious
international certification which raises its brand value and demand in Sri
Lanka tire market. The second phase of Global Rubber Industries' (GRI)
USD 100 million investment to increase the manufacturing capacity at its
specialty tire factory in Sri Lanka, was finished in July 2022. With expanded
production capacity, the company's agriculture tire category should be able to
meet the rising demand in the USA, Europe, and Australia markets, producing
60MT per day. Further, with the development of run-flat tires, vehicles may
travel a given distance even after losing air due to surface damage from cuts
or punctures. The Michelin Unique Puncture-Proof Tire System (UPTIS) is a
wheel/tire system that is puncture-proof without compressed air, primarily for
automobile cars and light vans. From above factors, Sri Lanka Tire Market is
anticipated to grow at a moderate growth rate in the upcoming years.
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The Sri Lanka Tire
Market can be segmented by vehicle type, by demand
category, by construction type, by tube type and by region. Based on vehicle
type, the market is segmented into Passenger Car, Light Commercial Vehicle,
Medium & Heavy Commercial Vehicle, Two-Wheeler, Off Road Vehicles. On the
basis of demand category, market is divided into OEM and Aftermarket. Further,
based on construction type, market is divided into Radial and Bias. In terms of
tube type, it is fragmented into Tube and Tubeless. The market analysis also
studies the region wise segmentation to devise tire market, divided among Central,
Southern, Western, North-Western.
Some of the major companies operating in the Sri Lanka Tire Market
include:
·
CEAT-Kelani International Tires Pvt. Limited
·
Apollo Tyre Ltd.
·
MRF Limited
·
Cheng Shin Rubber Industry Co. Ltd.
·
Global Rubber Industries, Pvt. Ltd.
·
Faga Tires Private Limited
·
Bridgestone Corporation
·
Samson Rubber Industries (Pvt) Ltd
·
Kumho Tire Co.
·
Goodyear Tire & Rubber Co.
These are the key players
developing advanced technologies and launching new products to stay competitive
in the market. Other competitive strategies include mergers with tech firms,
new product developments, and marketing activities to increase customer outreach.
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“With
an increase in the number of automobiles on the road and a rapidly growing
electrical vehicle industry, demand for tires in the Sri Lanka tire market is
increasing. Furthermore, due to the country's economic instability, the Sri
Lanka tire market is expected to grow at a slower rate in the first forecast
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Sri Lanka Tire Market Segmented By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two-Wheeler, Off The Road Vehicles), By Demand Category (OEM,
Aftermarket), By Construction Type (Radial, Bias), By Tube Type (Tube,
Tubeless), By Region, Competition, Forecast & Opportunities, 2018- 2028F” has
evaluated the future growth potential of Sri Lanka 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 Sri
Lanka Tire Market.
Contact
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