South East Asia Tire Market to Grow with a CAGR of 6.41% through 2029

The major drivers for the South East Asia Tire Market are robust economic growth and increased vehicle ownership, coupled with a rising demand for high-performance and eco-friendly tires to enhance safety and fuel efficiency.

According to TechSci Research report, “South East Asia Tire Market - By Country, Competition, Forecast & Opportunities, 2029F”, the South East Asia Tire Market was valued at USD 13.45 billion in 2023 and is anticipated to reach USD 19.45 billion by 2029, growing with a CAGR of 6.41%. during the forecast period. 

Rapid urbanization and infrastructure development in South East Asia are drivers of the tire market, especially for commercial vehicles. As urban areas expand and transportation networks improve, the demand for commercial vehicles, such as trucks and buses, has increased. These vehicles are essential for logistics, public transportation, and the movement of goods in urban and suburban environments. The growth of commercial vehicle fleets has a direct impact on the demand for commercial tires, including those used for trucks and buses. The rapid development of urban infrastructure requires reliable and durable tires, making it a pivotal driver of the tire market in the region.

Consumer education and product knowledge represent a challenge in the South East Asia Tire Market. Many consumers lack comprehensive knowledge about tires, their types, and the significance of various specifications, such as tire sizes, speed ratings, and load-carrying capacity. This knowledge gap can lead to consumers making suboptimal choices when purchasing tires, potentially affecting their safety and vehicle performance. Manufacturers and distributors need to invest in consumer education initiatives to raise awareness about tire safety, proper maintenance, and the selection of the right tires for specific vehicles and conditions. Bridging the gap in consumer knowledge is crucial for ensuring the safe and effective use of tires in the region.

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Based on demand category, primarily original equipment manufacturer (OEM) and replacement markets, each catering to different needs within the automotive sector. The OEM segment involves tires supplied directly to vehicle manufacturers. This category is driven by new vehicle production, which necessitates a steady supply of tires to fit the original specifications of newly assembled vehicles. The OEM market reflects trends in vehicle manufacturing, including changes in vehicle design, technology advancements, and shifts in consumer preferences for specific types of vehicles. Tire specifications in this segment are closely aligned with the requirements set by vehicle manufacturers, including factors like performance, safety standards, and environmental considerations.

The replacement market addresses the needs of existing vehicles that require new tires due to wear and tear, damage, or upgrading. This segment is influenced by several factors, including vehicle age, driving conditions, and maintenance practices. Replacement tires are chosen based on a variety of criteria, such as tread pattern, durability, and performance characteristics. Consumers in this segment often seek tires that offer enhanced safety, fuel efficiency, or comfort, and may opt for premium or budget-friendly options depending on their preferences and driving habits.

The replacement market is further subdivided into several categories based on the nature of replacement needs. These include scheduled replacements, where tires are replaced as part of routine maintenance at specific intervals, and unscheduled replacements, which occur due to sudden damage or punctures. The replacement market encompasses seasonal changes, with consumers purchasing specialized tires such as all-season or winter tires based on regional climate conditions.

Both the OEM and replacement segments play crucial roles in the overall tire market dynamics. The OEM segment drives initial tire demand linked to vehicle production cycles, while the replacement segment supports ongoing tire sales driven by vehicle upkeep and consumer choices. The interplay between these segments reflects broader trends in vehicle ownership, usage patterns, and market growth. Together, they shape the demand landscape in the Southeast Asia tire market, influencing the supply chain, pricing strategies, and product offerings across the region..

Major companies operating in South East Asia 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.
• Toyo Tire Corporation
• Apollo Tyres Ltd.

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“Run-flat tires are experiencing increased adoption in the South East Asia Tire Market, particularly in the premium and luxury vehicle segments. Run-flat tires are designed to continue functioning even after a puncture, allowing drivers to continue to their destination at reduced speeds. These tires provide added convenience and safety, reducing the risk of being stranded due to a flat tire. The trend of run-flat tires aligns with the preferences of South East Asian consumers who prioritize convenience and safety, and it is increasingly popular in premium and high-end vehicle models”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“South East Asia Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, Off-the-Road Vehicles (OTR)), By Tire Construction (Radial, Bias), By Demand Category (OEM, Replacement), By Country, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of South East Asia 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 South East Asia Tire Market.

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