Thailand Tire Market to Surpass $5.6 Billion by 2022
Expanding
two-wheeler and commercial vehicle fleet, lack of reliable public
transportation system and increasing population to drive tire market in
Thailand
According to TechSci Research report, “Thailand Tire Market Forecast & Opportunities,
2022”, the market for tires in Thailand is projected to cross $5.6 billion mark by 2022, on account of expanding domestic
demand, growing automobile fleet and favorable government policies. Few of the
prime factors that impacted sale of light commercial vehicle and two-wheeler
tires in the country were observed to be enhancing demand for LCV emanating
from the logistics sector, and rising sales of two-wheelers due to growing
requirement for convenient transportation in remote areas across the country. As
per the World Bank, population of the country rose from 67.16 million in 2012
to 67.96 million in 2015. This continuing growth in population size has been
observed to be the key reason for expanding fleet size of vehicles in Thailand.
These multiple factors stated above are anticipated to drive the tire market in
the country in the coming years.
In 2016, Bangkok region, which is the commercial and
cultural hub of the country, held a majority share in the market, followed by north-eastern,
northern, southern, eastern, western and central regions of the country. Bridgestone, a leading global tire player,
dominated the country’s tire market in 2016,
and the company is expected to lead the market during the forecast period as well. Thailand’s retreaded tire market is being driven by
growing tire demand from truck and bus segments, as these tires cost comparatively
less compared to the brand new tires.
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“Rising GNI per capita income as well as favorable
government policies are estimated to further escalate growth of automotive
industry in Thailand. The constantly surging automobile fleet size is driving
demand for tires in the replacement segment. Thailand also exports a
substantial percentage of domestically manufactured vehicles. With the growing
demand for automobiles arising from the export markets, the country’s overall
tire market is expected to grow rapidly over the period of next five years”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Thailand Tire Market Forecast
& Opportunities, 2022” has
evaluated the future growth potential of Thailand tire market and provides
statistics and information on market structure, size, share and future growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities present in Thailand tire market.
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