Malaysia Tire Market to Surpass $ 2.2 Billion by 2022
Increasing sale of vehicles
coupled with constantly expanding automotive fleet is poised to boost Malaysia tire
market through 2022
According to TechSci Research report, “Malaysia Tire Market Forecast &
Opportunities, 2022”,
the country’s tire market is expected to cross $ 2.2 billion by 2022. Major drivers responsible for
growing sales of tires in Malaysia include expanding automobile fleet,
increasing vehicle production and recovering sales of various vehicles due to
the introduction of new vehicle models by domestic as well as international
companies. Continuing increase in vehicle ownership coupled with the
country’s growing infrastructure are forecast to drive modest growth in
Malaysia tire market over the next five years.
Malaysia tire market was
dominated by passenger car tire segment in 2016, and the segment is expected to
maintain its leading position through 2022, on account of expanding passenger
car vehicle fleet size and growing purchasing power of consumers. Major
automotive OEMs such as Mercedes-Benz, Toyota, Honda, BMW, Ford, etc., have
established their manufacturing plants across the country to address automobile
demand in Malaysia as well as neighboring countries. These companies are witnessing
increasing automobile production, and consequently tire demand as well, and the
same trend is expected to continue during forecast period as well, thereby aiding
Malaysia tire market during 2017 – 2022.
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“Malaysia is one of the largest automobile manufacturers in the ASEAN
region. However, due to economic slowdown, the country’s automobile industry
underperformed in 2014. Currency devaluation, increasing inflation in addition
to sluggish global economic growth led to a slowdown in production of
automobiles in Malaysia. However, over the last two years, the production
scenario has witnessed a revival, and it is expected to continue in the coming
years as well, portraying a positive outlook for the country’s tire market .”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Malaysia
Tire Market Forecast & Opportunities, 2022” has analyzed the potential of Malaysia tire
market, and provides statistics and information on market sizes, shares and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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