South East Asia Tire Market to Cross $ 17 Billion by 2024
Rising
demand for two-wheelers and passenger cars along with growing vehicle fleet and
demand for run-flat tires to boost tire sales across
South East Asia through 2024
According
to TechSci Research report, “South East Asia Tire Market By Vehicle Type, By
Demand Category, By Radial vs. Bias, By Rim Size, By Tire Type, By Country,
Competition, Forecast & Opportunities, 2014-2024”, tire market
across South East Asia is projected to surpass $ 17 billion, by 2024 on account
of increasing sales of two-wheelers and passenger cars due to rising per capita
and improving living standards of people in South East Asian countries. Moreover, booming infrastructure developments and
expanding vehicle fleet are the other major factors that are fuelling demand
for tires across the region. Few
of the major tire players operating in the region include PT Gajah Tunggal TBK,
PT Suryaraya Rubberindo Industries, Bridgestone Corporation, Compagnie Generale
des Establissements Michelin, Sumitomo Rubber Industries, Continental AG, The
Goodyear Tire & Rubber Company, Deestone Corporation Limited, Toyo Tire
& Rubber Co. Ltd, and The Yokohama Rubber Co., Ltd., among others. These players are focusing on sales
and marketing activities, which is anticipated to positively influence the tire
industry in South East Asia over the next five years.
Browse 5 market data
Tables and 88 Figures spread through 114 Pages and an in-depth TOC on "South East
Asia Tire Market"
https://www.techsciresearch.com/report/south-east-asia-tire-market/4167.html
Among
countries, Indonesia dominated South East Asia tire market with over 44% share
in 2018. The country is anticipated to
maintain its dominance during forecast period as well on the back of expanding
vehicle fleet in the country. On the basis of vehicle type, South East Asia
tire market is segmented into passenger car, light commercial vehicle, medium
& heavy commercial vehicle, two-wheeler, three-wheeler and OTR. Of all, the
two-wheeler and passenger car segments account for over 85% share in the market
due to expanding two-wheeler and passenger car fleet backed by rising per
capita income and growing number of nuclear families across the region.
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“Increasing
two-wheeler and passenger car sales and production is pushing demand for tires
across the South East Asian region. Moreover, a rising number of automakers are
showing inclination towards run-flat tires in OEM segment, which is further
expected to positively influence the region’s tire market in the coming years. Additionally,
growing demand for trucks and buses would steer growth in the market during the
forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“South East Asia Tire
Market By Vehicle Type, By Demand Category, By Radial vs. Bias, By Rim Size, By
Tire Type, By Country, Competition, Forecast & Opportunities, 2014-2024” has analyzed the potential of tire market
across South East Asia, 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 South East Asia tire market.
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