Malaysia Tire Market to Surpass $ 1.65 Billion by 2025
Increase in adoption of
passenger cars for personal use due to increasing middle class population as
well as rising use of vehicles for sporting
as well as off-roading activities to boost Malaysia tire market
According
to TechSci Research report, “Malaysia
Tire Market By Vehicle Type, By Radial vs Bias, By Demand Category, By
Price Segment, By Tire Size, By Rim Size, Competition, Forecast &
Opportunities, 2025F”, Malaysia tire market is forecast to grow from
around $ 1.2 billion in 2019 to $ 1.68 billion by 2025. The country’s tire
market is expected to witness growth owing to rising demand for sedans and SUVs
due to the growing demand for personal transportation, increase of sporting
activities as well as increase in several off-roading activities. Increasing
disposable income of people and developing transportation infrastructure will also
boost the tire market of Malaysia during the forecast period. Continuous
business expansion of the leading global tire companies in the country by increasing
their product portfolio and customer outreach through more dealer additions is
anticipated to intensify the competition in the tire market in the Malaysia
over the course of the next five years.
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Malaysia
tire market can be segmented based on vehicle type, demand category, region, radial
vs bias, price segment, tire size and rim size. In terms of vehicle type, passenger
car tire segment dominates Malaysia tire market, followed by the two-wheeler tire
segment as of 2019, and the trend is expected to continue over the next five
years. Tire market for passenger cars is growing due to the increasing demand
for personal transportation, increasing off roading and sporting activities and
rising per capita income in Malaysia.
In
terms of demand category, replacement segment accounts for the lion’s share in
the country’s tire market. Nevertheless, during the forecast period, the OEM
tire segment in the country is expected to grow at a faster pace. This is due
to several OEMs expanding their ventures and launching new variants of passenger
car and two-wheeler models. Also, the production of passenger cars in the
country is expected to increase in the coming years.
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In
terms of regional share, the tire market is largely concentrated in the West
Malaysia region owing to the region’s large fleet for passenger cars and huge population.
In terms of radial vs bias, market share of radial tire segment is dominating
Malaysia tire market and the trend is expected to continue in the near future.
The main reason for the growth of radial tires in Malaysia tire market is due
to the growth of passenger car tire sales, which are mostly radial tires. Also,
growth in tire radialization is being witnessed in commercial vehicle and OTR segments
due to various advantages of radial tires.
By rim
size, Malaysia tire market is dominated by 15"- 17'', and over the next
five years this rim size will continue to dominate the country’s tire market.
This is due to the fact that most of the passenger cars and two-wheelers being
sold are equipped with this rim size tires. In terms of price segment, tires
under budget price segment hold the maximum market share and this trend will
continue until 2025. Market for tires under premium price segment is also
expected to grow during forecast period as an increasing number of consumers are
inclining more towards branded tires as consumers per capita income is
increasing.
Michelin Malaysia Sdn Bhd., Continental
Tyre PJ Malaysia Sdn Bhd, Goodyear Tire & Rubber company, Bridgestone Tyre
sales (Malaysia) Sdn Bhd., Hankook Tire Co., Ltd., Pirelli Tyre S.p.A, and Toyo
Tire & Rubber Co., Ltd are
some of the leading players operating in Malaysia tire market. Apart from the
flagship companies, many Chinese players are increasing their footprint in Malaysia
tire market by pushing their low cost products across the country. “With easy
availability of raw materials, favorable climatic conditions for manufacturing
tires along with expanding vehicle fleet, majorly backed
by increasing passenger car fleet size, demand for tires is expected to grow in Malaysia
through 2025 Also, increasing transportation infrastructure development is
further expected to back the growth of Malaysia tire market in the coming years.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Malaysia Tire Market By
Vehicle Type, By Radial vs Bias, By Demand Category, By Price Segment, By Tire
Size, By Rim Size, Competition, Forecast & Opportunities, 2025F”
has analyzed the potential of tire market across Malaysia, 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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