Thailand Tire Market to Grow at CAGR of 4.90% Through 2025
Increasing
automotive fleet coupled with developing transport infrastructure are expected to
aid the growth of Thailand tire market in next five years.
According to TechSci Research report, “Thailand
Tire Market By Vehicle Type (Passenger
Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast &
Opportunities, 2025”, the country’s tire market was valued USD
3.10 Billion in 2019 and is projected to grow at a CAGR of around 4.90% during
the forecast period on account of increasing vehicle fleet and growing
middle-class population in the country. Moreover, surging automobile production
in the country coupled with increased vehicle exports are expected to push the
demand for tire market through 2025.
Presence of favourable trade policy introduced by the Thailand
government is also encouraging tire manufactures to establish their
manufacturing facility in the country. And, owing to the trade war between
United States & China and easy availability of raw materials such as
rubber, Thailand is becoming on the top destinations for tire companies.
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Thailand tire market is segmented based on vehicle type,
demand category, radial vs bias, rim size and region. Based on vehicle type, Thailand
tire market can be segmented into passenger car, LCV (Light Commercial Vehicle),
M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road Vehicles),
two-wheeler and three -wheeler. Among them, the light commercial vehicle segment
dominated the Thailand tire market util 2019 and is further expected to
maintain its dominance during the forecast period on account of increasing
demand from end use industries such as FMCG sector. LCVs are mostly used for
carrying daily household products like food grains, dairy products, fruits and
vegetables, and LPG cylinders. Moreover, with thriving e-commerce and retail
industry, LCVs are expected to be high in demand through 2025.
Based on demand category, the Thailand tire market can be
categorized into OEMs vs replacement. Among the two, the replacement segment
dominated the tire market in 2019 and the trend is likely to continue until 2025.
Among radial and bias, the former segment is projected to dominate the Thailand
tire market as radial tires are progressively being installed in vehicles as
they offer flexible sidewalls, better puncture resistance at lower life-cycle
cost.
Leading market players in Thailand tire market are Bridgestone
Sales (Thailand) Co. Ltd, Michelin Thailand, Sumitomo Corporation Thailand,
Deestone Group, Goodyear (Thailand) Public Company Limited, Yokohama Tire Sales
(Thailand) Co., Ltd., TOYO TIRES Thailand, Hankook Tire Thailand Co., Ltd.,
Continental Tyres (Thailand) Co., Ltd. and Pirelli MOTO (Thailand), among
others. Key growth strategies being undertaken by leading companies are product
innovation, mergers & acquisitions, partnerships and joint ventures.
“Rising per capita income and favourable government
policies to promote the automotive industry in Thailand are boosting automobile
sales in the domestic market. Moreover, the country also exports a substantial
percentage of domestically manufactures automobiles. With growing automobile
sales in domestic as well as exports markets and expanding automobile fleet in
Thailand, the country’s overall tire market is expected to grow at impressive
rate over the period of next five years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
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“Thailand Tire Market By Vehicle Type (Passenger Car, LCV,
M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs.
Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast &
Opportunities, 2025”
has analyzed the potential of Thailand tire market, and provides information
and statistics on market structure, size and trends. The report is designed to provide
the intending clients with cutting-edge market intelligence and help them in
taking sound investment decisions. The report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by Thailand
tire market.
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