Sri Lanka Tire Market is Projected to Undergo 8.26% CAGR By 2025

Rising automobile sales & fleet owing to increasing income levels are some key factors propelling the growth of Sri Lanka tire market.

According to TechSci Research report, “Sri Lanka 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 Region, Forecast & Opportunities, 2015- 2025”, Sri Lanka tire market is estimated to witness 8.26% CAGR during the forecast period on account of rising automobile sales and development of advanced products such as flat run and next generation fuel efficient tire technology. The easy availability of automobile loans at lower interest rates in the country is also playing a major role in the growth of Sri Lanka tire market.

Sri Lanka serves as one of the largest exporter of rubber based products and free trade agreements with countries make the country a lucrative option for global tire manufacturers to set up or tie-up with domestic tire manufacturers in the country, thereby, fueling the growth of the market.

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Sri Lanka tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three-wheeler. Among them, Sri Lanka tire market is dominated by two-wheeler tires and the segment is expected to continue its dominance during the forecast period with a market share of around 37.06% by 2025. The reasons can be attributed to increasing popularity of mopeds and motorcycles among consumers. Based on demand category, Sri Lanka tire market is segmented into OEMs vs replacement. Among the two, replacement segment holds a 100% dominance in country’s tire market  owing to the absence of OEMs. This trend is expected to continue through 2025 as well.

Leading market players in Sri Lanka tire market are CEAT-Kelani International Tyres (Pvt.) Limited, Apollo Tyre Ltd., MRF Limited, Cheng Shin Rubber Industry Co. Ltd., Global Rubber Industries, Pvt. Ltd., Faga Tyres Private Limited, Bridgestone Corporation, Samson Rubber Industries (Pvt) Ltd., Kumho Tire Co. and Goodyear Tire & Rubber Co. Among them, CEAT Kelani, Global Rubber Industries (GRI) and Faga are few of the major domestic tire manufacturing companies. Leading companies are adopting growth strategies such as mergers & acquisitions, partnerships, collaborations, product innovation and joint ventures to enhance their market share in Sri Lanka tire market.

“Sri Lanka’s is among top ten manufacturers of natural rubber and presence of cheap labor make it preferred choice for tire companies to set up manufacturing plant in the country due to overall production cost. Also, tire produced in the country affirm to the global and EU REACH regulations, thereby, a significant share of the global tire demand is met through exports from Sri Lanka.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Sri Lanka 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 Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Sri Lanka 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 Sri Lanka tire market.

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