South East Asia Tire Market to Surpass USD14.26 Billion by 2026
Expanding vehicle fleet and
growing production of two-wheelers and passenger car vehicles to drive the
demand for automotive tires in South East Asian Countries through 2026.
According
to TechSci Research report, “South
East Asia Tire Market By Vehicle Type (Passenger Car, Light Commercial
Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and Off-the-Road),
By Demand Category (OEM Vs Replacement), By Radial vs. Bias, By Rim Size (Up To
14”, 15”, 16”, 17”, 18”, and 19” & Above), By Tire Type (Non-Run Flat Tires
and Run Flat Tires), By Country, Competition, Forecast & Opportunities,
2016-2026”, South East Asia Tire Market
is expected to reach USD14.26 billion by 2026. Growth in South East Asia Tire Market
is driven by expanding vehicle fleet in the region, owing to the increased demand
for personal transportation which has improved over the years owing to rise in
disposable income of the consumers. Moreover, there has been an increase in production
of passenger and commercial vehicles and fleet size, which is anticipated to
enhance the demand for tires in South East Asian countries, and hence, the
market is susceptible to register a robust growth in the forecast period as
well.
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South
East Asia Tire Market is classified into vehicle type, demand category, radial
vs bias, tire type, rim size, country, and by company. In terms of vehicle
type, South East Asia Tire Market is dominated by two-wheelers owing to the
large size of two-wheeler fleet in the country. This growing fleet size is
mostly operated for the purpose of daily personal commutation and hence is
driving the consumption of tires throughout the region. Moreover, with increase
in middle income group population this trend is susceptible to be witnessed in
the forecast period also. By demand category, the market is segmented into OEM
and replacement. As of 2020, the market is dominated by replacement tires owing
to the larger automotive fleet size of the region and frequent replacement
needs of vehicle owners in Indonesia and Vietnam as compared to Singapore and
other countries with enhanced road infrastructure. In terms of tire technology,
market is classified into radial tires and bias tires. In this category, the
majority of the market is constituted by bias tires. This is due to the
dominance of market by two wheelers, in which more bias tires are used in
comparison to radial tires and owing to the large fleet size of two-wheelers,
this trend is likely to be seen in the forecast period as well. On the basis of
tire type, market is segmented into run flat tires and non-run flat tires. Run
flat tire is a very new technology and is currently in its nascent stage. These
tires are only available as OEM fitment in premium passenger cars. Due to low
maintenance, ease of availability and being inexpensive non-run flat tires are
more popularly used amongst South East Asian consumers. Market in terms of rim
size is segmented into -upto 14 inches, 15 inches, 16 inches, 17 inches, 18
inches, and 19 inches & above. Majority of two-wheelers are available with
tires of rim size of up to 14 inches and hence, this segment is led by tires of
rim size up to 14 inches.
South
East Asia is confined with countries like Indonesia, Vietnam, Thailand,
Malaysia, Philippines, Singapore, Cambodia, etc. Thailand, Indonesia and
Vietnam being rubber manufacturing hubs are currently producing and supplying
tires to a lot of countries around the globe. Moreover, with consistent
increase in two-wheelers and passenger car production in Indonesia, Vietnam,
and Thailand these countries are anticipated to dominate the South East Asia
Tire Market in the forecast period also.
Gajah Tunggal, Suryaraya Rubberindo, Bridgestone, Michelin, Sumirubber, etc.,
are among some
of the leading brands operating in South East Asia Tire Market. Apart from
these brands, other tire brands are also increasing their brand awareness,
price schemes and elevating their product portfolio in the region to increase
their customer base. Major companies in the South East Asia Tire Market are
also focusing on increasing their dealer and distributor network and launching technologically
advanced products to grab a larger share in the region’s tire market.
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“In 2020, Indonesia, Vietnam and Thailand accounted for the largest
share i.e., 81.89% in South East Asia Tire Market. The countries are expected
to maintain their dominance over the next five years as well, owing to huge
rubber production hubs and presence of global tire manufacturers in these countries.
Increasing on road vehicle fleet size of these countries is boosting demand for
tires in the South East Asia Tire Market”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based Indian management consulting
firm.
“South East Asia Tire Market By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two-Wheeler, Three-Wheeler and Off-the-Road), By Demand Category (OEM
Vs Replacement), By Radial vs. Bias, By Rim Size (Up To 14”, 15”, 16”, 17”,
18”, and 19” & above), By Tire Type (Non-Run Flat Tires and Run Flat Tires),
By Country, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of South
East Tire Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in South East Asia Tire Market.
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