Indonesia Commercial Vehicle Tires Market to Grow with CAGR of 3.86% until 2026
Indonesia
Commercial Vehicle Tires Market is anticipated to grow with increasing demand
for commercial vehicles in the forecast period, 2022-2026F.
According to TechSci report on, “Indonesia
Commercial
Vehicle Tires Market - By
Region, Competition Forecast & Opportunities, 2026”,
Indonesia
commercial vehicle tires market is projected to reach market value of USD4.96
billion in the year 2026 while growing at a CAGR of 3.86% in the forecast
years, 2022-2026. In the year 2020, market value was registered to be USD3.75
billion and its growth depends on factors like increasing demand for commercial
vehicles by various end use industries. Increasing production of automotive for
the commercial purposes and increasing demand for the replacement tires further
drives the growth of the Indonesia commercial vehicle tires market in the
upcoming five years. Automotive industry in the country is ever expanding and
growing rapidly due to surging demand from consumers. The automotive industry
in the country is dominated by global giants like Mitsubishi, Ford, etc.
Presence of such market players and their dealers & distributors in the
market are also actively responsible for the growth of the Indonesia commercial
vehicle tire market in the next five years. Also, Indonesia is the second
largest producer and exporter of rubber that is utilized for the manufacturing
of tires. Thus, availability of the raw material along with cheap labor
substantiates the growth of the Indonesia commercial vehicle tires market in
the future five years. Increasing population of the country, growing
construction sector, surging demand for logistic services, and increasing
dependency over commercial vehicles for commutation further aids the growth of
the Indonesia commercial vehicle tires market in the forecast years, until
2026.
Although
factors like Chinese players’ penetration in the export of commercial vehicle
tires and increasing competition from other Asian countries for the export of commercial
vehicle tires may create restraint on the future growth of the Indonesia commercial
vehicle tires market.
Browse over 44 market data Figures and
4 market data Tables spread through 96
Pages and an in-depth TOC on "Indonesia Commercial Vehicle Tires Market"
The Indonesia commercial
vehicle tire market is segmented by vehicle type, demand category, tire
construction type, price segment, regional distribution, and competitive
analysis. Based on demand category, the market is further differentiated
between OEM and replacement tires. Replacement tires are expected to hold
largest revenue shares of the market and dominate the market segment in the
upcoming five years on the account of increasing demand for the replacement
tires among the long-term consumers. Also, increasing demand for transportation
and logistic services causes higher wear and tear in the products and thus
surge the demand for replacement tires and drives the Indonesia commercial
vehicle tires market growth in the next five years. Rising popularity of the
local branded tires is also influencing consumer preference. Higher cost of
automotive vehicles tends to influence consumers to replace the tires over
buying new automobiles thus further substantiating the growth of the Indonesia commercial
vehicle tires market in the future five years.
On the basis of
tire construction type, the market is bifurcated into radial and bias. Bias
construction type of commercial vehicle tires is anticipated to lead the market
segment and hold largest revenue shares of the market in the next five years on
the grounds of its advantages over radial tires. A bias tire is made of
multiple layers of coated rubber, piles of fabric, that are placed in angular
formation at 30-40 degrees with piles laid at opposing levels giving it a
crisscross pattern. These tires provide better grip with the road thus
providing smooth ride on rough surfaces with enhanced operator comfort, while
also the ability to withstand higher loads. This makes these tires especially
effective for machinery in ports & terminals.
A partial list
of major market players in the Indonesia commercial vehicle tires market
includes :
- PT Sumi Rubber Indonesia
- PT Hankook Tire Indonesia
- PT Elangperdana Tyre Industry
- PT Industri Karet Deli
- PT Gajah Tunggal Tbk
- PT Bridgestone Tire Indonesia
- PT Multistrada Arah Sarana Tbk.
- The Yokohama Rubber Co., Ltd.
- PT Goodyear Indonesia
- PT Continental Tyres Indonesia
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“Government initiatives towards automotive industry in the country is
one of the major growth drivers of the Indonesia commercial vehicle tire
market. Where government is itself investing in the industry and also inviting
foreign direct investment in the tire industry along with other end use
industries. New market players may focus on online sales channels to increase
their sales and enhance their market presence. Also, they may invest in promotions
of premium tires to gain better brand recalls,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Indonesia Commercial
Vehicle Tire Market By Vehicle Type (Truck, Bus/Van, OTR), By Demand Category
(OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price
Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast &
Opportunities, 2026” has evaluated the future growth potential of Indonesia
commercial vehicle tires 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 Indonesia commercial
vehicle tires market.
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