Indonesia Tire Market to Reach USD 5.41 Billion by 2028

The increase in the automobile sales and the growth of the two-wheeler segment is expected to drive the Indonesia Tire Market during the forecast period.

According to TechSci Research report, “Indonesia Tire Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028”.

Indonesia Tire Market is expected to grow because the market for vehicle tires in Indonesia is expanding because of factors such as the rising demand for vehicles and the quickly rising number of public transportations, logistics services, mining, and agricultural activities. A further factor supporting the expansion of the Indonesia tire market over the forecast period is the quickly rising production of commercial vehicles to meet consumer demand as well as rising OEM and replacement tire production.

The country has also seen an increase in exports and the government's introduction of import quota regulations and favorable FDI guidelines are expected to fuel the growth of the tire market there. Both the domestic and global markets are witnessing an increase in demand for tires in Indonesia. The favorable macroeconomic environment is encouraging new businesses to set up a manufacturing facility in Indonesia. Traffic congestion is one of Indonesia's major problems and owing to that the population prefers two-wheelers over other vehicles, owing to which the market is expected to register an impressive CAGR during the forecast period. Further supporting the growth of the Indonesia Tire Market during the forecast period is the rising demand for the supply of genetically modified seeds, cutting-edge fertilizers, and other agri-commodities for farmers in isolated areas as well as the provision of transportation trucks to transport crops & products from farms to local & regional markets.

The Indonesia tire market is expected to grow because of favorable macroeconomic conditions and expanding automotive manufacturing, which is primarily driven by domestic demand. Owing to their widespread use in vehicles and higher penetration rate due to their superior puncture resistance, flexible sidewalls, and lower life-cycle cost, radial tires are expected to experience the highest growth rate during the forecast period.

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Indonesia Tire Market can be segmented on the basis of vehicle type, demand category, tire construction type, rim size, and by company. Based on vehicle type, the market is further segmented into passenger car, two-wheeler, OTR-mining vehicles, truck & bus, and in this vehicle type segment two-wheeler has the highest market share.  Based on demand category, the market is further bifurcated into OEM and replacement, with the replacement category dominating the market. Similarly, based on tire construction type, the market is segmented into radial and bias, with the bias segment dominating the market with a high share.

Some of the major companies operating in the Indonesia Tire Market include:

• PT Gajah Tunggal Tbk
• Bridgestone Indonesia
• Sumi Rubber
• Hankook Tire Indonesia
• PT Multistrada Arah Sarana Tbk
• PT Goodyear Indonesia Tbk
• Continental AG
• Apollo Tyres
• Giti Tires
• MRF Tyres

These are the key players manufacturing and developing new tires globally to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different research bodies to stay competitive in the market.

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“Indonesia is the leading tire market globally as the rubber and other raw materials are easily available in the country and this is favoring the market growth. The country is expected to witness an impressive growth during the forecast period and the ongoing sustainable rubber developments in the country are also expected to favor the market dynamics,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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