Philippines Tire Market to Grow with a CAGR of 5.94% through 2030
The growth of the Philippines tire market is driven by increasing
vehicle ownership, rising demand for replacement tires, and infrastructure
development projects. These factors contribute to the expanding automotive
industry and heightened consumer demand for durable tires. These are the
factors driving the market in the forecast period 2026-2030.
According to TechSci Research report, “Philippines Tire Market –By Region, Competition, Forecast & Opportunities, 2020-2030F”, The Philippines
Tire Market was valued at USD 982.1 Million in 2024 and is expected to reach
USD 1394.1 Million by 2030 with a CAGR of 5.94% during the forecast period. The tire market in the Philippines is expanding as a result of the
growing automotive industry and an increasing need for tire replacements due to
rising vehicle ownership. Urbanization and higher disposable incomes have led
to an expanding vehicle fleet, driving up demand. More consumers are
prioritizing safety and quality, contributing to the market's positive outlook.
Growth in infrastructure development, including the expansion of road networks,
also plays a role in boosting market potential. Tire market trends show a clear shift toward sustainable and
energy-efficient products. Manufacturers are focusing on creating tires with
reduced rolling resistance to enhance fuel efficiency and lower environmental
impact. Consumers are showing a preference for premium tires that offer
superior performance and durability. Moreover, the rise of smart tire
technology, which includes sensors to monitor tire condition, is expected to
shape the future of the industry.
Despite opportunities for growth, the market faces challenges like
fluctuating raw material prices, particularly rubber, and the increasing
presence of counterfeit tires. Demand for affordable options often leads to the
use of inferior materials, potentially undermining product quality and consumer
confidence. Intense competition from local and international brands also
pressures pricing strategies. Nonetheless, innovations in tire technology and a
growing focus on sustainability are paving the way for continued market growth.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on "Philippines Tire Market"
Philippines Tire Market Is
Segmented into by Vehicle Type, Tire Construction, Demand Category and By Region.
The tire market in the
Philippines is segmented across various vehicle types, each contributing to the
overall demand. Passenger cars, with their diverse consumer base, require a
wide range of tire options based on performance and durability. Light commercial
vehicles, including vans and small trucks, are vital for goods transportation
and logistics, influencing tire needs in the commercial sector. Medium and
heavy commercial vehicles, which include large trucks and buses, require robust
tires designed to handle heavy loads and long-distance travel typical in
freight and passenger transport services. These vehicles typically require
specialized tires for enhanced durability and performance on various road
conditions. Two-wheelers are another
essential segment, with the demand for tires being driven by the growing
popularity of motorcycles and scooters. These vehicles are widely used for
personal transportation and delivery services. These vehicles, including tricycles and
tuk-tuks, face unique demands for tires that offer stability, durability, and
reliability on local roads.
The off-the-road (OTR)
segment caters to the mining, construction, and agricultural sectors, where
vehicles like construction equipment, mining trucks, and farm machinery require
specialized tires. These tires are designed for rough and demanding environments,
ensuring durability and longevity under challenging working conditions. Each
vehicle segment has distinct requirements for tire performance, durability, and
safety, and driving demands a wide variety of tire types that cater to
different road conditions, load capacities, and specific use cases. As the
automotive and commercial vehicle industries grow, the demand for tires across
these diverse vehicle categories is expected to rise, shaping the future of the
tire market.
In 2024, the Central region
of the Philippines is expected to be the fastest-growing market for tires. This
area, which includes major urban centers, is experiencing rapid infrastructure
development and urbanization. As new roads, highways, and transportation
networks are being built, the demand for tires is rising across various vehicle
categories, including passenger cars, commercial vehicles, and two-wheelers.
The growing population and improved economic conditions are contributing to
increased vehicle ownership, driving further tire replacement and maintenance
needs. The Central region also benefits from a strong presence of industries
such as agriculture, retail, and manufacturing, which rely on commercial
vehicles for logistics and distribution. This boosts the demand for light and
medium commercial vehicle tires. As the region continues to develop, both urban
and rural areas are seeing improvements in road quality, which encourages the
use of more durable tires suited for diverse road conditions. With the steady
growth of the automotive and transportation sectors, the tire market in Central
Philippines is poised for significant expansion throughout 2024. This dynamic
growth in the region is being supported by rising disposable incomes, greater
access to vehicle financing, and continued investments in infrastructure
projects, all of which contribute to the increasing tire demand.
Major Market Players
Operating in Philippines Tire Market Are:
- Apollo Tyres Limited
- Bridgestone Corporation
- CEAT Limited
- Continental AG
- JK Tyre & Industries
Limited
- Michelin
- MRF Limited
- The Goodyear Tire &
Rubber Company
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
Download Free Sample Report
Customers can also request
for 10% free customization on this report.
The rising demand for advanced and durable tires in
the Philippines' automotive sector is driving growth in the tire market.
Manufacturers are focusing on producing tires that offer better fuel
efficiency, enhanced performance, and extended lifespans to meet the needs of
both passenger and commercial vehicles. As vehicle ownership increases and
infrastructure projects expand, the demand for high-quality, long-lasting tires
is growing, highlighting the need for innovative tire solutions. Stricter
regulations on road safety and environmental sustainability are also boosting
the demand for more reliable and eco-friendly tire options. In response,
manufacturers are developing tires that not only last longer but also reduce
fuel consumption and improve overall vehicle efficiency. This focus on
sustainability and performance is expected to play a crucial role in the growth
of the tire market in the Philippines, as consumers continue to prioritize both
quality and environmental impact in their purchasing decisions, said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Philippines Tire Market – By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, OTR), By Tire Construction (Radial, Bias), By Demand Category (OEM, Replacement), By Region, Competition, Forecast & Opportunities, 2020-2030F”, assesses the market's future
growth potential and provides data on market size, trends, and forecasts. It
aims to offer comprehensive market insights, helping decision-makers make
informed investment choices. The report also highlights emerging trends, key
drivers, challenges, and opportunities in the Philippines Tire Market.
Contact Us-
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: sales@techsciresearch.com
Website: www.techsciresearch.com