Press Release

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.

 

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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


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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.

 

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Relevant Reports

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

Automotive | Feb, 2025

The growing demand for vehicles, the expansion of e-commerce, and the increasing focus on sustainability are the factors driving the market in the forecast period 2026-2030. These trends are shaping the future of the tire industry in the Philippines.

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