Sri Lanka tire market to Grow with a CAGR of 7.49% through 2030
The Sri Lanka tire market is driven by growing vehicle sales, increasing
infrastructure development, and rising demand for replacement tires.
Additionally, the expansion of e-commerce platforms has boosted tire
distribution channels. These factors are driving the market in the forecast
period.
According to TechSci Research report, “Sri Lanka Tire Market – By Region, Competition, Forecast & Opportunities, 2020-2030F”, The Sri
Lanka Tire Market was valued at USD 689.0 Million in 2024 and is expected to
reach USD 1072.9 Million by 2030 with a CAGR of 7.49% during the forecast
period. The Sri Lanka tire market is on an upward trajectory, driven by factors
like increased vehicle ownership and rapid urban growth. As more individuals
turn to private cars for transport, both original equipment (OEM) and
replacement tire demands have surged. Moreover, the improvement of the nation's
road infrastructure is increasing the need for robust, high-performance tires
that can handle a variety of terrains. Key drivers of market growth include the rise in electric vehicles (EVs)
and light commercial vehicles, along with the growing presence of online tire
sales platforms that simplify the buying process for consumers. Manufacturers
are also responding to market demands by integrating cutting-edge technologies,
such as eco-friendly tire materials and durability enhancements, which are
expected to grow in popularity as environmental concerns become more prevalent. The Sri Lankan tire market offers notable growth opportunities but also
presents some obstacles. Volatility in raw material prices, particularly
rubber, and high import taxes on tires contribute to price fluctuations.
Additionally, intense competition between domestic and global tire brands
challenges businesses to provide value through competitive pricing and superior
product quality. Despite these challenges, the market offers opportunities for
expanding distribution channels, catering to a growing middle class, and
launching environmentally conscious products that meet changing consumer
preferences.
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Sri Lanka Tire Market Is
Segmented into by Vehicle Type, Tire Construction, Demand Category and By Region.
The Sri Lanka tire market
is segmented by vehicle type into passenger cars, light commercial vehicles,
medium and heavy commercial vehicles, two-wheelers, and off-road vehicles. The
passenger car segment is driven by the increasing number of private vehicles on
the road as urbanization continues to rise. This segment sees consistent demand
for both original and replacement tires, as vehicle owners frequently replace
tires due to wear and tears or after reaching the end of their lifespan. The
light commercial vehicle category benefits from the expansion of small
businesses and delivery services, which relieve these vehicles for
transportation and logistics.
Medium and heavy commercial
vehicles, which are commonly used for transporting goods and long-distance
travel, also contribute to the demand for durable tires capable of withstanding
higher loads and long hours on the road. The need for these vehicles to operate
efficiently in various terrains drives the tire market in this segment. The
two-wheeler market, popular among younger and budget-conscious consumers,
experiences steady demand due to the affordability and convenience of
motorcycles and scooters. Tires for these vehicles are in demand not only for
daily commuting but also for recreational activities and travel. The off-road vehicle
segment, which includes vehicles used for construction, mining, and
agriculture, is marked by a need for rugged and high-performing tires. These
tires must be capable of handling rough terrains and challenging conditions,
which fuels demand in specialized markets. Each segment is impacted by distinct
consumer needs and market trends, creating a diverse landscape for tire
manufacturers in Sri Lanka. As vehicle ownership and usage patterns evolve, the
tire market adapts to meet the varying requirements of each vehicle type.
In 2024, the Western region
is expected to be the fastest-growing market for tires in Sri Lanka. This
region, which includes the capital city of Colombo, is the hub of the country's
commercial and industrial activities. The continuous urban expansion, coupled
with a growing middle class, contributes to the rising demand for passenger
cars and commercial vehicles. Increased infrastructure development, along with
better road connectivity, further supports tire consumption in the area. The Western region's
economic growth is fueled by its concentration of businesses, trade, and
transportation networks. The demand for tires from light and medium commercial
vehicles is rising, driven by the expansion of logistics and delivery services.
Additionally, the growth in private car ownership is a significant factor in
the increasing tire replacement market. As more people purchase vehicles for
personal and professional use, the need for high-quality tires is steadily
increasing. With its large population and thriving economy, the Western region
is attracting more investments, particularly in the transportation and
automotive sectors. This trend is likely to continue as urbanization
progresses, leading to further growth in the tire market throughout 2024. The
region's strategic location and economic activity make it the focal point for
tire demand in Sri Lanka.
Major Market Players
Operating in Sri Lanka 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 increasing demand for advanced and durable
tires in Sri Lanka’s automotive sector is driving the growth of the tire
market. Manufacturers are focused on producing tires that offer enhanced fuel
efficiency, performance, and longer lifespans, meeting the needs of both
passenger and commercial vehicles. As the demand for high-quality, durable
tires grows, especially with the rise in vehicle ownership and infrastructure
development, the need for innovative tire solutions becomes more prominent.
Stricter regulations on road safety and environmental impact are also
accelerating the demand for more reliable and eco-friendly tire options. With a
focus on sustainability, manufacturers are developing tires that are not only
longer-lasting but also reduce fuel consumption and improve overall vehicle
efficiency. This trend is expected to contribute significantly to the tire
market’s growth in Sri Lanka in the coming years as consumers increasingly
prioritize performance and environmental considerations., said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Sri Lanka 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 Sri Lanka Tire Market.
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