Philippines Tire Market By Demand Category (OEM, Replacement), By Vehicle Type (Two Wheeler, Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle & OTR), By Tire Construction Type (Radial, Bias), By Price Segment (Ultra Budget, Budget and Premium), By Sales Channel (Online, Offline), By Region, Competition Forecast & Opportunities, 2018- 2028F

Industry : Automotive
Pages : 110
Published Date : February, 2023

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Summary

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Report Description

Philippines tire market was valued at USD 0.90 billion in 2022 and is expected to register a CAGR of 5.68% between 2023 and 2028F.The growth of the Philippine tire market is due to the high replacement rate of tires, the rising fleet of vehicles, innovation in tire technology, and government initiatives and policies. The Philippines, a trade-friendly country, provides additional growth to the Philippine tire market, as many tire manufacturing companies are expected to enter the market. Furthermore, the abundant supply of natural rubber is expected to have an impact on the Philippine tire market. Thus, all these factors are expected to contribute to the growth of the Philippine tire market.

The Philippines tire market declined because of COVID-19, as a lockdown was imposed throughout the country, limiting tire manufacturers' and suppliers' operations.

Recent Developments

Michelin has launched MICHELIN Pilot Sport 5, its fifth generation of the high-performance Pilot Sport range, in July 2022, tire is aimed at enthusiasts of sports cars and high-performance sedans.
Michelin has introduced the MICHELIN LTX Trail tire, an on- and off-road tire designed specifically for high-rise pickup trucks and SUVs. The Michelin LTX Trail is an excellent match for the growing popularity of SUVs, which is expected to increase 5.6% year on year between 2021 and 2026. It is appropriate for 4x2 and 4x4 high-rise pickups as well as SUVs such as the Toyota Hilux, Toyota Fortuner, and Nissan Navara.

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Rising Vehicle Fleet Size

The sales of vehicles in the Philippines have increased at a rapid rate. Vehicle sales are expected to increase by 31% in 2022. The sales of vehicles are directly reflected in the sales of tires. Also, with the disposal income of the Filipinos, they are buying their own vehicle because of the unreliable public transport system and issues with road conditions and parking spaces, which in turn result in increasing demand of tires for the vehicles. Moreover, with the Build, Build, Build program of the Philippines government for building infrastructure across the country, the demand for commercial vehicles has increased to 46% in 2022. Thus, with the increasing sales and rising fleet of vehicles, this has led to the effective growth of the tire industry in the Philippines.

Government Initiative and Policies

The Philippines government has allocated USD 540 million for the Comprehensive Automotive Resurgence Strategy (CARS), with the goal of increasing investment in local motor vehicle manufacturing and promoting local sources of raw materials used in assembly. The Motor Vehicle Development Program (MVDP) allows domestic players to provide incentives for local production tires, which will increase with these government initiatives. Also, the receptivity of the trade has led to an increase in the Philippine tire market. The growing trade relations of the country with the various economies of the world have made the Philippines a trade-friendly nation, which results in more tire players operating in the Philippines. Furthermore, the rich resources of the natural rubber production industry in the country have added an extra advantage for the Philippines. Subsequently, all the factors will have a productive impact on the growth of the Philippine tire market.

High Replacement Ratio

The high replacement ratio is a major contributor to the rising demand for tires in Philippine. Tire replacement is in high demand due to poor road conditions and high wear and tear. In the Philippine tire market, the replacement ratio of tires is around 70:30 . Furthermore, the vehicle lifecycle is lengthening, which increases demand for tire replacement.

Market Segmentation

The Philippines Tire Market is segmented on the basis of demand category, vehicle type, tire construction type, by price segment, sales channel, and by region. Based on the demand category, the market is divided into OEM and Replacement. Based on vehicle type, the market is further segmented into two- wheeler, passenger car, light commercial vehicle, medium & heavy commercial vehicle and OTR. Based on tire Construction type, the market is further bifurcated into radial and bias. Based on price segment, the market is divided into ultra budget, budget and premium. Based on the sales channel, the market is further divided into online and offline.

Company Profiles

Philippine Allied Enterprises Corporation, Goodyear Philippines, Inc, Yokohama Tire Sales Philippines Inc., Tiara Commercial & Industrial Corp., Armstrong Enterprises Company, Inc, Sailun Co., Ltd., CST Tires/AP Blue Whale, Inc., Nexen Distribution Philippines Inc, Michelin Philippines Pty Ltd. and Westlake Tires Philippines are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in various regions to increase their customer outreach.

Attribute	Details
Market Size in 2022	USD 0.90 Billion
Market Size in 2028	USD 1.23 Billion
Growth Rate	5.68%
Base Year	2022
Historical Years	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion, Volume in Million Units, and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	By Demand Category By Vehicle type By Tire Construction Type By Price Segment By Sales Channel Region
Regional Scope	Ilocos Region, Southern Tagalog, Central Luzon, Northern Mindanao, National Capital Region, Western Visayas, Bicol Region, Davao Region, Cagayan Valley, Minaropa, Central Visayas, Eastern Visayas, Zamboanga Peninsula, Caraga, Soccsksargen, Cordillera Administrative Region.
Key Companies Profiled	Philippine Allied Enterprises Corporation, Goodyear Philippines, Inc, Yokohama Tire Sales Philippines Inc., Tiara Commercial & Industrial Corp., Armstrong Enterprises Company, Inc, Sailun Co., Ltd., CST Tires/AP Blue Whale, Inc., Nexen Distribution Philippines Inc., Michelin Philippines Pty Ltd. and Westlake Tires.
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, Philippines Tire Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

· Philippines Tire Market, By Demand Category:

o OEM

o Replacement

· Philippines Tire Market, By Vehicle Type:

Two Wheelers
Passenger Car
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle & OTR

Philippines Tire Market, By Tire Construction Type:

Radial
Bias

Philippines Tire Market, By Price Segment:

Ultra Budget
Budget
Premium

Philippines Tire Market, By Sales Channel:

Online
Offline

Philippines Tire Market, By Region:

Ilocos Region
Southern Tagalog
Central Luzon
Northern Mindanao
National Capital Region
Western Visayas
Bicol Region
Davao Region
Cagayan Valley
Minaropa, Central Visayas
Eastern Visayas
Zamboanga Peninsula
Caraga
Soccsksargen
Cordillera Administrative Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Philippines Tire Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Philippines Tire Market

5. Voice of Customer

5.1. Factors Influencing Decision Making

5.2. Most Popular Brand Recall (Unaided Brand & Aided Brand)

5.3. Brand Satisfaction Level, By Life of Tire

6. Philippines Tire Market Outlook

6.1. Market Size & Forecast

6.1.1. By Volume

6.1.2. By Value

6.2. Market Share & Forecast

6.2.1. By Demand Category (OEM, Replacement)

6.2.2. By Vehicle Type (Two Wheelers, Passenger Cars, LCV, M&HCV and OTR)

6.2.3. By Tire Construction Type (Radial, Bias)

6.2.4. By Price Segment (Ultra Budget, Budget, Premium)

6.2.5. By Sales Channel (Online, Offline)

6.2.6. By Region (Ilocos Region, Southern Tagalog, Central Luzon, Northern Mindanao, National Capital Region, Western Visayas, Bicol Region, Davao Region, Cagayan Valley, Minaropa, Central Visayas, Eastern Visayas, Zamboanga Peninsula, Caraga, Soccsksargen, Cordillera Administrative Region)

6.2.7. By Company (2022)

6.3. Philippines Tire Market Mapping & Opportunity

6.3.1. Market Mapping & Opportunity by Demand Category

6.3.2. Market Mapping & Opportunity by Vehicle Type

6.3.3. Market Mapping & Opportunity by Tire Construction Type

6.3.4. Market Mapping & Opportunity by Price Segment

6.3.5. Market Mapping & Opportunity by Sales Channel

6.3.6. Market Mapping & Opportunity by Region

6.4. Philippines: By Vehicle Type

6.4.1. Philippines Two-Wheeler Tire Market Outlook

6.4.1.1. Market Size & Forecast

6.4.1.1.1. By Volume

6.4.1.1.2. By Value

6.4.1.2. Market Share & Forecast

6.4.1.2.1. By Demand Category

6.4.1.2.2. By Vehicle Type (Motorcycle, Scooter)

6.4.1.2.3. By Tire Construction Type

6.4.1.2.4. By Price Segment

6.4.1.2.5. By Sales Channel

6.4.2. Philippines Passenger Car Tire Market Outlook

6.4.2.1. Market Size & Forecast

6.4.2.1.1. By Volume

6.4.2.1.2. By Value

6.4.2.2. Market Share & Forecast

6.4.2.2.1. By Demand Category

6.4.2.2.2. By Vehicle Type (Motorcycle, Scooter)

6.4.2.2.3. By Tire Construction Type

6.4.2.2.4. By Price Segment

6.4.2.2.5. By Sales Channel

6.4.3. Philippines LCV Tire Market Outlook

6.4.3.1. Market Size & Forecast

6.4.3.1.1. By Volume

6.4.3.1.2. By Value

6.4.3.2. Market Share & Forecast

6.4.3.2.1. By Demand Category

6.4.3.2.2. By Vehicle Type (Motorcycle, Scooter)

6.4.3.2.3. By Tire Construction Type

6.4.3.2.4. By Price Segment

6.4.3.2.5. By Sales Channel

6.4.4. Philippines M&HCV Tire Market Outlook

6.4.4.1. Market Size & Forecast

6.4.4.1.1. By Volume

6.4.4.1.2. By Value

6.4.4.2. Market Share & Forecast

6.4.4.2.1. By Demand Category

6.4.4.2.2. By Vehicle Type (Motorcycle, Scooter)

6.4.4.2.3. By Tire Construction Type

6.4.4.2.4. By Price Segment

6.4.4.2.5. By Sales Channel

6.4.5. Philippines OTR Tire Market Outlook

6.4.5.1. Market Size & Forecast

6.4.5.1.1. By Volume

6.4.5.1.2. By Value

6.4.5.2. Market Share & Forecast

6.4.5.2.1. By Demand Category

6.4.5.2.2. By Vehicle Type (Motorcycle, Scooter)

6.4.5.2.3. By Tire Construction Type

6.4.5.2.4. By Price Segment

6.4.5.2.5. By Sales Channel

7. Porter’s Five Forces

8. Pestle Analysis

9. Market Dynamics

9.1. Drivers

9.1.1. Government Policies and Initiatives to Increase Demand

9.1.2. Advanced driver assistance system technological advancements

9.2. Challenges

9.2.1. Malfunctioning and High Initial Costs

10. Market Trends and Developments

11. Policy and Regulatory Landscape

12. Philippines Economic Profile

13. Competitive Landscape

13.1. Philippine Allied Enterprises Corporation Company Details

13.1.1. Products & Services

13.1.2. Financial (As Reported)

13.1.3. Key Market Focus & Geographical Presence

13.1.4. Recent Development

13.1.5. Key Management Personnel

13.2. Goodyear Philippines, Inc

13.2.1. Company Details

13.2.2. Products & Services

13.2.3. Financial (As Reported)

13.2.4. Key Market Focus & Geographical Presence

13.2.5. Recent Development

13.2.6. Key Management Personnel

13.3. Yokohama Tire Sales Philippines Inc.

13.3.1. Company Details

13.3.2. Products & Services

13.3.3. Financial (As Reported)

13.3.4. Key Market Focus & Geographical Presence

13.3.5. Recent Development

13.3.6. Key Management Personnel

13.4. Tiara Commercial & Industrial Corp.

13.4.1. Company Details

13.4.2. Products & Services

13.4.3. Financial (As Reported)

13.4.4. Key Market Focus & Geographical Presence

13.4.5. Recent Development

13.4.6. Key Management Personnel

13.5. Armstrong Enterprises Company, Inc.

13.5.1. Company Details

13.5.2. Products & Services

13.5.3. Financial (As Reported)

13.5.4. Key Market Focus & Geographical Presence

13.5.5. Recent Development

13.5.6. Key Management Personnel

13.6. Sailun Co., Ltd.

13.6.1. Company Details

13.6.2. Products & Services

13.6.3. Financial (As Reported)

13.6.4. Key Market Focus & Geographical Presence

13.6.5. Recent Development

13.6.6. Key Management Personnel

13.7. CST Tires/AP Blue Whale, Inc.

13.7.1. Company Details

13.7.2. Products & Services

13.7.3. Financial (As Reported)

13.7.4. Key Market Focus & Geographical Presence

13.7.5. Recent Development

13.7.6. Key Management Personnel

13.8. Nexen Distribution Philippines Inc

13.8.1. Company Details

13.8.2. Products & Services

13.8.3. Financial (As Reported)

13.8.4. Key Market Focus & Geographical Presence

13.8.5. Recent Development

13.8.6. Key Management Personnel

13.9. Michelin Philippines Pty Ltd.

13.9.1. Company Details

13.9.2. Products & Services

13.9.3. Financial (As Reported)

13.9.4. Key Market Focus & Geographical Presence

13.9.5. Recent Development

13.9.6. Key Management Personnel

13.10. WestLake Tires Philippines

13.10.1. Company Details

13.10.2. Products & Services

13.10.3. Financial (As Reported)

13.10.4. Key Market Focus & Geographical Presence

13.10.5. Recent Development

13.10.6. Key Management Personnel

14. Strategic Recommendations

14.1. Key Focus Areas

14.2. Target Regions & Countries

14.3. Target Type

14.4. Target Category

15. About Us & Disclaimer

Figures and Tables

Figure 1: Philippines Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 2: Philippines Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 3: Philippines Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 4: Philippines Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 5: Philippines Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 6: Philippines Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 7: Philippines Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Figure 8: Philippines Tire Market Share, By Region, By Volume, 2018-2028F

Figure 9: Philippines Tire Market Share, By Company, By Volume, 2022

Figure 10: Philippines Tire Market Map, By Demand Category, Market Size (Million Units) & Growth Rate (%), 2022

Figure 11: Philippines Tire Market Map, By Vehicle Type, Market Size (Million Units) & Growth Rate (%), 2022

Figure 12: Philippines Tire Market Map, By Tire Construction Type, Market Size (Million Units) & Growth Rate (%), 2022

Figure 13: Philippines Tire Market Map, By Price Segment, Market Size (Million Units) & Growth Rate (%), 2022

Figure 14: Philippines Tire Market Map, By Sales Channel, Market Size (Million Units) & Growth Rate (%), 2022

Figure 15: Philippines Tire Market Map, By Region, Market Size (Million Units) & Growth Rate (%), 2022

Figure 16: Philippines Two-Wheeler Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 17: Philippines Two-Wheeler Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 18: Philippines Two-Wheeler Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 19: Philippines Two-Wheeler Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 20: Philippines Two-Wheeler Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 21: Philippines Two-Wheeler Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 22: Philippines Two-Wheeler Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Figure 23: Philippines Passenger Car Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 24: Philippines Passenger Car Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 25: Philippines Passenger Car Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 26: Philippines Passenger Car Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 27: Philippines Passenger Car Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 28: Philippines Passenger Car Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 29: Philippines Passenger Car Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Figure 30: Philippines LCV Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 31: Philippines LCV Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 32: Philippines LCV Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 33: Philippines LCV Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 34: Philippines LCV Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 35: Philippines LCV Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 36: Philippines LCV Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Figure 37: Philippines M&HCV Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 38: Philippines M&HCV Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 39: Philippines M&HCV Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 40: Philippines M&HCV Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 41: Philippines M&HCV Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 42: Philippines M&HCV Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 43: Philippines M&HCV Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Figure 44: Philippines OTR Tire Market Size, By Volume (Million Units), 2018-2028F

Figure 45: Philippines OTR Tire Market Size, By Value (USD Billion), 2018-2028F

Figure 46: Philippines OTR Tire Market Share, By Demand Category, By Volume, 2018-2028F

Figure 47: Philippines OTR Tire Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 48: Philippines OTR Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F

Figure 49: Philippines OTR Tire Market Share, By Price Segment, By Volume, 2018-2028F

Figure 50: Philippines OTR Tire Market Share, By Sales Channel, By Volume, 2018-2028F

Frequently asked questions

What are the major factors affecting Philippines Tire market?

Rising vehicle fleet size, high replacement ratio and government policies and initiatives is driving the growth of the Philippines Tire market.

In vehicle type segment, which vehicle is leading in the Philippines Tire Market?

In Vehicle type, the two-wheeler segment is leading the Philippines Tire market. The two-wheeler segment occupies around 60% of the market, followed by the light commercial vehicle.

Who are the top players in the Philippines Tire market?

The major player contributing to Philippines Tire market are Philippine Allied Enterprises Corporation, Goodyear Philippines, Inc, Yokohama Tire Sales Philippines Inc., Tiara Commercial & Industrial Corp., Armstrong Enterprises Company, Inc, Sailun Co., Ltd., CST Tires/AP Blue Whale, Inc., Nexen Distribution Philippines Inc, Michelin Philippines Pty Ltd., and Westlake Tires.