Growing automobile fleet,
increasing per capita income, favorable government initiatives and abundant
availability of raw materials to drive Malaysia tire market through 2023
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According to TechSci Research report, “Malaysia
Tire Market By Vehicle Type, By Demand Category, By Radial Vs.
Bias, By Rim Size, Competition Forecast & Opportunities, 2013 – 2023”, tire market in Malaysia is projected to
register sales of 23.8 million units of tires by 2023. Growing population,
expanding vehicle fleet, and presence of tire manufacturing plants of several leading
global players, such as Michelin, Bridgestone, Goodyear, Continental Tyre,
etc., is expected to positively influence the country’s tire market during
2018-2023. Moreover, Malaysia is the world’s third largest rubber producer,
thus, the primary raw material for tires is available in abundance in the
country. This, in addition to, favorable economic conditions and government initiatives
towards energy efficient vehicles would augment tire sales in Malaysia in the
coming years.
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6 market data Tables and 70 Figures spread through 131 Pages and an in-depth
TOC on "Malaysia Tire Market" https://www.techsciresearch.com/report/malaysia-tire-market/2614.html
With increasing per capita income and purchasing
power of the residents in Malaysia, automobile market is expected to grow at a
robust pace in the country, which would in turn drive the tire market during
the forecast period. West region is the largest demand generator in Malaysia
tire market, owing to its huge population base and presence of prominent cities
such as Kuala Lumpur, Johor, Selangor,
Perak, Penang, etc., in the region. Passenger
car tire segment dominated the country’s tire market in 2017 and the segment is
anticipated to maintain its market dominance in the coming years as well, on
the back of growing passenger car fleet size.
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“Ease of availability of raw materials makes overall
production cost less in Malaysia, and consequently, more and more tire
manufacturing companies are getting attracted to the Asian country. Moreover, expanding
vehicle fleet to cater to the increasing demand from consumers, easy auto financing
options and better climatic conditions for manufacturing tires in the country are
some of the other factors that would boost Malaysia tire market during the
forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Malaysia Tire
Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Rim Size,
Competition Forecast & Opportunities, 2013 – 2023” has analyzed
the potential of tire market across Malaysia, and provides statistics and
information on market size, shares and trends. The report will suffice in
providing the intending clients with cutting-edge market intelligence and help
them in taking sound investment decisions. Besides, the report also identifies
and analyzes emerging trends along with essential drivers and key challenges
faced by the industry.
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